Common use of Substitute Limited Partner Clause in Contracts

Substitute Limited Partner. An Assignee may become a Limited Partner on the completion of all of the following: 9.2.1 The execution, acknowledgment, and delivery to the General Partner of a written assignment in a form approved by the General Partner specifying the interest being assigned and setting forth the intention of the assigning Limited Partner that the Assignee succeed to the Percentage Interest as a Limited Partner; 9.2.2 The execution, acknowledgment, and delivery to the General Partner of any other documents required by the General Partner from the assigning Limited Partner and the Assignee, including the Assignee’s acceptance of this Agreement and a special power of attorney substantially in the form in Section 13; 9.2.3 Obtaining the written consent of the General Partner, the granting or denial of which shall be within the sole discretion of the General Partner; and, 9.2.4 Payment to the Partnership of transfer fee, subject to General Partner’s sole discretion to waive such transfer fee in whole or in part, of $1,000. The General Partner may elect to treat an Assignee who has not become a substituted Limited Partner as a substituted Limited Partner in the place of his Assignor should the General Partner deem, in its sole discretion, that such treatment is in the best interest of the Partnership.