HomeMy WebLinkAbout1867 ' .
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1~4. Assignments o~ InreYests; Substituted
- ' Limited Partn?rs. " ' "
No assignee of the whole or any portion of
the Limited Partner's interest in the profits and losses
of the Partners::~p shall have the right to become a sub-
stituted I,i-zitec P~ tner in glace of his assignor unless : . ~
~(i) His assignor shall have designated
_ such i:^ ~rntion in t.he instrur.~~nt of as~ignir.~zt; _
~ (ii) The consent of the General Partner ~
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~ ~ shall b~ obtained, the granting or denial of which
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- shall bs within its sole discretion;
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~ (iii) The assignee shall have adopted and ;
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- aqreed in writinq to be bound by all of the pro-
visio~s hereof, as the same may have been amended,
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' including, without lir.iitation, th~ graatinq of - '
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- the poc:~~s of attorney to the General Partner,
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~ as provid~d in Article "12". When such consent
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is granted by tre General Partner, the assign~e
forthcrith and without the e} ecution of any fur- ;
~ ther doc~.ents (except as may be required by
f r
. ~ law) shall ~e. deer.ted to have beco;ne a signatory -
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hereto. The General Partner`s failure or re-
fusal ~o rrant conszn~ to the su~s~itution shall
IIot z~f~c~ Pr:=~~t~y~_r_~SS nf _a_nv inatri~rnP-~t-
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of assig:..~~nt or tr.e transfer ta tn~ assignee o~
the ricnt to receive the ass~gnor's share of tne .
. net prozits, net cash rec~ipts and other distri- -
butions hareun~er.
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a 19. 600K~~~ PACE~
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