Example 1 standard provision to limit changes in a partnership form
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2.03a Example 1: Standard Provision to Limit Changes in a Partnership Entity
If Tenant is a partnership (or is comprised of two or more persons, individually
and as copartners of a partnership or shareholders of a professional
corporation) or if Tenant's interest in this Lease shall be assigned to a
partnership (or to two or more persons, individually, as copartners of a
partnership or shareholders of a professional corporation) pursuant to and
permitted by the provisions under this Lease (any such partnership, professional
corporation and such persons are referred to in this section as "Partnership
Tenant"), the following provisions of this section shall apply to such
Partnership Tenant (i) the liability of each of the persons comprising
Partnership Tenant shall be joint and several, individually as a partner, with
respect to all obligations of the Tenant under the Lease whether or not such
obligations arose prior to, during, or after any period when any party
comprising Partnership Tenant was a member of the Partnership Tenant, and (ii)
each of the persons comprising Partnership Tenant, whether or not such person
shall be one of the persons comprising Tenant at the time in question, hereby
consents in advance to, and agrees to be bound by any written instrument which
may hereinafter be executed, changing, modifying or discharging this Lease in
whole or in part, or surrendering all or any part of the Demised Premises to
owner, and by any notices, demands, requests or other communications which may
hereafter be given by Partnership Tenant by any persons comprising Partnership
Tenant, and (iii) any bills, statements, notices, demands, requests or other
communications given or rendered to Partnership Tenant or any of the persons
comprising Partnership Tenant shall be deemed given or rendered to Partnership
Tenant and to all such persons comprising Partnership Tenant and shall be
binding upon Partnership Tenant and all such persons comprising Partnership
Tenant, and (iv) if Partnership Tenant shall admit new partners, or shareholders
as the case may be, all such new partners, or shareholders as the case may be
shall, by their admission to the Partnership Tenant, be deemed to have assumed
performance of all of the terms, covenants and conditions of this Lease on
Tenant's part to be observed and performed and shall be liable for all
performance, together with all other parties jointly and severally, individually
and as a partner whether or not the obligation to comply with such terms,
covenants or conditions arose prior to, during or after any period when any
party comprising Partnership Tenant was a member of Partnership Tenant, and (v)
Partnership Tenant shall give prompt notice to Owner of the admission of any
such partners, or shareholders, as the case may be, and upon demand of Owner,
shall cause such new partner to execute and deliver to Owner an agreement in
form satisfactory to Owner where such new partner shall so assume performance of
all the terms, covenants and conditions of this Lease on the Tenant's part to be
observed and performed whether or not the obligation to comply with such terms,
covenants or conditions arose prior to, during or after any period when any
party comprising Partnership Tenant was a member of Partnership Tenant (but
neither Owner's failure to request any such agreement not the failure of any new
partner to execute or deliver any such agreement to Owner shall vitiate the
provisions of this section.
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The Example 1 Standard Provision To Limit Changes In A Partnership is a legal clause designed to safeguard the interests of partners by restricting modifications to the partnership agreement without mutual consent. This provision helps maintain stability and predictability in partnership operations, ensuring that all parties are aligned on key terms.
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airSlate SignNow offers features such as template creation, real-time tracking, and secure eSigning capabilities that streamline the signing process for partnership agreements. These functionalities ensure that provisions like the Example 1 Standard Provision To Limit Changes In A Partnership are handled efficiently and securely.
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Using airSlate SignNow for partnership agreements offers several benefits, including increased efficiency, enhanced security, and improved compliance. By incorporating the Example 1 Standard Provision To Limit Changes In A Partnership into digital agreements, partners can ensure their interests are protected while enjoying a streamlined signing experience.
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