Successor and Predecessor General Partners. Upon the merger, reorganization, consolidation, or dissolution of the General Partner, any person continuing the business of the General Partner shall, subject to approval by Majority vote: 12.4.1 Immediately become a General Partner of the Partnership and any Partnership continued pursuant to Section 3.3; 12.4.2 Have the exclusive right to possess the property and any other property belonging to the Partnership; and 12.4.3 Continue the business of the Partnership pursuant to the terms of this Agreement without any action or vote by any person. Section 12.5 shall not apply if the General Partner has withdrawn or been removed.
Appears in 4 contracts
Samples: Limited Partnership Agreement (Investment Grade R.E. Income Fund, L.P.), Limited Partnership Agreement (Investment Grade R.E. Income Fund, L.P.), Limited Partnership Agreement (Investment Grade R.E. Income Fund, L.P.)
