Common use of Transfers and Assignments Clause in Contracts

Transfers and Assignments. Subject to this Section 6.1, a Partner may transfer or assign all but not less than all of its Interest. If a Partner transfers or assigns all of its Interest pursuant to this Section 6.1, the transferee shall be admitted as a Partner of the Partnership upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Partner shall cease to be a Partner of the Partnership. Any successor to a Partner by merger or consolidation shall, without further act, be a Partner hereunder, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Partnership shall continue without dissolution.

Appears in 24 contracts

Samples: Limited Partnership Agreement (Shawnee Gardens Healthcare & Rehabilitation Center LLC), Limited Partnership Agreement (Leasehold Resource Group LLC), Limited Partnership Agreement (Leasehold Resource Group LLC)

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