HomeMy WebLinkAbout0757 Seller shall thereupon be dzemed bound to sell all of the L'r.:~~
offered and each of the Purchasing t~embers shall be deemed
to be severally bound to purchase the number of Units thereof
so accepted.by him.
;
~ 5. In the event that any Purchasing Member deemed bound
to purchase any Unit of the Seller,as above provided, shall ~
default in his obligation to purchase the same, the other
' Purchasing riembers shall, within seven (7) days after such i
default, assume the obligation of the defaulting i~iember by
allocation in the manner prescribed in~paragraph 4 of this
Section 17(A) above, if necessary, or the Seller shall have the
righ~ to sell the entire Units so offered to the original
offerer within twenty-one (21) days of such default, provided
that the sale is made strict.ly in accordance with the terms
of the original offer as submitted to the Members. _
f
B. Th~ orovisions of the above Section 17(A) shall not
apply_if anc tyhen the Units of any Limited Partner shall be
~onditior:~l~;~ 3ssigned to a financial institution as security
~'or a loa:~ by such financial institution, and such Units
sY:all be t~2r.s~°rred upon demand to such financial instituti~n 3
~
;
as an ass~gn~e consequent to a default by the borrower and
' purs~~ant to t~1e terms of any such conditional assignment..
i
~ C: Any~ning in this Agreement to the contrary notwith-
~ standing, t~e:~aers owning a ma~ority of the Units then owned
E
~ nay at any tir~.e waive any or all restrictions imposed by Section
~ 17(A) hereof as to the assignment of all or any Units of any
Limited Partner. Such vraiver may either be confined to a
single or particular assignment by a Limited Partner or any
~ vendee, transferee, assignee, pledgee or other successor in
interest of a Limited Partner, or may be a continuing waiver
applicable to any and all assigr.ments whenever made and by
~
~ ~:homever made, of all or any Units, ~ncluding, without limitir_g
~
~ .
~F the generality of the foregoing, assignments made 2t any ti:.te
~
~ ;
~ in the future by any person then entitled to such int~rest or ;
~ s
any part thereof. ~
.1
~
~ Section 18. ~~sndment o`' ~~s z~^e~:~ent
A. Tnis :.~^eener_~: ,^~~~~d an?y by a resol~~;~n
~ rI . 1 ~
~ .
~ affirmed by :~:~^:~ers ~n-=:~~ a r::a~ or~ ~y o~ ~he L'nits then oNrned, :
~ _ 1 s°ooK 285 ~aGE ~4~ `
~