HomeMy WebLinkAbout1487 d. The assi~nor and assi~nee execute and acknov~led~e
such other instruments as the General Partners may deem
necessary or desirable to effect such admission, including
the wri~~en acceptance and adoption by the assignee of the
provisions oP this Agreement and his execution, acknowledg-
ment and delivery to the General Partners of a Power of
Attorney, the form and content or which are more i'ully de-
scribed in Article XXI~
e. A transfer fee has b een paid to the partnership
in the sum of Ten ($10:00) Dollars per unit, but in no
event less than Fif
ty ($SO-.00) Dollars, nor more than One
Hundred ($10a.00) Dollars per transfer.
5. Any person admitted to the partnership as a General or
Lim3.ted Partner shall b e sub~ect to all of the provisions of these
Articles as if originally a party to them.
6.. A Limited Partner shall have the right to assi~n the
Vrhole or any ~ortion (not less than one (1) whole unit) of his
interest in the partnership, only with the consent of
the General
Partners, by a written assignment, the terms of which are not in
contravention of any af the provisions of th1.s Agreement, which
assigrunrnt has been duly executed by the assignor and assi~;nee
and received by the partnership and recorded on the books thereof,
sub~ec~ to state requirements.
a. An assignee of a Partner!s interest in the partner-
ship ~hall b e entitled to receive distributions of
cash or
other pro~rty from the partnersh3.p attributable to the
~.nterest acquired by reason of such assi~nment from and after
the effective date of
the assignment of such interest to
h3m except as provided in sub -para`ruph c below.
The "effective date" of an assi~nment of
a partnership
interest as used in this paragraph shall b e the first day
of the calendar quarter followin~ receivt by the partner-
ship of. the written instrument of assignment.
i b. The net profits and net losses attributable to the
~ partnership interest assigned pursuant to such assigivnent
~ shall be divided among and allocated bet~~een. the assignor
and assi~nee of such interest on a calendar quarter'basis
~ as of the effective date of the assignment of such interest.
c. Anythin~ herein to the contraxy notwithstanding,
both the partnership and the General Partners shall be en-
titled to treat the assignor of such interest as the absolute
owner thereof in all respects, and shall incur no liability
for distributions of cash or other property made in good faith
to him, until such time as the amitten assignment has been
receive~ by, and recorded on, the books of the partnersh:ip,
and consented to by the General Partners.
7. ~The General Partners may elect to treat an assi~nee
who has not k~ecome a substituted Limited Paxtner as a sub-
stituted Limited Partner in ihe place of his assi~nor should they
deem, in th~ir sole discret3on, that such treatment is in the
~ best ir_terest oi' the par'~nership for any of its purposes or for
any of the purooses oi' this Ar~reement.
~ '
8. No consent of ar.y of the Limited Partners is required ~
~
~ to effect ~he suU sti tution of a Limited Partner, e~:cept that a ~
~ Limitied Partner v:}2o assiRns his interest must evidence his in-
~ tention ichat his assi~nee be adriitted as a substituted Limited
Par~ner in his place and must execute any instx~.~ments required
- in connection theret;ith.
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SU~K ~Gtl~ PACt
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LAW OFFICES OF GOIOSTriN. FRANY.IIN, CliOiJIN A S!'.i1RANK, P. A.. 2020 NORTHEAST IG,1Pn STREET. NORTH fAIAMI OEACII. FIORInA ~31L1 "
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