Common use of General Partner Option Clause in Contracts

General Partner Option. For thirty (30) days after the General Partner receives notice of the death of a Limited Partner, the General Partner shall have an option to purchase or designate (subject to the agreement of such Limited Partner to do so) one or more other Limited Partners to purchase all or a part of the interest owned by the deceased Limited Partner (other than interests relating to Preferred Units or Warrant Units) at the price and on the terms provided in Article 11.

General Partner Option. For thirty (30) days after the General Partner receives notice of the death Incompetency of a Limited Partner, the General Partner shall have an option to purchase or designate (subject to the agreement of such Limited Partner to do so) one or more other Limited Partners to purchase all or a part of the interest owned by the deceased Incompetent Limited Partner (other than interests relating to Preferred Units or Warrant Units) at the price and on the terms provided in Article 11.