HomeMy WebLinkAbout0948 shall mean, for convenience, and unless the context demands
otherwise, to sell, transfer, assign, pledge, encumber,
mortgage ~r otherwise hypothecate such Units; related
nouns and pronouns shall have slmilar meaninas.
B. No assignment of a Limited Partner's interest, or
any part thereof, though otherwise permitted hereunder,
shall be valid and effective, and the Limited Partnership
shall not recognize tre same for the purposes of mak3ng
payment of profits, income, return of contribution, or
other distribution with respect to such interest or part
thereof, unless and until there be filed with the General ~
Par~ser 2n instrument in writing, in a form approved by
legal counsel to the Limited Partnership, subscribed by
both par~ies to the assignment, each of whose signatures
is to ~e c.i ~nessed by two ~vitnesses, and unless and until
the Lir~;~ed Partnership shall have delivered to the assignee
an ackr_o:•~1°d5~ent in writing of the recordation of the
assi~nw~-:~ ~n the books of tre Limited Partnership. The
forr~ a~p~~~-r~d by the legal counsel ma.y require that the
Limi~ed Par~:?_srship receive the opinion ef its counsel that
~ an;~ sucn assignment of a Limited Partnership interest is
in cor~pliance with all federal and state securities laws
applicab?e thereto. A fee may be charged, in the discretion
E
; _ of the General Partner, by the Limited Partnershio which ~
[
4 is sufficient to cover all reasonable expenses connected
C -
~ with such assignment.
3
t C. An assignee who shall not becor~e a Substituted
1
z
~ Limited Partner in the manner as hereinafter provided is
~
`s
not a Member and has no right to require any information or
z
account of the Limi~ed Par~nership transactions or to ~nsp°ct
; the Limited Partnershig books, and he ~hall be charged w~tn
5
' the losses and shall be entitied to receive only t'r,e share
` of net profits, or the return o~ his contribution to :~rY:ich
~
~ his assignor would otner*~,s° ~e entirled ~sith respect tc
y
L'nits which shall have b~e:: s{ onen .
.
? aao~ 2i6 ~ 9~8
_
. ~
- ~ _ -