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D, Any assignment will be recognized and recorded b;/
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the Limited Partnership only effect3ve the first day of the j
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month following receipt by the General Partner of an accept- ~
able instrument of assignment, or sooner in the discretion of
the General Partner. After recording ~ny assignment pursu3r.t
to this Section 16, the General Partner may (but shall not
be obligated ta), without reqt~Qsting further doc.um.entation
2'rorr. either the a,ssignor or the assignee, remit directly to
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the named assignee all distribu~ions to ~rhich he may be en- ~
titled pursuant to this Agreement and the assignment, regardless ~
of whether such transfer, as between the part3es thereto, is
or is intended to be by way of pledge, mort~age, encumbrance
or other hypothecation, until such time as the Units transferred
shall be further transferred on the books of the Limited Part-
nership in accordance with the provisions hereof. So long
as the person to whom such distribution was remitted was either
the ass~onor or the assignee named in the instrument of assign-
ment, tY:~ G2neTa1 Partner shall be free from liability to any
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p°rson ii such distribution if received by a person not entitled ~
thereta. iio z~~ignments of the Units of a Limited Partner, s
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e~en if it results in the substitution of the assignee as a
Li::~ite~ Partnzr, shall release the assignor from any liabilities
or obligations to ~he Lir!ited Partnership.
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E. an assignee may become a Substituted Limited Partner ;
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wnen his request for adm3ttarice to the Lim~ted Partnership
' shall have been consented to by all of the Members (e:ccept the
assignor). An assignee who desires to become a Member shall send {
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a written application to the General Partner. Thereupon, the
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General Partner shall transmit a copy of such application to
~ all other I~tembers. Any rlember failing to notify ~he General _
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Partner of his objection to an assignee's-application to becone
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a Member of ~he Limited Partnersh~n within ten (10) days after
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~ the mailino of s~:ch copies of the applicati on to ~he i~?er~bers ~
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~ shall be deer.:ed to have cor.s~r.ted to adr.t.f.t such assignee as 3
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a Mer~ber of th~ Limited Pzr~r.~rsr:i ~
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. -~J- a oK216 PA~E 949 ~
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