PARTNERSHI
PAGREEMENT
THI
SAGREEMENTi
smadeandent
er
edi
nt
oat_
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,
t
hi
s_
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_day
of_
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,
20_
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,
byandbet
ween
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_(
NameAndAddr
ess)and
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_(
NameAndAddr
ess)(
her
eaf
t
ercol
l
ect
i
v
el
y
r
ef
er
r
edt
oast
he"
Par
t
ner
s"
)
.
WHEREAS,
t
hePar
t
ner
si
nt
endt
o_
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.
NOW THEREFORE,
i
nconsi
der
at
i
onoft
hepr
omi
sesandmut
ual
cov
enant
smadeonet
ot
heot
her
,
bei
tandi
ti
sher
ebyagr
eedasf
ol
l
ows:
1.
Par
t
ner
shi
pNameandPur
pose.Thepar
t
i
esher
et
oher
ebyf
or
m aPar
t
ner
shi
pundert
he
nameandst
y
l
eof_
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_
_
_
_
_
_
_(
her
eaf
t
err
ef
er
r
edt
o
as"
t
hePar
t
ner
shi
p"
)t
oownr
eal
pr
oper
t
y
,
dev
el
opr
eal
pr
oper
t
y
,
andt
her
eaf
t
ert
o
manage,
oper
at
e,
dev
el
op,
mor
t
gage,
l
easeorsel
l
r
eal
pr
oper
t
yanddoal
l
ot
herl
awf
ul
t
hi
ngsasf
ur
t
herbusi
nessoft
hepar
t
ner
shi
pandasmaybenecessar
y
,
i
nci
dent
al
,
or
conv
eni
entt
ocar
r
yont
hePar
t
ner
shi
pbusi
nessaspr
ov
i
dedher
ei
n.
2.
Pl
aceofBusi
ness.Thepr
i
nci
pal
pl
aceofbusi
nessoft
hePar
t
ner
shi
pshal
l
be
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_
_(
Locat
i
onandAddr
ess)orsuchot
herpl
ace
i
nt
heSt
at
eof_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_ast
hePar
t
ner
shi
pmayher
eaf
t
er
,
f
r
om t
i
met
ot
i
me,
det
er
mi
ne.
3.
Ter
m.ThePar
t
ner
shi
pshal
l
commenceasoft
hedat
eoft
heexecut
i
onoft
hi
s
Agr
eementandshal
l
cont
i
nuet
her
eaf
t
erf
orat
er
m of_
_
_
_
_
_
_
_
_
_y
ear
s,
unl
esssooner
di
ssol
v
edandt
er
mi
nat
edbyagr
eementoft
hePar
t
ner
s;
pr
ov
i
ded,
howev
er
,
t
hatt
he
Par
t
ner
shi
pshal
l
notbet
er
mi
nat
edbyt
hebankr
upt
cy
,
i
nsol
v
ency
,
appoi
nt
mentoft
r
ust
ee
f
ort
hebenef
i
tofcr
edi
t
or
s,
deat
h,
i
ncompet
ence,
orwi
t
hdr
awal
ofanyPar
t
ner
,
butt
he
r
emai
ni
ngPar
t
ner
sshal
l
hav
et
her
i
ght
sandopt
i
onsassetf
or
t
hbel
ow.
4.
