HomeMy WebLinkAbout0955 Section 21. Terminatfon of the Limited Partnership
A. The L3mited Partnership shall be terminated ar.d
ciissolved on December 31, 1991, or on the happening of any
of the following events, whichever shall occur earlier:
1. Upon the bankruptcy, receivership, death, insanity,
or incapacity of the General Partner. -
2. Upon the retirement or resignation of the General
Partner by ninety (90) days written notice to all other i4embers.
3. By an instru~ent executed by Limited Partners owning
tti~o-thirds (2/3) of the total Units then owned.
Section 22. Liquidation after Termination
A. Upon the termination of the Limited Partnership,
2 statement shall be prepared setting forth the assets and
liabilities of the Limited Partnership, and a copy of such
statement snall be furnished to each of the Members and assignees
2s promptly as possible.
B. LTpo~ such termination, if the Limited Partnership
shall own t'r_e Real Property or any part thereof, Members owning
a ma~orjty o~ the Units then owned shall determine whether:
! 1. Dis~~~bution of the assets of the Limited Partnership
~ shall be mzdz in kind as well as in cash and upon what terms
~ and conditions; provided, however, that if said ma3ority agree ~
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upon distribution in kind in whole or in part, but said ma~ority
~ ee as to the value of an ro erty to be distributed
~ do not agr Y P P
in kind then it is agreed that an independent and disinterested
appraiser shall be chosen by said ma.3ority which appraiser shall
proceed to appraise any property, and whose finding shall
be binding upon all riembers hereto.
2. The Real Property shall be sold and, if sold, a similar
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= ma~ority shall decidz in what manner and under what terms and
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conditions it should be sold; or
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3. Undivided interests in the Real Proper~y shall be
:
distributed to the N`embers.
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~ S~ction 23. Power of Attorr.el ~
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~ A. Each o: t'r_e L;TM'_~ec ?~rvr°~^s irrevocably constitutes ;
r f
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~ OR ~
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