Effect of Conversion in General Clause Samples

Effect of Conversion in General. As of August 1, 2006 the Company succeeded to and possessed and enjoyed, all the rights, privileges, immunities, powers and franchises, both of a public and a private nature, and became subject to all the restrictions, disabilities and duties of the former limited partnership to which the Members belonged, and all property, real, personal and mixed, all licenses, permits and contracts, and all debts due to such limited partnership on whatever account, belonging to such limited partnership, became vested in the Company, and all and every other interest thereafter became the property of the Company, as they were of limited partnership, and the title to any real estate vested by deed or otherwise in such limited partnership did not revert or be in any way impaired by reason of said conversion; provided, however, that all rights of creditors and all liens upon any property of said limited partnership became preserved unimpaired, limited in lien to the property affected by such liens at August 1, 2006, and all debts, liabilities and duties of the limited partnership attached to the Company and may be enforced against it to the same extent as if said debts, liabilities and duties has been incurred or contracted by the Company.