Capi
t
al
Cont
r
i
but
i
ons.EachPar
t
nershal
l
cont
r
i
but
et
ot
hePar
t
ner
shi
p,
ani
ni
t
i
al
cont
r
i
but
i
onofcapi
t
al
andeachPar
t
nershal
l
shar
ei
nt
henetannual
oper
at
i
ngpr
of
i
t
sor
l
ossesoft
hePar
t
ner
shi
pi
nt
hef
ol
l
owi
ngr
at
i
ounl
essadj
ust
edasher
ei
naf
t
erpr
ov
i
ded:
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_
Par
t
ner
sName
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_
Cont
r
i
but
i
on
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Par
t
ner
sName
_
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_
_
_
Cont
r
i
but
i
on
Thecapi
t
al
oft
hePar
t
ner
shi
pshal
l
bet
heaggr
egat
eamountofcapi
t
al
cont
r
i
but
i
onsmadet
oi
t
byt
hePar
t
ner
s.Thei
ni
t
i
al
capi
t
al
t
obecont
r
i
but
edbyeachPar
t
nershal
l
bei
ncash.NoPar
t
ner
shal
l
ber
equi
r
edt
omakeanyaddi
t
i
onal
cont
r
i
but
i
ont
ot
hePar
t
ner
shi
pbutshal
l
makesuch
addi
t
i
onal
cont
r
i
but
i
onsasagr
eeduponbyasuper
maj
or
i
t
yoft
hepar
t
ner
s,
anddi
r
ect
edbya
wr
i
t
t
encal
l
gi
v
ent
oeachpar
t
ner
.Foral
l
pur
posesi
nt
hi
sAgr
eement
,
asuper
maj
or
i
t
yv
ot
eoft
he
par
t
ner
sshal
l
beav
ot
eofatl
eastf
i
v
epar
t
ner
s.
I
fanyPar
t
nerf
ai
l
st
ocont
r
i
but
et
headdi
t
i
onal
capi
t
al
r
equi
r
edofhi
m wi
t
hi
nt
hi
r
t
y(
30)day
saf
t
er
wr
i
t
t
encal
l
f
orcont
r
i
but
i
on,
t
heot
herPar
t
ner
sshal
l
begi
v
ent
heoppor
t
uni
t
yt
ocont
r
i
but
e
amount
st
hatwi
l
l
equal
t
heassessmenti
ndef
aul
t
.Theyshal
l
cont
r
i
but
eamount
sequal
i
ngt
he
assessmenti
ndef
aul
ti
napr
opor
t
i
oncommensur
at
ewi
t
ht
hepr
opor
t
i
onoft
hecapi
t
al
i
nt
er
esti
n
t
hePar
t
ner
shi
poft
henondef
aul
t
i
ngPar
t
ner
(
s)pr
i
ort
ot
hecal
l
f
oraddi
t
i
onal
cont
r
i
but
i
onsori
n
anyot
herpr
opor
t
i
onst
hatt
heymaydet
er
mi
ne.Theal
l
ocat
i
onofpr
of
i
t
sorl
ossesamongal
l
t
he
Par
t
ner
sshal
l
beadj
ust
edaccor
di
ngt
ot
hechangei
ncapi
t
al
cont
r
i
but
i
onsbyt
hepar
t
ner
s.
Cont
r
i
but
i
onst
ot
hecapi
t
al
oft
hePar
t
ner
shi
pshal
l
notbeari
nt
er
est
.Howev
er
,
anyadv
anceof
moneyt
ot
hePar
t
ner
shi
pbyanyPar
t
neri
nexcessoft
heamount
spr
ov
i
dedf
ori
nt
hi
sAgr
eement
orsubsequent
l
yagr
eedt
oasaCapi
t
al
Cont
r
i
but
i
onshal
l
notbedeemedaCapi
t
al
Cont
r
i
but
i
ont
o
t
hePar
t
ner
shi
p,
butadebtduef
r
om t
hePar
t
ner
shi
p,
andshal
l
ber
epai
dwi
t
hi
nt
er
estatsuch
r
at
esandt
i
mesasdet
er
mi
nedbyasuper
maj
or
i
t
yoft
hePar
t
ner
s.Suchdebt
smayhav
e
pr
ef
er
enceorpr
i
or
i
t
yov
eranyot
herpay
ment
st
oPar
t
ner
sasmaybedet
er
mi
nedbya
super
maj
or
i
t
yoft
hePar
t
ner
s.
5.
Capi
t
al
Account
s.Asepar
at
ecapi
t
al
accountshal
l
bemai
nt
ai
nedf
oreachPar
t
ner
,
and
capi
t
al
cont
r
i
but
i
onst
ot
hePar
t
ner
shi
pbyt
hePar
t
ner
sshal
l
bechar
gedt
osuchaccount
s.
Par
t
ner
shi
ppr
of
i
t
sorl
ossesshal
l
al
sobechar
gedorcr
edi
t
edt
ot
hesepar
at
ecapi
t
al
account
si
n
t
hemannerher
ei
nbef
or
epr
ov
i
ded.Noi
nt
er
estshal
l
bepai
dont
hecapi
t
al
accountofanyPar
t
ner
.
