Acceptance of Limited Partnership Agreement and Power of Attorney Sample Clauses
The "Acceptance of Limited Partnership Agreement and Power of Attorney" clause establishes that an individual or entity formally agrees to be bound by the terms of a limited partnership agreement and grants the general partner the authority to act on their behalf in certain legal or administrative matters. In practice, this means that by signing or otherwise accepting the agreement, the limited partner consents to the general partner executing documents, making filings, or taking actions necessary for the operation of the partnership, such as amending the agreement or handling regulatory submissions. This clause is essential for streamlining partnership administration and ensuring that the general partner can efficiently manage the partnership's affairs without needing to obtain separate authorizations from each limited partner for routine or required actions.
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Acceptance of Limited Partnership Agreement and Power of Attorney. I hereby apply to become a limited partner as of the date upon which the sale of my Units becomes effective, and I hereby agree to each and every term of the Limited Partnership Agreement as if my signature were subscribed thereto. I hereby constitute and appoint the General Partner of the Partnership, with full power of substitution, as my true and lawful attorney to execute, acknowledge, file and record in my name, place and ▇▇▇▇▇: (a) a Limited Partnership Agreement (the “Partnership Agreement”) of the Partnership substantially in the form included as an Appendix to the Memorandum; (b) all certificates and other instruments which the General Partner of the Partnership shall deem appropriate to create, qualify, continue or dissolve the Partnership as a limited partnership in the jurisdictions in which the Partnership may be formed or conduct business; (c) all agreements amending or modifying the Partnership Agreement that may be appropriate to reflect a change in any provision of the Partnership Agreement or the exercise by any person of any right or rights thereunder not requiring my specific consent, or requiring my consent if such consent has been given, and any other change, interpretation or modification of the Partnership Agreement in accordance with the terms thereof; (d) such amendments, instruments and documents which the General Partner deems appropriate under the laws of the State of New York or any other state or jurisdiction to reflect any change, amendment or modification of the Partnership Agreement of any kind referred to in subparagraph (c) hereof; (e) filings with agencies of any federal, state or local governmental unit or of any jurisdiction which the General Partner shall deem appropriate to carry out the business of the Partnership; and (f) all conveyances and other instruments which the General Partner shall deem appropriate to effect the transfer of my Partnership interest pursuant to the Partnership Agreement or of Partnership assets and to reflect the dissolution and termination of the Partnership. The foregoing appointment (i) is a special power of attorney coupled with an interest, is irrevocable and shall survive my subsequent death, incapacity or disability and (ii) shall survive the delivery of an assignment by me of the whole or any portion of my interest, except that where an assignee of the whole of such interest has been approved by the General Partner for admission to the Partnership as a substituted Limited Partner, t...