Common use of Approval of General Partners for Removal Clause in Contracts

Approval of General Partners for Removal. Upon approval of the General Partners, the Partnership may remove any Limited Partner at any time, whereupon the Partnership shall purchase and the removed Limited Partner shall sell his/her Limited Partner interest at the price as hereinafter determined. The purchase price for the Limited Partner interest shall be its value as determined by the Partnership and the Limited Partner to be removed. In the event the Partnership and the Limited Partner to be removed do not agree, then the purchase price will be its fair market value as provided in this Article.

Approval of General Partners for Removal. Upon approval of the General Partners, the Partnership may remove (expel) any Limited Partner at any time, whereupon the Partnership shall purchase and the removed Limited Partner shall sell his/her Limited Partner interest at the price as hereinafter determined. The purchase price for the Limited Partner interest shall be its value Fair Market Value (as determined by in paragraph 10.6), over the Partnership period described in paragraphs 10.7 and the Limited Partner to be removed. In the event the Partnership and the Limited Partner to be removed do not agree, then the purchase price will be its fair market value as provided in this Article10.8.