3.1.3 Option to Buy in Event of Deadlock.
3.1.3.1 In the event one Partner refuses to so consent, approve, or agree (herein the "nonconsenting Partner") with respect to matters properly raised under subparagraph 3.1.1
or 3.1.2 of this Section 3.1 and the aggregate Partnership Ownership Percentage Interest represented by the nonconsenting Partner is fifty percent (50%) or less, the Joint Venture or the consenting Partner may elect to purchase (and retire, if the purchaser is the Joint venture) the interest of the nonconsenting Partner in both the Joint Venture and the Property. In order to exercise this option to purchase, the nonconsenting Partner must first be given written notice (the "Notice of Issue") specifying the exact nature of the matter which was raised and containing such other information as may be necessary to enable the nonconsenting Partner to evaluate the proposal. Upon request by the nonconsenting Partner, the party proposing the course of action shall supply the nonconsenting Partner with such further information or documents as may be necessary in order to evaluate the proposal. Within twenty (20) days after the receipt by the
nonconsenting Partner of the Notice of Issue, the nonconsenting Partner shall give written notice to the Joint Venture and the consenting Partner indicating whether the consent, approval, or
agreement is refused; and if such notice is not given within the required time, such consent, approval, or agreement shall be deemed to have been refused as of the end of the twenty (20)
days. The election to purchase shall be made by written notice given to the nonconsenting Partner within forty-five (45) days after the date of receipt by the Joint Venture and the consenting Partner of this written notice of refusal or the date on which the nonconsenting Partner is deemed to have given his notice of refusal, whichever is sooner.