HomeMy WebLinkAbout1977 . profits of the Partnership; and in the event one of the surviving Partners shall
~ not elect to so participate in the purchase of the interest of the deceased
Partner, he shall serve written notice of his tntention not to participate upon ~
~ the other survtving Partner within ten (10) days after the death of such decease ~
Partner, whereupon the other surviving Partner may at his election purchase the
entire interest of the deceased Partner, and unless such entire interest is so
~ ~ purchased, the Partnership shall be dissolved in accordance with Article VIII,
Paragraph 2 of this Agreement.
3. Upon delivery of the Promissory Note and Security Aqreement to
the personal representative of the deceased Partner, in accordance with Article
~ DC,'Paraqraph 4 of this Agreement, the deceased Partner and his estate shall
. ~ have no further claim upon or interest in the assets or business of ±he Partner-
~ ship, and such death shall not effect the continuance of the Partnershlp '
i business, and upon the delivery of the said Promissory Note, the capital
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k accounts and interest of the survivinq Partners shall be.increased proportionate y
~ ~ to absorb such interest.
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~ 4. In the event the surviving Partners do not elect to purchase the
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~ interest of the deceased Partner, as~ aforesaid, the surviving Partners, within
~ ~ thirty (30) days after the qualification of the personal representative of the
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~ deceased Partner, shall serve upon such personal representative written notice
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~ of their election to dissolve the partnership; and upon the service of such
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~ notice of dissolution, the Partnership shall dissolve and shall be liquidated
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with reasonable promptnesa under the supervlsion of the survivinq Partners,
~,,,,,,x~, distribution of Partnership assets to be in accordance wlth Article VIII of
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thie Agreement. ~ - •
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S. In the event of the failure of the partiea to exercise any of the
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. . ,M 224 F~~E~9`76
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