Loading...
HomeMy WebLinkAbout0754 D. Any assignment will be recognized and recorded by ~ the Limited Partnership only effective the first day of the month following receipt by the General Partner of an accept- able instrument of assignment, or sooner in the discretion of the General Partner. After recording any assignment pursuant to this Section 16, the General Partner may (but shall not be obligated to), without req~xesting further doc:urr.entation from either the assignor or the assignee, remit directly to the named assignee all distributions to which he may be en- . titled pursuant to this Agreement and the assignment, regardless of whether such transfer, as between the parties thereto, is or is intended to be by way of pledge, mortgage, encumbrance or other hypothecation, until such time as the Units transferred shall be further transferred on the books of the Limited Part- - nership in accordance with the provisions hereof. So long as the person to whom such distribution was remitted vras either the assignor or the assignee named in the instrument of-assign- ment, t?~e Ge::eral Partner shall be free from liability to any person such distribution if received by a person not entitled _ thereto. i:o assignments of the Units of a Limited Partner, even ii it res~lts in the substitution of the assignee as a ; Li~nited Partner, shall release the assignor from any liabilities I F or oblig2tions to the Lir~ited Pzrtnership. ~ E. An assignee may become a Substituted Limited Partner ~ when his request for admittance to the Limited Partnership ~ ~ shall have been consent~d to~by all of the Members (except the - assignor). An assignee who desires to become a~tember shall send a written application to the General Partner. Thereupon, the General Partner shall transmit a-copy of such application to ~ all other Members. Any riember failing to notify the General ~ ~ ~ ~artner of his objection to an assignee's application to becorn ~ ~ a I~fember of the Limited Partnership within ten (10) days after ~ ~ the mailing of such copies of the application to the rler~bers ~ ~ shall be deemed to have consented to adm3~ such assignee 2s ~ a Mer~ber of the Limited P~rtnersn' p. ~ - ~ suc« i~~J ~c~ 7~ ~ ~ -1~1 ~ ~ ~