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BUSINESS PARTNERSHIP ENTITY PURCHASE AGREEMENTWithout Trustee TH IS A GREEM EN T is m ad e th is d ay o f , 2 0 , b etw een , and ( P artn ers ); a n d ( P artn ers h ip ). T he p artn ers a re e n gag ed in th e b usin ess o f un der t h e P artn ers h ip n am e, a n d t h e f ir m 's p rin cip al p la ce o f b usin ess i s a t . T he p urp ose o f th is a g re em en t is ( 1 ) to p ro vid e f o r th e s a le b y a P artn er d urin g lif e tim e, o r by a d ecease d P artn er's e sta te , o f h is i n te re st i n t h e P artn ers h ip , a n d f o r t h e p urc h ase o f s u ch i n te re st by th e P artn ers h ip a t a p ric e fa ir ly e sta b lis h ed ; a n d (2 ) to p ro vid e a ll o r a s u bsta n tia l p art o f th e fu nds f o r t h e p urc h ase .T H ER EFO RE, in c o nsid era tio n o f th e m utu al p ro m is e s a n d o blig atio ns s e t fo rth h ere afte r, ea ch P artn er, f o r h im se lf , a n d t h e P artn ers h ip a s a n e n ti ty , f o r i ts e lf , a g re e a s f o llo w s: I. A t t h is t im e, e ach P artn er's i n te re st i n t h e P artn ers h ip i s a s f o llo w s: o w ns % o w ns % o w ns %W hile th is a g re em en t is in e ffe ct, n o P artn er s h all h av e a n y rig ht to a ssig n, e n cu m ber o r dis p ose o f h is i n te re st i n t h e P artn ers h ip e x cep t a s p ro vid ed h ere in . II. U pon t h e d eath o f a P artn er h is e sta te s h all s e ll, a n d t h e P artn ers h ip s h all p urc h ase , h is e n tir e in te re st in th e P artn ers h ip fo r th e p ric e a n d u pon th e o th er te rm s p ro vid ed h ere in . T he P artn ers ex pre ssly ag re e th at upon th e death of an y P artn er, th e su rv iv in g P artn ers sh all co ntin ue th e Pa rtn ers h ip w ith out i n te rru p tio n. III. If a P artn er d esir e s to w ith dra w f ro m th e P artn ers h ip o r to s e ll o r o th erw is e d is p ose o f a n y part o f h is in te re st d urin g h is lif e tim e, h e s h all g iv e th e P artn ers h ip a n d e ach o f th e o th er P artn ers 2 writte n n otic e o f h is in te n ti o n. If th ere is a p ro sp ectiv e tr a n sfe re e o th er th an th e e x is tin g P artn ers , su ch n otic e s h all s ta te th e n am e a n d a d dre ss o f s u ch tr a n sfe re e a n d th e te rm s a n d c o nditio ns o f th e pro pose d t r a n sfe r. U pon r e ceiv e o f s u ch w ritte n n otic e t h e P artn ers h ip s h all h av e t h e r ig ht t o p urc h ase a ll o f t h e in te re st o ffe re d f o r s a le o r t r a n sfe r. T he p urc h ase p ric e s h all b e t h e a m ount e sta b lis h ed i n A rtic le I V belo w ; p ro vid ed , h ow ev er, th at if a lo w er p ric e w as s ta te d in th e n otic e to th e P artn ers h ip , it s h all ha v e t h e r ig ht t o p urc h ase a t s u ch l o w er p ric e.If t h e P artn ers h ip f a ils t o p urc h ase t h e e n tir e i n te re st o ffe re d f o r s a le w ith in d ay s a fte r re ceip t o f th e n otic e, th e o th er p artn ers s h all h av e a n a d d itio nal w ith in w hic h to p urc h ase th e un so ld p art fo r th e sa m e p ric e. E ach P artn er sh all in div id ually h av e th e rig ht to p urc h ase th at po rtio n o f th e av aila b le in te re st w hic h b ears th e sa m e ra tio to th at in te re st as th e in te re st th e pu rc h ase r a lr e a d y o w ns b ea rs to th e c o m bin ed in te re sts o f a ll th e P artn ers , e x clu din g th e in te re st of fe re d f o r s a le a n d a n y i n te re st r e ta in ed b y t h e s e llin