Term of Partnership. The term of the Partnership commenced on the day the Limited Partnership Agreement was executed, and will continue until December 31, 2032. The Partnership will dissolve and terminate if any one of the following occurs: (1) upon the removal, death, retirement, insanity, dissolution or bankruptcy of a General Partner, unless the business of the Partnership is continued by a remaining General Partner, if any, or if there is no remaining General Partner, by a new General Partner elected to continue the business of the Partnership by all the Limited Partners (or by a majority-in-interest of the Limited Partners, in the case of removal); (2) upon the affirmative vote of a majority-in interest of the Limited Partners; (3) upon the sale of all or substantially all (i.e., at least seventy percent (70%)) of the Partnership's assets; or (4) otherwise by operation of law.
Appears in 7 contracts
Samples: Limited Partnership Agreement (Redwood Mortgage Investors Viii), Limited Partnership Agreement (Redwood Mortgage Investors Viii), Limited Partnership Agreement (Redwood Mortgage Investors Viii)
