Right of Partition. The Tenants in Common agree that any Tenant in Common (and any of his successors-in-interest) shall have the right at any time to file a complaint or institute any proceeding at law or in equity to have the Property partitioned in accordance with and to the extent provided by applicable law. The Tenants in Common acknowledge and agree that partition of the Property may result in a forced sale by all of the Tenants in Common. To avoid the inequity of a forced sale and the potential adverse effect on the investment by the other Tenant in Common, the Tenants in Common agree that, as a condition precedent to filing a partition action, the Tenant in Common filing such action shall follow the buy-sell procedure set forth in Section 10.
Right of Partition. The Tenants in Common agree that any Tenant in Common (and any of its successors-in-interest) shall have the right, while this Agreement remains in effect, to have the Property partitioned, and to file a complaint or institute any proceeding at law or in equity to have the Property partitioned in accordance with, and to the extent provided by, applicable law. The Tenants in Common acknowledge and agree that partition of the Property may result in a forced sale by all of the Tenants in Common. To avoid the inequity of a forced sale and the potential adverse effect on the investment by the other Tenants in Common, the Tenants in Common agree that, as a condition precedent to filing a partition action, the Tenant in Common intending to file such action shall follow the buy-sell procedure set forth in Section 10. The right of partition reserved to each of the Tenants in Common under this Section 8 may, if required by the lender under any financing secured by the Property, be waived for the period expiring on the satisfaction of any such financing.
Right of Partition. No current or former Unitholder shall have the right to seek or obtain partition by court decree or operation of law of any Company property, or the right to own or use particular or individual assets of the Company.
Right of Partition. Subject to Section 10.4, the Owners agree generally that each Owner (and any of its successors-in-interest) shall have the right to file a complaint or institute any proceeding at law or in equity to have the Property partitioned in accordance with and to the extent provided by applicable Law. The Owners acknowledge and agree that partition of some or all of the Property may result in a forced sale by all of the Owners. To avoid the inequity of a forced sale and the potential adverse effect on the investment by the other Owners, the Owners agree that, as a condition precedent to filing a partition action, the Owner filing such action shall comply with all applicable procedures set forth in Sections 10.3.1 through 10.3.4.
Right of Partition. The Tenants in Common agree that any Tenant in Common and any of its Successors (as defined below) shall have the right, while this Agreement remains in effect, to have the Property partitioned, and to file a complaint or institute any proceeding at law or in equity to have the Property partitioned in accordance with and to the extent provided by applicable law and to the extent permitted by the Lender. The Tenants in Common acknowledge that partition of the Property may result in a forced sale by all of the Tenants in Common. To avoid the inequity of a forced sale and the potential adverse effect on the investment by the Tenants in Common, the Tenants in Common agree that, as a condition precedent to filing a partition action, the Tenant in Common filing such action (each, a “Selling Tenant”) shall first make a written offer (“Offer”) to sell its Interest to the other Tenant in Common (for the purpose of this Section 8, the “Purchasing Tenant”) at a price equal to: (a) the Fair Market Value (as defined below) of the Selling Tenant’s Interest in the Property minus (b): (i) the Selling Tenant’s proportionate share of any fee or other amount that would be payable to any third party (including any real estate commission) upon the sale of the Property at a price equal to the Fair Market Value; and (ii) selling, prepayment, or other costs that would apply in the event the Property was sold on the date of the Offer.