6.
CashDi
st
r
i
but
i
ons.Anyamount
shel
dbyt
hePar
t
ner
shi
pandnotr
equi
r
edf
orpur
poses
ofi
t
sbusi
ness,
i
ncl
udi
ngr
easonabl
er
eser
v
esf
orcont
i
ngenci
es,
maybedi
st
r
i
but
edt
ot
he
Par
t
ner
spur
suantt
ot
het
er
msher
eof
.NoPar
t
nershal
l
beent
i
t
l
edt
omakewi
t
hdr
awal
sf
r
om hi
s
i
ndi
v
i
dual
accountorhav
er
et
ur
nedt
ohi
m hi
scapi
t
al
cont
r
i
but
i
onsexcepti
naccor
dance
her
ewi
t
h.NoPar
t
nershal
l
hav
et
her
i
ghtt
or
equi
r
et
hatadi
st
r
i
but
i
onbemadet
ohi
m ot
hert
han
i
ncash.
7.
BanksandBooksofAccount
.Thef
undsoft
hePar
t
ner
shi
pshal
l
bekepti
nasepar
at
e
accountoraccount
si
nabankand/
orsav
i
ngsi
nst
i
t
ut
i
oni
nt
henameoft
hePar
t
ner
shi
p.Al
l
wi
t
hdr
awal
sf
r
om suchaccount
sshal
l
bemadeuponchecksordr
af
t
ssi
gnedbyanyPar
t
ner
.
Ful
l
andcompl
et
ebooksofaccountshal
l
bekeptandmai
nt
ai
nedatt
hepr
i
nci
pal
pl
aceof
busi
nessandal
l
t
r
ansact
i
onsshal
l
beent
er
edi
nsuchbooks.EachPar
t
nershal
l
hav
eaccessand
t
her
i
ghtt
oi
nspectandcopysuchbooksandal
l
ot
herPar
t
ner
shi
pr
ecor
ds.Thebooksshal
l
be
cl
osedatt
heendofeachcal
endary
earandst
at
ement
spr
epar
edshowi
ngt
hef
i
nanci
al
condi
t
i
on
oft
hePar
t
ner
shi
pandi
t
spr
of
i
torl
oss.
8.
Managi
ngPar
t
ner
s.I
nt
hegener
al
conductoft
hePar
t
ner
shi
pbusi
ness,
al
l
t
hePar
t
ner
s
shal
l
beconsul
t
edandt
headv
i
ceandopi
ni
onsoft
hePar
t
ner
sshal
l
beobt
ai
nedsomuchasi
s
pr
act
i
cabl
e.Howev
er
,
f
ort
hepur
poseoff
i
xi
ngandhar
moni
zi
ngt
hepol
i
ci
esandpr
act
i
cesoft
he
Par
t
ner
shi
pandofsecur
i
nguni
f
or
mi
t
yandcont
i
nui
t
yi
nt
heconductofi
t
sbusi
ness,
t
hegener
al
managementoft
hePar
t
ner
shi
pbusi
nessshal
l
r
estsol
el
yi
nt
heManagi
ngPar
t
ner
s.The
Managi
ngPar
t
ner
sshal
l
be:
_
_
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_
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_
_
_
_
_
_
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_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_(
Nameand
Addr
ess)
.
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_(
NameandAddr
ess)
.
Excepti
ncasesofgr
ossnegl
i
genceorwi
l
l
f
ul
mi
sconduct
,
t
hedoi
ngofanyactort
hef
ai
l
ur
et
odo
anyactbyt
heManagi
ngPar
t
ner
s,
t
heef
f
ectofwhi
chmaycauseorr
esul
ti
nl
ossordamaget
o
t
hePar
t
ner
shi
p,
shal
l
notsubj
ectt
heManagi
ngPar
t
ner
st
oanyl
i
abi
l
i
t
yt
ot
her
emai
ni
ngPar
t
ner
s
ort
ot
hePar
t
ner
shi
p.I
nt
heev
entoft
hedeat
h,
phy
si
cal
orment
al
i
ncapaci
t
y
,
orwi
t
hdr
awal
of
ei
t
herManagi
ngPar
t
nerf
r
om t
hePar
t
ner
shi
p,
t
hesur
v
i
v
i
ngPar
t
ner
sshal
l
hav
eequal
r
i
ght
si
nt
he
managementoft
hePar
t
ner
shi
pandshal
l
appoi
ntsuccessorManagi
ngPar
t
ner
s.
