HomeMy WebLinkAbout1975 ~ installments, tho first installment to be paid one month from the date of the
~ notice of intention .to so purchase, and monthly thereafter on the same day of
each month, together with interest on the unpaid balance of purchase price at
the rate of Six (696) Percent Per Annum; as securlty for the payment thereof. ~ ~
such purchaser or purchasers shall at the time of and toqether with the notice
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' of intention to purchase, as aforesaid, deliver his or their Promfssory Note
~ drawn in like terms, and shall further deliver at the same time the Security
Agreement of the Partnership in usual form, granting to the retiring or with-
drawing Partner a security interest in and encumberinq the assets of the
Partnership in the face amount of such note, as security for payment of the ~
same, provided, however, that the llen of such encumbrance shall be, become
~ ' and remain subordinate and junior to the liens of lendinq institutions and the
claims of trade creditors against the Partnership.
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~ ~ S. Upon delivery of the said Promissory Note and Security Aqreenient,
~ the retiring or withdrawinq Partner shall have no further claim upon or interest
; in the assets or business of the Partnership, except as a creditor, and such .
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; . retirement or withdrawal shall have no effect upon the continuance of the
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~ ~ Partnership business; and upon such cielivery, the capital accounts and the
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~ interest of the remaining Partners shall be increased proportio~ately to absorb
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~ such purcha sed intere st . ~ '
6.. In the event the remaining Partners do not elect to purchase the
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~ ~ interest of the retlrinq or withdrawinq Partner,as aforesaid, the remaining
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~ Partners within thirty (30) days after the effective date of such retirement or
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~ ~ withdrawal, shall serve upon the retiring or withdrawing Partner written notice '
uq a..K~. of their election to dissolve the Partnership; upon the service of such notice
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