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3.21 Partnership Property: The property more particularly
described onon ExhiFiit 'B" attached hereto .(the orange grove,
together with all other improvements and the land upon which
the improvements are located).
3.22 Private Offering: A private offering to purchase
Capital Interests in BLUE THREE GROVES LIMITED, which is
expected to be made in 1979 under and in compliance with
,exemptions from registration in accordance with the provisions
of Chapter 517, Florida Statutes and the Securities Act of
1933.
3.23 Substituted Limited Partner: Any Limited Partner
admitted pursuant to Article XI.
3.24 Unit of Partnership Interest: The interest in the
Partnership acquired in consideration of a Capital Contri-
bution of SIX THOUSAND FIVE HUNDRED and no/100 DOLLARS
($6,500.00) per Unit payable at the time of purchase, and
shown next to the name of each Partner on Schedule "A".
~ 3.25 Term: The period of time that the Partnership
i shall continue in existence, which period of time shall t
begin on the Commencement of Operations and end on December 31,
t 2010, unless sooner terminated in accordance with the provisions
of -Article XII hereof .
3.26 Withdrawal: The retirement (includin resi nation
g g )
of a Partner from the Partnership, or the death, dissolution
or other cessation to exist as a legal entity (except by way
of merger, consolidation or corporate reorganization),
incompetency or bankruptcy (except for bankruptcy of a
General Partner, which shall be governed by Article IX
hereof) of such Partner. For purposes of this definition,
bankruptcy of a Partner shall be deemed to occur when a
Partner files a petition in bankruptcy or voluntarily takes
advantage of any bankruptcy or insolvency law, or is adjudi-
~ Gated a bankrupt, or a petition or answer is filed proposing
~ the adjudication of such Partner as bankrupt and such Partner
consents to the filing thereof. Incompetency shall be
deemed to occur when a Partner is adjudicated an incompetent.
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