Common use of Appointment of Managing General Partner Clause in Contracts

Appointment of Managing General Partner. The General Partners, if there are more than one General Partner, may appoint one of the General Partners to serve as the Managing General Partner. As between the General Partners, the Managing General Partner will have the right to make all decisions, execute all documents and take all action on behalf of the Partnership, except as otherwise expressly provided by this Agreement. The General Partners have designated Sxxxxx X. Xxxxxx as Managing General Partner and he hereby accepts his appointment as such. Sxxxxx X. Xxxxxx will continue to serve as the Managing General Partner so long as he desires to do so. In the event he suffers a disability and can no longer serve as Managing General Partner then his designated attorney-in-fact who he may have appointed under a durable Special Power of Attorney will be empowered to act, in a fiduciary capacity, as the Managing General Partner. If no one has been appointed then the other General Partner may select the Managing General Partner; if none, then the Limited Partners, by majority vote, will designate the Managing General Partner. In the event of Sxxxxx X. Xxxxxx'x death, then the duly appointed fiduciary of his estate, in his fiduciary capacity only, will serve as Managing General Partner. Any succeeding Managing General Partner will succeed to all of the rights and powers of the preceding Managing General Partner. In all other respects, the Amended and Restated Partnership Agreement, as initially adopted effective January 1, 2006, will remain in full force and effect.

Appointment of Managing General Partner. The General Partners, if there are more than one General Partner, may appoint one of the General Partners to serve as the Managing General Partner. As between the General Partners, the Managing General Partner will have the right to make all decisions, execute all documents and take all action on behalf of the Partnership, except as otherwise expressly provided by this Agreement. The General Partners have designated Sxxxxx Xxxxxx X. Xxxxxx as Managing General Partner and he hereby accepts his appointment as such. Sxxxxx Xxxxxx X. Xxxxxx will continue to serve as the Managing General Partner so long as he desires to do so. In the event he suffers a disability and can no longer serve as Managing General Partner then his designated attorney-in-fact who he may have appointed under a durable Special Power of Attorney will be empowered to act, in a fiduciary capacity, as the Managing General Partner. If no one has been appointed then the other General Partner may select the Managing General Partner; if none, then the Limited Partners, by majority vote, will designate the Managing General Partner. In the event of Sxxxxx Xxxxxx X. Xxxxxx'x death, then the duly appointed fiduciary of his estate, in his fiduciary capacity only, will serve as Managing General Partner. Any succeeding Managing General Partner will succeed to all of the rights and powers of the preceding Managing General Partner. In all other respects, the Amended and Restated Partnership Agreement, as initially adopted effective January 1, 2006, will remain in full force and effect.