g P artn er.If a P artn er fa ils to p urc h ase h is fu ll p ro porti o n o f th e in te re st a v aila b le w ith in th e tim e allo w ed , th e o th er P artn er( s ) sh all h av e a n a d ditio nal d ay s w ith in w hic h to p urc h ase th e un so ld p art f o r t h e s a m e p ric e.T he P artn ers h ip s h all p ay f o r th e in te re st o f a s e llin g P artn er in c ash o n th e d ate o f s a le , a n d th ere afte r, e x ce p t t o t h e e x te n t o f a n y i n te re st i n t h e P artn ers h ip r e ta in ed , t h e s e llin g P artn er s h all n ot pa rtic ip ate in th e P artn ers h ip p ro fits . T he P artn ers , o n th e o th er h an d, s h all in div id ually h av e th e rig ht to p ay fo r th e in te re st th ey p urc h ase u pon th e fo llo w in g te rm s (o r u pon a n y m ore fa v ora b le term s o ffe re d to a p ro sp ectiv e tr a n sfe re e a s s ta te d in th e w ritte n n otic e): % o f th e p urc h ase pric e in c ash u pon th e d ate o f e x erc is e o f th e o ptio n to p urc h ase ; th e b ala n ce in e q ual in sta llm en ts ev id en ced b y a se rie s o f p ro m is so ry n ote s, th e fir s t n o t p ay ab le m onth s fro m th e d ate o f ex erc is e o f th e o ptio n a n d th e r e m ain in g n ote s p ay ab le a t in te rv als th ere afte r, w ith in te re st a t th e ra te o f % p er a n num p ay ab le o n e ach n ote a t its m atu rity . E ach p ro m is so ry n ote s h all in clu de a n d b e s u bje ct t o t h e p ro vis io ns o f A rtic le X h ere o f. 3 Unle ss th e P artn ers h ip o r th e o th er P artn ers p urc h ase th e e n tir e in te re st o ffe re d fo r sa le with in th e s u ccessiv e tim e p erio ds a llo w ed , u pon e x pir y o f th e la st s u ch p erio d, th e in te re st m ay b e dis p ose d o f to th e p ers o n a n d u pon th e te rm s a n d c o nditio ns d esc rib ed in th e n otic e, o r to a n y o th er pe rs o n o r p ers o ns; p ro vid ed o nly th at ( 1 ) th e n otic e a n d f ir s t o ffe r p ro ced ure d esc rib ed a b ove s h all be r e p eate d in c o nnectio n w ith e v ery o th er in te n ded tr a n sfe r; a n d ( 2 ) th e a g re em en t e sta b lis h in g th e Pa rtn ers h ip d oes n ot f u rth er r e str ic t o r p re v en t s u ch s a le o r o th er d is p ositio n.A ny c h an ge in th e re sp ectiv e o w ners h ip in te re st o f th e P artn ers re su ltin g fro m a lif e tim e pu rc h ase a n d s a le h ere u nder s h all b e r e co rd ed i n S ch ed ule A a tta ch ed h ere to . IV. A t t h is t im e t h e f a ir m ark et v alu e o f t h e P artn ers h ip 's c ap ita l a sse ts , i n clu din g g oodw ill, i s $ 99 99 ; t h e f a ir v alu e o f u nre a liz ed r e ceiv ab le s i s $ ; a n d t h e f a ir v alu e o f i n ven to ry i te m s i s $ 99 9. T here fo re , t h e v alu e o f e ach P artn er's i n te re st i n t h e P artn ers h ip i s a s f o llo w s: $ P artn er $ P artn er $ P artn er T hese v alu es s h all r e m ain e ffe ctiv e f o r t h e p urp o se s h ere in u ntil t h ere i s a r e d ete rm in atio n o f th e v alu es a s h ere afte r p ro vid ed .A t th e e n d o f e ach fis c al y ear o f th e P artn ers h ip , a n d w hen ev er th ere is a c h an ge in th e pe rc en ta g e in te re sts o f th e P artn ers u nder A rtic le III h ere o f, th e P artn ers sh all re d ete rm in e th ese 4 valu es a n d s h all in dic ate th e n ew v alu es b y e n tr ie s in S ch ed ule B a tta ch ed h ere to . E ach n ew s e t o f va lu es e n te re d in S ch ed ule B s h all b e s ig ned b y a ll th e P artn ers , a n d th e la st v alu e fo r a P artn er's in te re st in th e P artn ers h ip e n te re d o pposite h is n am e in S ch ed ule B sh all b e c o ntr o llin g fo r th e pu rp ose s o f th is a g re em en t; e x cep t th at if th ere h as b een n o r e d ete rm in atio n o f v alu e w ith in 2 y ears prio r to a P artn er's d eath , th e v alu e o f th e d ecease d P artn er's in te re st sh all b e th e la st v alu atio n ag re ed to b y th e p artie s, a d ju ste d to r e fle ct a n y in cre ase s o r d ecre ase s in th e c ap ita l a cco unt o f s u ch decease d P artn er fro m th e d ate o f th e la st a g re ed v alu atio n to th e d ate o f d eath , s u ch in cre ase s o r de cre ase s to be dete rm in ed by th e acco untin g fir m re g ula rly re ta in ed by th e P artn ers h ip . In dete rm in in g t h e v alu e o f a d ecease d P artn er's i n te re st i n t h e P artn ers h ip a fte r h is d eath , t h e e x cess o f th e d eath c la im p ro ceed s o ver th e c ash v alu es o f th e in su ra n ce p olic ie s o n h is lif e w hic h a re s u bje ct to t h is a g re em en t a t t h e t im e o f h is d eath s h all n ot b e t a k en i n to a cco unt. T he p urc h ase p ric e f o r th e P artn ers h ip in te re st o f a d ecease d P artn er s h all b e th e la st v alu e en te re d o pposite h is n am e in S ch ed ule B o r th e v alu e d ete rm in ed a s a b ove, e x cep t th at in n o e v en t sh all th e p urc h ase p ric e b e le ss th an th e o ne-s u m d eath c la im p ro ceed s o f a ll th e lif e in su ra n ce po lic ie s o n h is l if e w hic h a re s u bje ct t o t h is a g re em en t a t t h e t im e o f h is d eath .U nle ss a lo w er p ric e b eco m es e ffe ctiv e u nder A rtic le I II, th e p urc h ase p ric e f o r a P artn er's in te re st u pon a s a le d urin g h is l if e tim e t o t h e P artn ers h ip o r t h e o th er P artn ers s h all b e t h e l a st v alu e en te re d o pposite h is n am e in S ch ed ule B a t th e tim e o f s a le . T he p urc h ase p ric e f o r a p ortio n o f a Pa rtn er's in te re st, if le ss th an h is e n tir e in te re st is o ffe re d f o r lif e tim e s a le , s h all b e a p ro -ra ta p art o f th e l a st v alu e e n te re d o pposite h is n am e i n S ch ed ule B . T he a b ove p ro vis io n f o r t h e o ne-s u m d eath cla im p ro ceed s o f th e lif e in su ra n ce to b e th e m in im um p urc h ase p ric e s h all n ot a p ply to a lif e tim e sa le . V. T o a ss u re th at a ll o r a s u bsta n tia l p art o f th e p urc h ase p ric e o f a d ecease d P artn er's in te re st wi ll b e a v aila b le in c ash u p on h is d eath , th e P artn ers h ip h as p urc h ase d in su ra n ce o n th e liv es o f th e Pa rtn ers f ro m t h e I n su ra n ce C om pan y a s f o llo w s: 5 Applic an t Ow ner a n d P olic y N o. Am ount In su re d Ben efic ia ry$ Partn er A The P artn ers h ip $ Partn er B The P artn ers h ip $ Partn er C The P artn ers h ip T he P artn ers h ip m ay , f ro m tim e to tim e, p ro cu re a d ditio nal p olic ie s o n th e P artn ers ' liv es to effe ctu ate th is a g re em en t. It m ay a ls o re le ase p olic ie s fro m th e a g re em en t; in cre ase , d ecre ase o r ma k e o th er c h an ges i n e x is tin g p olic ie s; o r s u bstitu te o th er l if e i n su ra n ce p olic ie s o n t h e s a m e l if e o r liv es f o r a n y p olic ie s s u bje c t t o t h is a g re em en t. T he P artn ers h ere b y a g re e t o d o a ll t h in gs n ecessa ry to e n ab le th e P artn ers h ip to o bta in a d ditio