4.3.1 Such offer shall be addressed by the selling Partner to the nonselling Partner at his address as listed below and be mailed, postage prepaid, by registered or certified mail. The offer of sale shall contain the price for which such Interest is offered for sale and shall include the name and address of such person or persons and the terms of the offer of purchase
received.
4.3.2 If the nonselling Partner wishes to purchase such Interest offered for sale, he shall advise the selling Partner forthwith within forty-five (45) days of receipt of the
notice of sale. The nonselling Partner shall be deemed to have consented to the proposed sale if he fails to give the necessary notice within the forty-five (45) day period and to purchase the Interest pursuant to the terms of the offer.
4.3.3 If the nonselling Partner does not wish to purchase such Interest as provided in the terms of the selling Partner's offer, then the nonselling Partner shall either give
the selling Partner notice of his election to (i) permit the selling Partner to sell such Interest or (ii) require that all Joint Venture property be sold and the Joint Venture dissolved and terminated pursuant to Article 5. Such notice of election must be given within forty-five (45) days from the date on which the nonselling Partner received notice of the proposed sale. If the nonselling Partner shall fail to exercise the right herein granted to purchase such Interest or to require that all of the property owned by the Joint Venture be sold, then the selling Partner shall be free to transfer such Interest in accordance with the terms and conditions and to the person described in his offer of sale, for a consideration not less than that stated in his offer of sale, but not otherwise.
Section 4.4 Sale to Remaining Partner. Upon the occurrence of:
4.4.1 An Event of Default, as defined in Section 4.2; or
4.4.2 A deadlock with respect to a Major Decision, followed by the effective election to purchase by a consenting Partner under Section 3.1; or
4.4.3 The election by a Partner to withdraw from the Joint Venture, which election shall be exercised by giving the other Partner written notice, the nondefaulting Partner, the nonwithdrawing Partner, or the consenting Partner, as the case may be, shall have the right and option to terminate the Joint Venture by purchasing the defaulting, withdrawing, or
nonconsenting Partner's Interest as provided below in this Section 4.4 or to dissolve and terminate the Joint Venture pursuant to Sections 5.1 and 5.2. (Such nondefaulting,
nonwithdrawing, or consenting Partner shall hereinafter be referred to as the "Remaining Partner," and the other Partner shall hereinafter be referred to as the "Selling Partner"). The
option of the Remaining Partner to purchase the Interest of the Selling Partner shall be exercised by serving notice of intention to purchase upon the Selling Partner within forty-five (45) days
after receiving notice of the Event of Default or notice of nonconsent or withdrawal, as the case may be. The purchase price shall be equal to ninety percent (90%) of the valuation as
determined under Section 4.5 below and shall be payable, together with interest at the rate of twelve percent (12%) per annum, in four (4) equal semiannual installments sufficient to amortize
4.3.1 Such offer shall be addressed by the selling Partner to the nonselling Partner at his address as listed below and be mailed, postage prepaid, by registered or certified mail. The offer of sale shall contain the price for which such Interest is offered for sale and shall include the name and address of such person or persons and the terms of the offer of purchase
received.
4.3.2 If the nonselling Partner wishes to purchase such Interest offered for sale, he shall advise the selling Partner forthwith within forty-five (45) days of receipt of the
notice of sale. The nonselling Partner shall be deemed to have consented to the proposed sale if he fails to give the necessary notice within the forty-five (45) day period and to purchase the Interest pursuant to the terms of the offer.
4.3.3 If the nonselling Partner does not wish to purchase such Interest as provided in the terms of the selling Partner's offer, then the nonselling Partner shall either give
the selling Partner notice of his election to (i) permit the selling Partner to sell such Interest or (ii) require that all Joint Venture property be sold and the Joint Venture dissolved and terminated pursuant to Article 5. Such notice of election must be given within forty-five (45) days from the date on which the nonselling Partner received notice of the proposed sale. If the nonselling Partner shall fail to exercise the right herein granted to purchase such Interest or to require that all of the property owned by the Joint Venture be sold, then the selling Partner shall be free to transfer such Interest in accordance with the terms and conditions and to the person described in his offer of sale, for a consideration not less than that stated in his offer of sale, but not otherwise.
Section 4.4 Sale to Remaining Partner. Upon the occurrence of:
4.4.1 An Event of Default, as defined in Section 4.2; or
4.4.2 A deadlock with respect to a Major Decision, followed by the effective election to purchase by a consenting Partner under Section 3.1; or
4.4.3 The election by a Partner to withdraw from the Joint Venture, which election shall be exercised by giving the other Partner written notice, the nondefaulting Partner, the nonwithdrawing Partner, or the consenting Partner, as the case may be, shall have the right and option to terminate the Joint Venture by purchasing the defaulting, withdrawing, or
nonconsenting Partner's Interest as provided below in this Section 4.4 or to dissolve and terminate the Joint Venture pursuant to Sections 5.1 and 5.2. (Such nondefaulting,
nonwithdrawing, or consenting Partner shall hereinafter be referred to as the "Remaining Partner," and the other Partner shall hereinafter be referred to as the "Selling Partner"). The
option of the Remaining Partner to purchase the Interest of the Selling Partner shall be exercised by serving notice of intention to purchase upon the Selling Partner within forty-five (45) days
after receiving notice of the Event of Default or notice of nonconsent or withdrawal, as the case may be. The purchase price shall be equal to ninety percent (90%) of the valuation as
determined under Section 4.5 below and shall be payable, together with interest at the rate of twelve percent (12%) per annum, in four (4) equal semiannual installments sufficient to amortize
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