HomeMy WebLinkAbout1478 1. Purchase Price: The purchase price paid for each
partnership unit of a deraulting Limi~ed Partiner shall be the
lesser of:
a. The sum contributed in ca~h or in pro- t
perty for such partnership_unit plus an amount equal ~
to accrued interest thereon at a rate of eight (8~) i
percent per annum reduced by dlstributions paid by '
the partnership attr3butable to such partnership unit
and inereased or decreased, as the case may be by
accumulaiced profits or losses of the partnership pro-
perly allocated to said partnership unit; or
b. The New Investment Unit Value of
a partner-
ship unit as determined ,in accordance wi1:h the pro» _
visions of Article XII~. ~
In addition to the liability to the defaulting Limited Partner
for the purchase of said partnership unit, the purchaser shall assume
the continuin~; obli~ation to pay zny f~,iture assessments properly al-
locable to said partnership unit in accordance with the provisions
of' thes e Arti c le s.
2. Pa ent of Purchase Price: The purchase price set
forl:h in sub -para~raph 1 above shall be payable as follows:
a. The purchasers, whether one or more, shall on or
before the expiration of thirty (30) days from the mailing
of wri tten notice of default to the remaining Limited Part-
ners execute and deliver to the defaulting Limited Par~ner
a promissory note (notes providing for the payment of such i
purcha.se price in six (63 equal sem3-annual installments
bear3ng interest at a rate of eight (8;~) percent per annum.
The said note (notes) shall be payable interest; only until
the expiration of five (S) years from the formation of the
partnership. The first installment or pr3ncipal shall b e
due six (6) months after the fifth (5th) anniversary dat;e
of the formation of the partnership and the rei:~aining in-
~ stallments shall b e due semi-annually thereafter. Such
~ no~:e (notes) shall be sub~eCt to prepayment in h'hole or . '
j in par~ at any time without penalty.
€ ~
b. Upon the receipt of the afore-described promissory
note (notes), the defaulting Limited Partner shall execute
and dellver to the General Partners, as Trustees, such instru-
ments a.s are necessary and proper to transfer f'ull and
complete title to their partnerstiip units. Such certifi-
cates and other instrurlents shall be retained by said
General Partners, as Trustees, solely as security for the
perfbrmance of the parties respective obli~ations under
this paragraph and shall b e delivered to the purchasers
upon complete payment of the purchase price. It 3.s ex-
pressly ur.derstood that unless 2nd until the default oc~
curs wY~ich is not cured within the time specified, ex-
tended b y any grace period specified herein, the defaultin~
Partner may not partlcipate in the affairs of the partiner-
ship nor b e entitled to any b er.efits of ownership ~herein
whatsoever. Should the purchaser default in the payr.~en1:
~ of any installment on the purchase price, the defaulting
~ Limited~P~r~ner, in addit;ion to any other remedies avail-
~ able ~o him, may give fifteen (15) days notice by cer~ifled
mail to the purch~ser and dec'!~re all the installments or
notes irrunediately due and payable. Duri.n~ the afore-said
fifteen (15) days, the purchaser rnay cho~se to cure such
default by payr.lent of the installm~nt or installments then
~ due accordin~ to the orip~inal terrns (i.e., without acceler-
ation) plus interest, t;o~et~ler t:i~;h any expenses rEavOll4bly _
paid or incurred by the def~
ulL-lna Partner ~prior to the dat;e
e~~x~ ~a~~~~
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I..AW OFFICES OF C:OLDSTEIN, FRANKI,IN. CIIOtJIFI Q SCNRAf~K, P. A.. ~C~20 NORTFICAS! Ifi3nO STREET. NORTH NIAMI E7CACIi, FLORIDA 'i316~ •
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