nal in su ra n ce o n th eir liv es o r m ak e c h an ges in e x is tin g po lic ie s.T he P artn ers h ip s h all a p ply f o r a n d b e t h e o w ner a n d o ne-s u m p rim ary b en efic ia ry o f a ll l if e in su ra n ce p oli c ie s s u bje ct to th is a g re em en t a n d s h all p ay th e p re m iu m s o n a ll s u ch p olic ie s a s th ey fall d ue. The P artn ers h ip m ay a p ply p olic y d iv id en d s to th e p ay m en t o f p re m iu m s. Pro of o f pr e m iu m p ay m en ts s h all b e f u rn is h ed b y t h e P artn ers h ip w hen ev er a P artn er r e q uests s u ch p ro of. I f th e P artn ers h ip f a ils t o p ay a p re m iu m w ith in d ay s a fte r i t f a lls d ue, t h e i n su re d s h all h av e t h e rig ht t o p ay s u ch p re m iu m a n d t o b e r e im burs e d t h ere fo r b y t h e P artn ers h ip .S o lo ng a s th is a g re em en t r e m ain s in e ffe ct it is e x pre ssly a g re ed th at th e P artn ers h ip s h all ex erc is e n one o f th e r ig hts o r p riv ile g es g ra n te d to it a s o w ner b y th e te rm s o f th e p olic ie s ( s u ch a s th e r ig ht to b orro w u pon, s u rre n der f o r c ash , c h an ge th e b en efic ia ry , o r a ssig n a p olic y ) e x cep t w ith th e w ritte n c o nse n t o f a ll t h e P artn ers .A ny a d ditio nal p oli c ie s o r o th er c h an ges a ffe ctin g th e in su ra n ce u nder th is a g re em en t s h all be re co rd ed in S ch ed ule C a tta ch ed h ere to a n d a t a ll tim es th e p ro vis io ns o f th is a g re em en t s h all ex te n d t o a ll p olic ie s r e co rd ed i n s a id S ch ed ule C . VI. The In su ra n ce C om pan y is n ot a p arty to th is ag re em en t. N otw ith sta n din g an y 6 pro vis io ns here in to th e co ntr a ry , sa id In su ra n ce C om pan y is ex pre ssly au th oriz ed to act in acco rd an ce w ith th e te rm s o f its p olic es a s th ough th is a g re em en t d id n ot e x is t, a n d th e p ay m en t o r oth er perfo rm an ce of its co ntr a ctu al oblig atio ns in acco rd an ce w ith th e polic y te rm s sh all co m ple te ly d is c h arg e s a id C om pan y f ro m a ll c la im s, s u its a n d d em an ds o f a ll p ers o ns w hats o ev er. VII. T he P ro ced ure u pon t h e d eath o f a P artn er s h all b e a s f o llo w s: (A ) The P artn ers h ip a s b en efic ia ry , s h all p ro m ptly f ile c la im s to c o lle ct in c ash th e o ne- su m d eath p ro ceed s o f a ll th e p olic ie s o n th e d ecease d P artn er's lif e w hic h a re s u bje ct to this a g re em en t.( B ) Upon th e co lle ctio n of su ch pro ceed s an d th e qualif ic atio n of a pers o nal re p re se n ta tiv e fo r th e d ecea se d P artn er, th e P artn ers h ip sh all p ay o ver to th e p ers o nal re p re se n ta tiv e a n a m ount e q ual to th e f u ll p ro ceed s c o ll e cte d , in p art o r in f u ll p ay m en t f o r th e d ecease d P artn er's i n te re st i n t h e P artn ers h ip .(C ) If t h e o ne-s u m d eath p ro ceed s o f a ll t h e p olic ie s o n t h e d ecease d P artn er's l if e i s l e ss th an th e to ta l p urc h ase p ric e f o r h is in te re st a s p ro vid ed h ere in , th e P artn ers h ip s h all e ith er pa y t h e b ala n ce f o rth w ith i n c ash , o r i n l ie u o f s u ch c ash p ay m en t s h all e x ecu te a n d d eliv er to th e p ers o nal r e p re se n ta tiv e a s e rie s o f p ro m is so ry n ote s o f e q ual a m ount ( e x cep t th at th e n ote la st f a llin g d u e m ay b e f o r a le sse r r e m ain in g b ala n ce), p ay ab le to h is o rd er. Th is fir s t n ote s h all b e p ay ab le m onth s a fte r its e x ecu tio n d ate , a n d th e re m ain in g no te s s h all b e p ay ab le a t in te rv als th ere afte r, w ith in te re st a t th e r a te o f % p er an num , t h e i n te re st o f e ach n ote p ay ab le a t i ts m atu rity . E ach p ro m is so ry n ote s h all i n clu de an d b e s u bje ct t o t h e p ro vis io ns o f A rtic le X h ere o f.