DEATH OF PARTNER Clause Samples
POPULAR SAMPLE Copied 73 times
DEATH OF PARTNER. On the death of the First Party, the Second Party agrees to admit within thirty (30) days WIFE NAME (Spouse) as a Partner on the same terms and conditions as the First Party. In the event of WIFE NAME not being alive or not agreeing to be admitted as a partner, the Second party agrees to admit within thirty (30) days, the Children in equal share as Partners on the same terms and conditions as the First Party. On the death of the Second Party, the First Party agrees to admit within thirty (30) days WIFE NAME (Spouse) as a Partner on the same terms and conditions as the Second Party. In the event of WIFE NAME not being alive or not agreeing to be admitted as a partner, the First party agrees to admit within thirty (30) days Children in equal share as Partners on the same terms and conditions as the Second Party. Upon the death of any of the Partners herein the heirs, executors and administrators of such deceased Partners shall be entitled to and shall be paid the full payment in respect of the right, title and interest of such deceased Partner. On the death of any Partner, if his or her heir / heirs opt not to become the Partner, the surviving Partners shall have the option to get the profits of the LLP in the profit sharing ratio of the deceased Partner. No Partner can be expelled by the other Partners or a majority of Partners except in where he / she have been found guilty of carrying on any activity / business of “YOUR LLP NAME” for fraudulent purposes. A Partner may be expelled by giving a notice of thirty (30) days from the date of decision taken by the majority of Partners, after giving an opportunity to such partner, to be heard.
DEATH OF PARTNER. In the event of the death of any partners, one of the legal representatives of the deceased partner shall become the partner of the firm and in the event the legal representative show their denial to point the firm, they shall be paid the part of the part of the purchase amount calculated as on the date of the death of the partner.
DEATH OF PARTNER. Upon death or retirement or any partner, the partner-ship firm shall not be dissolved. In the event of death, it will be open to the surviving partner whether to admit the legal heir/s as partners or not to the partnership.
DEATH OF PARTNER. Upon the death of a partner, the partnership automatically will be reconstituted as a successor partnership and will continue the business of the partnership with the partnership’s property. The new partnership will be governed by this agreement and deemed to have acquired the assets and liabilities of the partnership by contribution from the partners, pro rata in accordance with their respective percentage interests. Each partner shall obtain a life insurance policy equal to each partner’s interest as state in agreement. The beneficiary of each policy shall be paid directly to the successor partnership. Upon death of a partner, the proceeds received by the beneficiary (successor partnership) shall be used to buy out the deceased partner’s respective percentage interest. The proceeds shall be paid directly to the deceased partner’s spouse and or heirs. If the deceased partner has no spouse or heirs, the proceeds of the policy shall be used to pay the deceased partner’s share of debt first, and the remaining balance shall constitute the deceased partner’s equity. An appraisal shall be ordered to determine the fair market value of the property (s) which will be used to determine the partnership’s equity.
DEATH OF PARTNER. In the event of the death of one partner, the legal representative of the deceased partner shall remain as a partner in the firm, except that the exercise of this right on the part of the representative of the deceased partner shall not continue for a period in excess of [NUMBER] months, even though under the terms of this agreement a greater period of time is provided before the termination of this agreement. The original rights of the partners shall accrue to their heirs, executors, or assigns.
DEATH OF PARTNER. In the event of the death of any named General Partner, the survivor shall By Authorized Signature Date immediately give the Company written notice thereof, and the Company may, before or after re- ceiving such notice, close the Partnership account and then the Company may, in its discretion at any time or times thereafter and without notice:
(a) sell any and all property and foreign currency, stocks, CFD’s in the Account or any of your ac- count(s) with any of its affiliates ( whether such accounts are held individually or jointly with oth- Name of Authorized Signer Title AIDI CO. ( while assigned) ers), (b) buy any or all property and securities which may be short in such accounts, (c) cancel all outstanding Transactions, and (d) offset any in- debtedness in the Account against any other ac- count you may have (either individually or jointly with others); further, u shall be liable to the Com- pany for any loss and costs sustained. Such pur- chases and sales may be public or private and may be made without notice or advertisement and in such manner as the Company may in its FOR AIDI CO. Company Seal Date: discretion determine. At any such purchase or sale, the Company may purchase or sell the prop- erty and foreign currency free of any right of re- demption. If a default occurs or if the Company exercises its right to liquidate any of your open Customer Signature Date Transactions, the Company may, without limita- tion on its rights, set off amounts, which you owe to it against any amounts, which it owes to you (whether or not then due). You shall remain liable Print Name for any deficiency; further, the Company may take any action as the Company may take any action as the Company may deem advisable to protect the Company against any liability under any pres- Phone Number ent or future laws or otherwise, The estate of any of the undersigned Partners who will have died shall be liable to the Company, and each survivor shall continue to be liable to the Company, as specified under paragraph 16 of this Agreement, E-mail address for all communications for any debit balance or loss in said Account re- sulting from the completion of transactions initi- Alternative e-mail address (if any)
1. Individuals: Complete pages 23, 25, 28, and 32; include copies of two identifications docu- ments. (Passport copy and /or other Photo iden- tification, Utility Bill for Residence address confirmation) 2. Corporations and Partnerships: Complete pages 23, 25, 26, 27, 28; incl...
DEATH OF PARTNER. In the event of death of any partner/s, one of the legal represents of the deceased partner shall become the partner of the firm and in the event the legal representative show their denial to point the firm, they shall be paid the part of the purchase amount circulated as on the date of the death of the partner. That notwithstanding anything contained in the Indian Partnership Act it is hereby mutually agreed to by and between the parties that in case of death of any one or more partners, the firm shall not be dissolved but shall continue to be carried on by and between the surviving partners and legal heirs and/or representatives of the deceased partner, as a continuing concern, on the same terms and conditions as incorporated in this Deed or on such terms and conditions as may be agreed to by and between them from time to time. It is hereby further clarified that it shall be deemed as change in constitution and not succession.
DEATH OF PARTNER. If Borrower is organized as a partnership or joint venture, upon the death of any of the general partners or joint venturers comprising Borrower prior to the completion of the improvements or prior to the disbursement of the balance of Loan Proceeds, Bank may cease disbursements hereunder unless the Partnership or Joint Venture Agreement provides for and the partnership or joint venture in fact does continue after such death.
DEATH OF PARTNER. Except as provided in this paragraph, each of the parties will not dispose (i.e., transfer, devise, convey, lease, mortgage or otherwise encumber his undivided interest) in the subject property without the written consent of the other party.
(A) The death of the partner shall not act to terminate the joint venture. The state of the deceased partner shall continue to be considered a partner hereunder and shall share in any profits and/or losses.
DEATH OF PARTNER. The death of any partner, the LLP shall not be dissolved. The deceased partner’s legal heir shall have the choice of either being admitted as a partner in his place or selling of his share to any of the existing partners.