thereafter until paid in full. The interest of the Selling Partner shall immediately vest in the purchaser upon delivery of notice of exercise of the option to purchase thereunder. Except
in the case of a sale following the occurrence of an Event of Default (in which case the defaulting Partner shall pay the entire appraisal fee), the Selling and Remaining Partners shall
each pay one-half (1/2) the costs of the appraisal, and the Selling Partner shall immediately execute and deliver to the Remaining Partner a statutory warranty deed in a form sufficient to convey all of the Selling Partner's Interest, including all interest in the Property and all other Property owned by the Joint Venture, to the Remaining Partner. To evidence and secure the obligation of the Remaining Partner to pay the balance of the purchase price, the Remaining Partner shall execute a promissory note and deed of trust (with reasonable release provisions) in
substantially the form of Exhibits A and B attached with respect to the Selling Partner's Interest. In the case of a sale pursuant to an Event of Default, this option to purchase shall be in addition to and not in substitution for any right afforded by law such as damages and other relief not inconsistent therewith; and in the event of any inconsistency between remedies provided by law and under this Agreement, the Partner not having breached this Agreement shall have the option to elect among any such rights and remedies. In the event the Remaining Partner declines
to purchase the Selling Partner's Interest, the Remaining Partner may elect to have the Joint Venture dissolved and terminated pursuant to Sections 5.1 and 5.2.
Section 4.5 Valuation. In the event the Partners are unable to agree, the value of the Interest of a Selling Partner in the Joint Venture and in the Property shall be determined as of the date of such sale. In the event the buyer and seller are not able to agree upon the fair market value at any such time, they shall agree upon a Member of the Appraisal Institute (MAI) practicing in the greater Seattle area, to determine the value of the interest in the Property and any other Property of the Joint venture, and the same shall be binding on all parties. In the event the parties are unable to agree upon such an appraiser, one shall be designated by the established procedure of the Appraisal Institute when requested to name an impartial appraiser, and his decision shall be binding on all parties. If for any reason an appraiser is not appointed within ninety (90) days after exercise of the option to purchase, however, then on ten (10) days' notice and request by any Partner the Superior Court of King County shall appoint an appraiser to serve hereunder. Except as provided in Paragraph 4.4 in the case of a sale following an Event of Default, the buyer and seller shall each pay one-half (1/2) the cost of the appraisal. The price for the interest in the Joint Venture shall be its net book value, as determined by the public accountants regularly employed by the Joint venture, or if there be none, by a certified public accountant acceptable to the Remaining Partner, as of the last day of the month preceding the event triggering the determination. Such determination shall be made, to the extent practicable, in accordance with generally accepted accounting practices and principles, consistently applied and, in the absence of fraud, shall be conclusive and binding upon the parties.
ARTICLE 5.
DISSOLUTION AND TERMINATION
Section 5.1 Dissolution. The Joint Venture shall be deemed dissolved upon the occurrence of any of the following events:
5.1.1. The sale or complete disposition of the Joint -+++Venture's assets and the Property;
5.1.2 The agreement of the Partners;
5.1.3 The election of a Remaining Partner to dissolve and terminate the Joint Venture in the event of the Remaining Partner (i) objects to a proposed sale and declines to purchase the Selling Partner's Interest as provided in Section 4.3 or (ii) declines to purchase the withdrawing Partner's Interest pursuant to Section 4.4; or
5.1.4 The death or incompetence of any Partner.
Section 5.2 Termination. Upon dissolution for the reasons stated in Section 5.1.1, 5.1.2, or 5.1.3, the Joint Venture shall terminate and be wound up. The Joint Venture property shall thereupon be sold (and any Partner may be a purchaser of all or
any portion thereof), its liabilities paid or provided for, and the remaining assets distributed to and among the Partners pro rata in accordance with their capital accounts, without undue
delay. Any remaining profits shall be distributed pro rata in accordance with the Partners' capital accounts as they stood prior to the making of the distribution required under terms of the preceding sentence. Neither the dissolution nor termination of the Joint Venture, however, shall affect the rights of any purchaser of a Partner's interest in the Property.
ARTICLE 6.
GENERAL
Section 6.1 Notices. Any notices or demands permitted or required hereunder shall be in writing sent by certified or registered mail, postage prepaid, addressed to each party at the address set forth below:
____________: ________________________________________________
________________________________________________
________________________________________________
____________: ________________________________________________
________________________________________________
________________________________________________
Joint Venture: ________________________________________________
________________________________________________
________________________________________________
or to such other addresses as the parties may from time to time designate in writing. All notices shall be deemed received on the date the postmark is affixed by the united States Postal Service.
Section 6.2 Counterparts. This Agreement may be signed in one or more counterparts.