Exceptasot
her
wi
sepr
ov
i
dedher
ei
n,
noPar
t
nershal
l
makeanycont
r
actf
orandonbehal
foft
he
Par
t
ner
shi
pwi
t
houtt
hepr
i
orappr
ov
al
oft
heot
herPar
t
ner
s.Al
l
cont
r
act
sshal
l
bemadei
nt
he
nameoft
hePar
t
ner
shi
pandi
nt
hecaseofanydi
sagr
eementast
ot
hemaki
ngofanycont
r
actor
assumpt
i
onofanyobl
i
gat
i
onbyt
hePar
t
ner
shi
p,
suchcont
r
actorobl
i
gat
i
onshal
l
notbemadeor
execut
edexceptasdi
r
ect
edbyasuper
maj
or
i
t
yoft
hePar
t
ner
s;
f
ur
t
her
,
noPar
t
nershal
l
r
el
ease
norcancel
anyi
ndebt
ednessorobl
i
gat
i
onduet
hePar
t
ner
shi
p,
exceptonf
ul
l
pay
mentt
her
eof
,
or
upont
hemut
ual
agr
eementofal
l
t
hePar
t
ner
s,
norshal
l
anyPar
t
nergi
v
e,
ext
end,
orguar
ant
ee
cr
edi
tt
oorf
oranyper
son,
f
i
r
m,
cor
por
at
i
onwi
t
houtt
heconsentofal
l
t
hePar
t
ner
s,
noratany
t
i
meshal
l
anyPar
t
nersi
gnt
hef
i
r
m namenorpl
edget
hef
i
r
m'
scr
edi
tnori
nanyot
hermanneract
assur
et
yorguar
ant
ori
nanypaper
,
bi
l
l
,
bond,
not
e,
ordr
af
torot
herobl
i
gat
i
onwhat
soev
er
,
nor
assi
gnpl
edge,
mor
t
gage,
sel
l
orot
her
wi
sedi
sposeof
,
anyPar
t
ner
shi
ppr
oper
t
yoranyi
nt
er
est
t
her
ei
nordoany
t
hi
ngorper
mi
tanyactwher
ebyt
hePar
t
ner
shi
p'
smoney
,
i
nt
er
est
,
orpr
oper
t
yor
i
t
si
nt
er
estt
her
ei
n,
maybel
i
abl
et
osei
zur
e,
at
t
achment
,
orexecut
i
on,
exceptuponmut
ual
consentofal
l
t
hePar
t
ner
s.
9.
Rel
at
i
onshi
poft
hePar
t
ner
s.EachPar
t
nermayhav
eot
herbusi
nessi
nt
er
est
sandmay
engagei
nanyot
herbusi
ness,
t
r
ade,
pr
of
essi
on,
orempl
oy
mentwhat
soev
eronhi
sownaccount
ori
npar
t
ner
shi
pwi
t
h,
asanempl
oy
eeof
,
orasanof
f
i
cer
,
di
r
ect
or
,
orst
ockhol
derofanyot
her
per
son,
f
i
r
m,
orcor
por
at
i
on(
whet
hercompet
i
t
i
v
ewi
t
ht
hePar
t
ner
shi
porot
her
wi
se)andheshal
l
notber
equi
r
edt
odev
ot
ehi
sent
i
r
et
i
met
ot
hebusi
nessoft
hePar
t
ner
shi
p.EachPar
t
nershal
l
dev
ot
esucht
i
meandat
t
ent
i
ont
ot
heconductoft
hebusi
nessoft
hePar
t
ner
shi
passhal
l
be
deemedbyal
l
oft
hePar
t
ner
st
ober
equi
r
edf
ort
hebusi
nessoft
hePar
t
ner
shi
p.
