HomeMy WebLinkAbout0487 terms and conditions herein provided.
B. Upon the death of a partner, the purchase price of the
decedent's interest in the partnership shall be determined as follows:
The partners mutually agree that unless and until a new value is established,
as herein provided, the value of each partner's interest in the partnership
shall be S •O. N , or a total value of $ •01. ~ O Such value,
as agreed upon, and as may be re-determined hereafter, is and shall be }
inclusive of the amount representing the value of the good will of the
partnership. Such value shall he re-determined six (6) months from the
execution of this Agreement, and each six (6) months thereafter, or any
other time by mutual agreement of the partners. The last value established
preceding the death of a partner- shall be the value of his interest for
the purpose of this kgreement. This provision shall not be altered by
the fact that the partners, for any reason, have failed to re-determine
such valt:e at anv time, or from time to time. The initial valuation of
such partnership interest is as set forth in this paragraph. All
re-determinations of values shal_1 be listed on Schedule A hereof, dated
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s and signed by the partners.
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C. Uj~or. the death of a partner, the closing of the transaction of
purchase and sale shall take place at the office of the partnership
within sixty (EO) days after the death o.* the partner, ar if within that
time, no personal representative of the estate of the deceasec. partner
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has gt;aJ i fied, then within ? orty-five (45) days after such gt;allfication.
The pi;rcha~e price shall be paid in five (5) equal anneal installments
an.; secured bV a promissory note and mortgage on the partnership property.
~!I T I . DI SSOI.UTIOPI OF i~ARTNEP,SHI F BY WITHDRA4]AL
OF 'ARTNER
Tn the e~~ent that either partner desires to dissolve the partners=hip,
he m~~:.st F ir:; t m~~ke an of 4 er i_~ purchase the other partner's •share in the
partnership. "'he offeree partner shall then ha~~e the option to accept
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