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Fill and Sign the Example 1 Standard Provision to Limit Changes in a Partnership Form

Fill and Sign the 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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