HomeMy WebLinkAbout0072 (b) That the Limited Partner shall make an
assignment for the benefit of creditors,
or petition for, or voluntarily enter into
an arrangement, bankruptcy, reorganization, '
or Trusteeship or Receivership of all, or
substantially all of its property.
(5) The sale of all of the Partnership land.
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(6) By written notice by either party to the other
not less than 90 days prior to the end.of any calendar year (com-_
, mencing with calendar year 1987) that the Partnership shall be
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~ terminated and di~solved as of Decernber 31 of such year.
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I (7) At the option of the Limited Partner, within ~ i
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a reasonable time after notice received by it that GOREDCO has ~
ceased to be an "associate" of Gulf Oil Corporation (as defined ~
in the Securities Act of 1933 or in regulations adopted pursuant i
thereto by the Securities and Exchange Commission). .
B. In such event the Partnership shall be wound up and
liquidated by either or both of ~he following methods, as determined ~
by the General Partner, subject to the consent of the Limited ~
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Partner, which consent shall not be unreasonably withheld: ~
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~ (1) Selling the Partnership assets and distributing
~ the net proceeds therefrom, after the payment of liabilities, to
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each partner in satisfaction of its interest, provided that the
Limited Partner shall have a right of first refusal to purchase ~
the Partnership land.
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