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U. Any ~cs3l;;nment will c• r~•cogni::eci ~s!ici r~~c~r::ec: t;~
tne.• Limltc•~l .'•_irtnership unly ~~f:'~•ctivr the I'lrst clay of tt:~
r..onttti foilo:: tng receipt• t:y LhN t;r?n~ra1 I'~zrtner ~~f un accep*-
able instrument of a3slrnment, or :.ooner in thN discretiun of
ttie General Partner. 11t'tcr r.:corcti~n~ any assignment pursuant
to this Section 16, the' GenE•ral Partner may (but shall not
be obligat~~d LO), without requc•sLing further d~~~~~::r.~r,r.atior.
from either the assignor or the a;,Jignee, remit directly to
the marred a~~~ignee all distributions to which he may be en-
titled pursuant to this Agreement anc~ the assignment, regardless
of w:;ether such transfer, as betti,een the parties thereto, is
or is intendad to be by crsy of pledge, mortgage, encumbrance
or other Hypothecation, until s~ich time as the Unity tran~t'erred
~l:all be further transt'crred on the books of the Limited Psrt-
.^.~rship in accordance with the pr~vi~ions hereof. So long
a:; t}~e pet•~•~~:~ to whom :i~rl~l distribution was remitted was either
*he 4ssignJr _r the assignee named in the instrument of assigr.-
`'crnt , ~ _•:.~~al Partner :;hall be tree from liability to any
. pe:•~an s~;:.:~ distribution if received by a person not entitled
t:_: •~:o. :~~sigr~ments of the Uni*: of a Limited Partner,
ii ^-,:ats in the :.ubstitutlon of the assignee as a _
tad Part^~: , shall release the assignor frorr any liabilities
~ ~_~r ctrligat'_c^s to the Limited Partnership.
T
~ dr. 2ssibnee may become a Substituted Limited Partner
I ::~:~•n his request for admittance to the Limited Partnership
~!:a'_1~ have been consented to ny .111 of the Members (except the
~.::ignor) . An assignee :yho desires to become a tlember shall send
~•rltten application to the General Partner. Thereupon, tli~
::~~neral Fart:ntr :hall tr~n~mit a copy of such application to
;ill other t~ic:^:'~ers. Any ttember failing to notify the Gerrral
~ ~~t•tr:cr of h:; objection to an as::iF;nee's application to b~..•^o-:' '
c: ~~e:,ber of the Limited Partnership within ten (10) days at
i.~l~' Ilir.i~ (li' UC!: CO~Ii~'•:i <l^ t}:C it})pliCation t0 ~:}2!' .~~T"
.•~:~~1 : bt: dc..-~~::e~i t:~ have cor.^•~r.t^ ; tc~ <r~ir^it such :~:;si~,n~••
i•:~~r..t;er of th~• Limited Par`r.•'^s::' o.
J! _ `v
X342 ~~~247