(D ) The p ers o nal re p re se n ta tiv e o f th e d ecease d P artn er sh all p ro m ptly ex ecu te (a n d sh all c au se a n y o th er p arty o r p artie s w hose sig natu re s m ay b e n ecessa ry to tr a n sfe r a co m ple te t itle t o t h e d ecease d P artn er's i n te re st t o e x ecu te ) a n d, c o ncu rre n tly w ith r e ceip t o f th e fu ll p urc h ase p ric e fo r th e d ecease d P artn er's in te re st (e ith er in c ash , o r in c ash a n d 7 no te s, a s p ro v id ed a b ove), s h all d eliv er a ll in str u m en ts n ecessa ry to e ffe ctu ate th e tr a n sfe r of th e d ecease d P artn er's in te re st to th e P artn ers h ip , a s o f th e d ate o f th e d ecease d P artn er's de ath . T ra n sfe r o f s u ch in te re st s h all b e m ad e f re e a n d c le ar o f a ll ta x es, d eb ts , c la im s, o r oth er e n cu m bra n ces w hats o ev er, e x cep t f o r th e r e p re se n te d b y a n y p ro m is so ry n ote s g iv en un der p ara g ra p h ( C ).( E ) Concu rre n tly w ith th e tr a n sfe r to th e P artn ers h ip o f th e d ecease d P artn er's in te re st, th e su rv iv in g P artn ers sh all ex ecu te an d deliv er to th e pers o nal re p re se n ta tiv e of th e de cease d P artn er, a n i n str u m en t o r i n str u m en ts b y w hic h t h e s u rv iv in g P artn ers a ssu re a ll t h e de b ts a n d o bli g atio ns o f th e P artn ers h ip a n d in dem nif y th e d ecease d P artn er's e sta te a g ain st al l P artn ers h ip lia b ilitie s a n d a n y a n d a ll c la im s b y th e s u rv iv in g P artn ers o r b y P artn ers h ip cre d ito rs . VIII. E ach P artn er s h all h av e th e r ig ht to p urc h ase f r o m th e P artn ers h ip a n y p olic y o r p olic ie s o n his lif e w hic h a re s u bje ct to th is a g re em en t ( A ) u pon w ith dra w in g f ro m th e P artn ers h ip d urin g h is lif e tim e a s p ro vid ed in A rtic le I II a b ove; o r ( B ) u pon th e te rm in atio n o f th is a g re em en t d urin g h is lif e tim e, u nder a n y o f th e c ir c u m sta n ces e n um era te d in A rtic le IX b elo w . T his rig ht o f p urc h ase sh all b e e x erc is e d a s to e ac h p olic y b y p ay in g to th e P artn ers h ip , in c ash , a n a m ount e q ual to th e ca sh s u rre n der v alu e a s d efin ed in th e p olic y , a d ju ste d to th e d ate o f tr a n sfe r o f o w ners h ip o f th e po lic y to th e p urc h ase r. T he rig ht o f p urc h ase s h all la p se if it is n ot e x erc is e d w ith in d ay s afte r o ccu rre n ce o f t h e e v en t g iv in g r is e t o t h e r ig ht o f p urc h ase . IX. T his a g re em en t m ay b e a m en ded a t a n y tim e in a n y p artic u la r b y a w ritin g s ig ned b y th e Pa rtn ers h ip a n d a ll t h e P artn ers .T his a g re em en t s h all t e rm in ate u pon:(A ) The w ritte n a g re em en t o f t h e P artn ers h ip a n d a ll t h e P artn ers ;(B ) The d is so lu ti o n o f t h e P artn ers h ip o th er t h an b y t h e d eath o f a P artn er; 8 (C ) The d eath o f a ll p artn ers s im ulta n eo usly , o r w it h in a p erio d o f d ay s; o r u pon th e d eath o f t h e l a