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HomeMy WebLinkAbout0952 Se11er shall thereupon be deemed bound to sell all of the Ur.ics oi'fered and each of the Purchasing hiembers shall be deemed to be severally bound to purchase the number of Units thereof so accepted by him. ~ 5. In thz event that any Purchasing Member deemed bound to purchase any Unit of the Seller,as above provided, shall default in his obligation to purchase the same, ~he other ; Purchasing Aiembers shall, within seven (7) days after such default, assurne the ob].igation of the defaulting i~iember by ` allocation in the manner prescribed in parsgraph 4 of th~s Section 17(A) above, if necessary, or the Seller shall have the right to sell the entire Units so offered tv the original ot'ferer within twenty-one (21•) days of such default, provided that thz sale is made strictly in accordance with ~he terms ; o~' the original offer as submitted to the Members. B. The provisions of the above Section 17(k) shall:not ' I apply if ~r.~ :.:~en the Units of any Limited Partner shall be conditio_':3=~~! assigned to a financial institution as seeurity ' ~ for a loa~ :r~adz by such financial institution, and such Units s'r.all be ::ar_~~erred upon demand to such financial institution as an ass;g„e~ consequent to a defau2t by the borrower and ! pu~ suant ~o t'r,z terms of any such conditional assignment . C. An;;ttiing in this Agreement to the contrary notwith- ~ ~ s standing, ifzr~bers owning a ma3 ority of the Units then owned 6 ~ nay at any time waive any or all restrictions imposed by Section ~ 17(A) hereof as ~o the assignment of aZl or any Units of any ~ ~ ~ Limited Partner. Such ~raiver may either be confined to a ~ E 5 ~ single or particular assignment by a Limited Partner or any ~ ~ ~ vendee, transferee, assignee, pledgee or other successor in ; ~ ~ interest of a Limited Partner, or may be a continuing waiver i f - 2pplicable to any and all assignments whenever made and by < <•~hor~ever ~ade, of all or 2ny Units, including, without l~:r.iti:3 ; ' tne generality of i~he foregoing, assi~nments made at any ~ir.e x in the future by any person ther_ entitled to such interzst or = ~ ~ any part thereof. ~ ~ ~ Section 18. ~^~end:~2r.~ c_"' = ~~:'°_°~2YlY ~ ~ ^ ra~~ r a aar~ t { A. ln~ s:~~ ~n 2.*~_r_...,.~ only b,~ a resolu~_on ~ ~ - affirned by :~:s.~:oers o~:~i n~ 2 IB3~ O: :t;~ o° ~hR Lnits the owned, ~ - ~cox216 ~ - -13- ~ - ~ _ ~ z . v,~ _ _ . .