Common use of Death, Incompetency Clause in Contracts

Death, Incompetency. or Dissolution of a Limited Partner. The death, legal incompetency, bankruptcy or dissolution of a Limited Partner shall not dissolve the Partnership. The rights and obligations of such Limited Partner to share in the Net Income, Net Loss, Net Cash Flow, Gain and Loss of the Partnership, to receive distributions of Partnership funds and to transfer his Partnership Interest pursuant to. this Article Fourteen shall, upon the happening of such an event, devolve upon such Limited Partner's legal representative or successor in interest, as the case may be, subject to the terms and conditions of this Agreement, and the Partnership shall continue as a limited partnership. Upon the death of a Limited Partner, his legal representative shall have all the other rights of a Limited Partner solely for the purpose of settling his estate. In no event, however, may such estate, legal representative or other successor in interest become a Substituted Limited Partner except in accordance with Article 14.4 hereof. Each Limited Partner's estate or other successor in interest shall be liable for all the obligations and liabilities of such Limited Partner. ARTICLE FIFTEEN ADDITION, REMOVAL, OR WITHDRAWAL OF A GENERAL PARTNER

Death, Incompetency. or Dissolution of a Limited Partner. The death, legal incompetency, bankruptcy bankruptcy, or dissolution of a Limited Partner shall not dissolve the Partnership. The rights and obligations of such Limited Partner to share in the Net Incomenet income, Net Lossnet loss, Net net profit, Cash Flow, Gain profit and Loss loss of the Partnership, to receive distributions of Partnership funds funds, and to transfer his the Limited Partner's Partnership Interest pursuant to. to this Article Fourteen shallTen, upon the happening of such an event, shall devolve upon such Limited Partner's legal representative or successor in interest, as the case may be, subject to the terms and conditions of this Agreement, and the Partnership shall continue as a limited partnership. Upon the death of a Limited Partner, his the Limited Partner's legal representative shall have all the other rights of a Limited Partner solely for the purpose of settling his the Limited Partner's estate. In no event, however, may such estate, legal representative representative, or other successor in interest become a Substituted Limited Partner except in accordance with Article 14.4 Sections 10.2 and 10.3 hereof. Each Limited Partner's estate or other successor in interest shall be liable for all the obligations and liabilities of such Limited Partner. ARTICLE FIFTEEN ADDITION, REMOVAL, OR WITHDRAWAL OF A GENERAL PARTNERELEVEN