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unless the remaining partners elect to continue the partnership
- ,business pursuant to the provisions set-forth herein.
B. Right to Continue Business on Death, Retirement
or Insanity of General Par*ner: On the death; retirement or
insanity of any general partner, the remai:~~.ng partners
-shall have the right to elect- to continue the. business of
-the partnership under the same name, by themsleves, or with
any additional persons they may choose. If-_the-remaining
- ,-partners desire to continue the business, but not together,
the parrnership shall be liquidated.. -
• - C. Payment if Parrnership Continued: If the
remaining partners elect to continue the partnership business
.under Article XI-C, they shall-pay to the retiring parrner, -
-the estate of a deceased parrner or the legal representative -
of an insane partner, the value of such parrner's interest
as determined by Article XI-D, as of the date of-such partner's
death or withdrawal from the partnership. Such payment-shall
be made within three (3} months after the determination of
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- _ its valuation. - - -
- -D. Value of Partner's Interest: -The remaining
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partners and retiring. partner or estate or legal representati~~e
of a deceased or insane-partner shall- zttempt to mutually
agree upon the value of the general partner's inter-est in
the partnership. If such agreement is not~r-cached within
one (1) month of such partner's death or withdrawal from -
the partnership,~then the remaining partners and the retiring
partner or estate or legal representative of a deceased
or- insane partner shall at their own cost appoint duly
qualified appraisers to arrive at a mutually agreeable value
of such partner's interest, who shall thereupon appoint an
independent third appraiser'to~determine such value at an
equal-cost to both sides if the first two--appraisers cannot
- mutually agree-upon such value. .
ARZ iCLE XII - AMENDMENTS
This agreement, except with-respect to vested
- rights of the partners, may be amended at ant time by a
- ma3ority vote of tree partners.
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