st s u rv iv in g P artn er o r P artn ers a t a n y t im e b efo re t h e p urc h ase a n d sale u nder t h is a g re e m en t o f t h e i n te re st o f a n y o th er P artn er t o d ie ; o r (D ) The w ith dra w al o f a P artn er f ro m t h e P artn ers h ip d urin g h is /h er l if e tim e b y a s a le o r oth er dis p o sitio n of his /h er en tir e in te re st to an y party or partie s ex cep t th e Pa rtn ers h ip o r a n y o th er P artn er o r P artn ers . X. E ach p ro m is so ry n ote g iv en u nder A rtic le s I II a n d V II a b ove s h all in clu de a n d b e s u bje ct to the f o llo w in g p ro vis io ns.1 . Each n ote s h all p ro vid e t h at i n t h e v en t o f d efa u lt o f prin cip al or in te re st fo r a pe rio d o f te n (1 0) d ay s, a t th e e le ctio n o f th e h old er a ll n ote s o f th e se rie s sh all w ith out fu rth er no tic e i m med ia te ly b eco m e d ue a n d p ay ab le .2 . Each n ote sh all p ro vid e th at its m ak er a g re es to p ay th e re aso nab le e x pen se s o f co lle ctio n i n t h e e v en t o f a d efa u lt, i n clu din g r e aso nab le a tto rn ey 's f e es.3 . Each n ote sh all p ro vid e fo r p re p ay m en t in w hole o r in p art a t a n y tim e w ith out pe n alty , b ut o nly w ith th e co nse n t o f th e h old er. S uch rig ht o f p re p ay m en t s h all a p ply to th ose no te s l a st d ue i n t h e s e rie s i n i n vers e o rd er.4 . Each n ote s h all b e s e cu re d in a m an ner a ccep ta b le to a ll p artie s a t th e tim e th e n ote s are g iv en . XI. T his ag re em en t sh all be bin din g upon th e Partn ers , th eir heir s , le g al re p re se n ta tiv es, su ccesso rs a n d a ssig nees; a n d u pon t h e P artn ers h ip , i ts s u ccesso rs a n d a ssig ns. XII. U nle ss o th erw is e p ro vid ed in th is a g re em en t, a n y c o ntr o vers y o r c la im a ris in g o ut o f o r re la tin g t o t h is c o ntr a ct, o r b each t h ere o f, s h all b e s e ttle d b y a rb itr a tio n i n a cco rd an ce w ith t h e R ule s 9 of th e A m eric an A rb itr a ti o n A sso cia tio n, an d ju dgm en t upon th e aw ard re n dere d by th e Arb itr a to r(s ) m ay b e e n te re d i n a n y C ourt h av in g j u ris d ic tio n t h ere o f. XIII. T he P artn ers h ip , th e P artn ers , th e p ers o nal re p re se n ta tiv e o f a n y d ecease d P artn er, a n d a ll ot h er p artie s b ound b y th is a g re em en t sh all p ro m ptly e x ecu te a n d d eliv er a n y a n d a ll p ap ers o r in str u m en ts n ecessa ry o r d esir a b le t o c arry o ut t h e p ro vis io ns o f t h is a g re em en t. XIV. A ny n otic e p ro vid ed fo r u nder th is a g re em en t s h all b e d eem ed d uly g iv en if d eliv ere d o r ma ile d b y c ertif ie d o r r e g is te re d m ail t o t h e p arty e n title d t o r e ceiv e s u ch n otic e a t t h e a d dre ss o f t h e offic e o f t h e P artn ers h ip . XV. T his a g re em en t s h all b e c o nstr u ed a cco rd in g t o t h e l a w o f t h e S ta te o f M is sis sip pi.I N W IT N ESS W HER EO F, t h e p artie s h ere to h av e e x ecu te d t h is a g re em en t t h e d ay a n d y ear fir s t a b o ve w ritte n . _ _ _____ _______________ ______ ________________________________________ W itn ess Partn er _ _ _____ _______________ ______ ________________________________________ W itn ess Partn er _ _ _____ _______________ ______ ________________________________________ W itn ess Partn er _ _ _____ _______________ ______ ________________________________________ W itn ess Partn er