HomeMy WebLinkAbout1479 ~ of such payment as a result of such default. At any time
after the expiration of said fifteen (15) day period, the
defaulting Limited Partner may direct the Trustees to sell
all oP the par~nership units deposited in escrotv to the
remaini.n~ Partners in accordance with the provisions of
this sub -paragraph in the same manner as if the purchaser
were a defaulting Litnited Partner. The proceeds of the
sale shall be applied first to reimburse the defaultin~
Partner and/or Trustees for the exper_se3 of the sale, then
to the payment of the purchase price and any balance remaining
~ shall be paid to the default3.ng Limited Partner 'or the pur-
chaser as their interests may appear. Any partial payment
hereunder, however, shall not relieve the purchasers of their
obligation to pay the f1z11 ptu~cha~e price for said partner-
ship units.
c. T~e installments due and payable on said promissory
note (notes) shall be increased by the amount of any distr3-
butions. paid follow3ng the date on which the init3al default
occurred and such additional payments shall be p~yable
simultaneously with the above installments and shall apply
to reduce the las~ installments due. Prior to his receipt
of f1i11 payment of the purchase price, the defaulting Limited
Partner shall be given written notice of all distributions
made by the partnership within ten (10) days of the date of
such distribution. •
3. Purchaser of Defau~tin~ Interest: Upon any Limited Part-
next s failure to pay any assessrr.ent as provided above and becoming
a defaulti ng Limited Partner, the General Par~ners will give tvritten
notice of such default to each of the Partners ~:hich notice shall
- state the nwnUer of partnership units in default, the purcha~e
price to b e paid therefor as provided in sub-paragraph (1) above,
and the share of f~ture assessments which jvill prope~•ly b e al-
locable to said partnership units. ~
As b etw een the remainin~; Partners, the General Partners shall
have the first option to purchase the ~art;nership units of any
def
aultin~ Limited Partner by ~iving vtritten notice tliereof to
; the defaulting Limited Partner and to,each rema3ning Limil:ed Part-
i ner .vrithin fifteen (15} days of tlie date notice of default trtas
~ mailed to the Partners. In the event that the General Partners
~ do noic elect to purchase any or all o~ the partnership units of
the defaulting Limited Partner within the time specified', the
remaining Limited Partners may elect to purchase all or such re-
ma.inin~ part of said partnership units not purchased ~y the Gen-
eral Partners by each remaining Limited Partner giving written
notice of his intention to purchase said units t~~ithin thirty
(30) days of the mailing of such notice of default to the Partners.
Each remaining Limited Partner electing to purchase such partner-
ship units shall indicate the number of units he Zrishes to pur-
chase. The partnership units of a defaulting I,imite3 Partner
sriall be acquired by the remainin~; I.imited Pa.~°tners electing to
purchase said units as afore-described, but if the said remaining
Limited Partners elect to purchase all of said units, the said
units t;o b e purchased sh~31 be allocated amon~ said remaining
Limited Partners in proportion to their respective gartnership
units prior to said acquisition. -
~ In the event that the General Partners or remain3ng Lir~~.i.ted
~ Partners do not elect to purchase any or all of ~he said partner-
~ ship unii,s offered r~r sale, thsn the p~rtnership shall purchase
said remainin~ uriits provided, th~t not~~~ithstand3n~ anythln~ con-
~ tained herein to the cont;ra2~y, there sha11 be no assessments
allocable to said partnerslliv units subsequent thereto.
Canital Account: The czpital aecount of a Partner shall b e
the amount of c~sh contributed to the partnership and the value, as
aoox ~ ~'A~ ~4~
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LP.W UFFICES OF GOLUSTEIN. FRANKLIN. CHONR~ R SCHRAt1K. P. A., 2020 lJORTHF.AST 163r~n STRf_ET. f.ORTH MIAMI ~cAGH. FL4RID.4 331G:
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