Right of Partition. 8.1 Subject to Section 8.2, the Tenants in Common agree that any Tenant in Common and any of its successors-in-interests shall have the right, while this Agreement remains in effect, to have the Project partitioned, and to file a complaint or institute any proceeding at law or in equity to have the Project partitioned in accordance with and to the extent provided by applicable law. The Tenants in Common acknowledge that partition of the Project may result in a forced sale by all of the Tenants in Common. To avoid the inequity of a forced sale and the potential adverse effect on the investment by the Tenants in Common, the Tenants in Common agree that, as a condition precedent to filing a partition action, the Tenant in Common filing such action ("Seller") shall first make a written offer ("Offer") to sell its undivided interest first to the Company or its affiliates or assigns and second to the other Tenants in Common at a price equal to the Fair Market Value of the Interest (as defined below) of Seller's undivided interest. If the Company or its affiliates or assigns do not accept such Offer, then the other Tenants in Common shall be entitled to purchase a portion of the Seller's interest in proportion to their undivided interest in the Project at a price equal to the Fair Market Value of the Interest. If any Tenant in Common elects not to purchase his or her share of the Seller's interest, the other Tenants in Common shall be entitled to purchase additional interests based on their undivided interest in the Project. "
Right of Partition. The Tenants in Common agree that any Tenant in Common and any of its successors-in-interests shall have the right, while this Agreement remains in effect, to have the Project partitioned, and to file a complaint or institute any proceeding at law or in equity to have the Project partitioned in accordance with and to the extent provided by applicable law. The Tenants in Common acknowledge that partition of the Project may result in a forced sale by all of the Tenants in Common. To avoid the inequity of a forced sale and the potential adverse effect on the investment by the Tenants in Common, the Tenants in Common agree that, as a condition precedent to filing a partition action, the Tenant in Common filing such action ("Seller") shall first make a written offer ("Offer") to sell its undivided interest first to Behringer or its affiliates or assigns and second to the other Tenants in Common at a price equal to the Fair Market Value of the Interest (as defined below) of Seller's undivided interest. If Xxxxxxxxx does not accept such Offer, then the other Tenants in Common shall be entitled to purchase a portion of the Seller's interest in proportion to their undivided interest in the Project. If any Tenant in Common elects not to purchase his or her share of the Seller's interest, the other Tenants in Common shall be entitled to purchase additional interests based on their undivided interest in the Project; "Fair Market Value of the Interest" shall mean the fair market value of Seller's undivided interest (determined by multiplying the partitioning Tenant in Common's percentage interest in the Project on the date of the Offer by the Fair Market Value of the Project reduced by (i) liabilities secured by the Project or liabilities taken subject to, (ii) Seller's proportionate share of any fee or other amount that would be payable to the Property Manager or any affiliates (including any real estate commission) under the Management Agreement upon the sale of the Project at a price equal to the Fair Market Value of the Project and (iii) selling, prepayment or other costs that would apply in the event the Project was sold on the date of the Offer) as determined in accordance with the procedures set forth below, including any unpaid advanced made pursuant to Section 4.2 on behalf of Seller. Xxxxxxxxx shall have twenty (20) days after delivery of the Offer to accept the Offer. If Xxxxxxxxx does not accept the offer within such twenty (20) day period, the other Tenants...
Right of Partition. Each Participant hereby waives (on behalf of itself and of any assignee or transferee of all or any portion of its respective Participant's Share) any right or power that a tenant in common might otherwise possess to compel a partition of the Project or any element thereof as commonly held property, provided, that this provision shall not prevent the Additional Parties or any other Parties from seeking to divide AEG&T's Participant's Share into two Participant's Shares in proportion to the actual interests of said Additional Parties applicable at that time.
Right of Partition. Each of the Members, for itself, its successors and assigns, hereby waives any and all rights of partition it may have under any and all applicable laws.
Right of Partition. Subject to the terms of the Deed of Trust Loan, the Tenants in Common agree that any Tenant in Common (and any of his successors-in-interest) shall have the right at any time to file a complaint or institute any proceeding at law or in equity to have the Property partitioned in accordance with and to the extent provided by applicable law. The Tenants in Common acknowledge and agree that partition of the Property may result in a forced sale by all of the Tenants in Common. To avoid the inequity of a forced sale and the potential adverse effect on the investment by the other Tenant in Common, the Tenants in Common agree that, as a condition precedent to filing a partition action, the Tenant in Common filing such action shall follow the buy-sell procedure set forth in Section 10. Notwithstanding anything in this Agreement to the contrary, so long as any portion of the Deed of Trust Loan is outstanding, each Tenant in Common agrees that it will not seek or be entitled to seek and obtain a partition of all or any part of the Property without first obtaining the prior written consent of Lender, and each Tenant in Common expressly waives any right it may have to partition the Property or any part thereof, unless Lender has consented in writing to such party’s exercise of such rights. Each Tenant in Common acknowledge that it is a default of the Deed of Trust Loan to file a partition action without Lender’s approval.
