Common use of Partnership Property Clause in Contracts

Partnership Property. The Partners agree that the property and other assets of the Partnership are and shall be owned by the Partnership as an entity. Each Partner, accordingly, owns Unit(s) and not an undivided interest in such assets and properties. No Partner shall have any right to partition the assets and properties of the Partnership; and to the extent, if any, that any Partner would have such a right, each such Partner hereby irrevocably waives any and all rights to maintain any action for partition of the assets and properties of the Partnership, either as a partition in kind or a partition by sale.