NoPar
t
nershal
l
r
ecei
v
eanysal
ar
yorot
herspeci
al
compensat
i
onorser
v
i
cesr
ender
edbyhi
m as
Par
t
neroft
hePar
t
ner
shi
p,
exceptasot
her
wi
seagr
eedbyal
l
t
hePar
t
ner
s.Not
wi
t
hst
andi
ngt
he
f
or
egoi
ng,
eachPar
t
nershal
l
beper
mi
t
t
edt
odobusi
nesswi
t
ht
hePar
t
ner
shi
pandwi
t
hanyot
her
Par
t
neri
ndi
v
i
dual
l
yorwi
t
hanybusi
nessent
i
t
yi
nwhi
chsuchPar
t
nermayhav
eani
nt
er
est
.
I
ti
sunder
st
oodt
hateachoft
hepar
t
i
esher
et
oar
ePar
t
ner
sf
ort
hepur
poseoft
hi
sPar
t
ner
shi
pas
setf
or
t
hi
nPar
agr
aph1her
eof
,
butnot
hi
ngcont
ai
nedi
nt
hi
sAgr
eementshal
l
maket
hePar
t
ner
s
par
t
ner
swi
t
hr
espectt
omat
t
er
sunr
el
at
edt
ot
hePar
t
ner
shi
p,
orr
endert
hem l
i
abl
ef
oranydebt
s
orobl
i
gat
i
onsofanyPar
t
ner
,
norshal
l
anyPar
t
nerbeher
ebyconst
i
t
ut
edt
heagentf
orany
Par
t
nerexceptt
ot
hel
i
mi
t
edext
enther
ei
nspeci
f
i
cal
l
yper
mi
t
t
edandasmaybeher
ei
naf
t
er
agr
eeduponbyconsentofal
l
t
hepar
t
i
es.
10. Wai
v
erofRi
ghtt
oPar
t
i
t
i
on.EachPar
t
nerher
et
oher
ebywai
v
eshi
sr
i
ghtt
opar
t
i
t
i
on(
ort
o
separ
at
el
yasser
tanyr
i
ghtt
opar
t
i
t
i
onundert
hest
at
ut
esoft
heSt
at
eof_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
per
t
ai
ni
ngt
opar
t
i
t
i
on)anyr
eal
pr
oper
t
yownedbyt
hePar
t
ner
shi
p.
11. Vol
unt
ar
yTer
mi
nat
i
on.ThePar
t
ner
shi
pmaybedi
ssol
v
edatanyt
i
mebyagr
eementofa
super
maj
or
i
t
yoft
hePar
t
ner
s,
i
nwhi
chev
entt
hepar
t
ner
sshal
l
pr
oceedwi
t
hr
easonabl
e
pr
ompt
nesst
ol
i
qui
dat
et
hebusi
nessoft
hepar
t
ner
shi
p.Theasset
soft
hepar
t
ner
shi
pand
pr
oceedsofl
i
qui
dat
i
onshal
l
beappl
i
edi
nt
hef
ol
l
owi
ngor
der
:
(
a) Tot
hepay
mentoforpr
ov
i
si
onf
oral
l
debt
s,
l
i
abi
l
i
t
i
esandobl
i
gat
i
onsoft
hePar
t
ner
shi
pt
o
anyper
son(
ot
hert
hanPar
t
ner
s)andt
heexpensesofl
i
qui
dat
i
on;
(
b) Tot
hepay
mentofal
l
debt
sandl
i
abi
l
i
t
i
es(
i
ncl
udi
ngi
nt
er
est
)t
ot
hePar
t
ner
s(
exceptt
hose
onaccountoft
hei
rcapi
t
al
cont
r
i
but
i
ons)
;
(
c) Tot
hedi
schar
geoft
hebal
anceoft
hei
ncomeaccount
soft
hePar
t
ner
s;
(
d) Tot
hepay
mentoft
hecapi
t
al
account
soft
hePar
t
ner
s,
l
essanypr
ev
i
ousdi
st
r
i
but
i
onsand
anyl
osseschar
gedorchar
geabl
et
ot
hecapi
t
al
account
soft
hePar
t
ner
sandi
ncr
easedby
anyi
ncomeorgai
nscr
edi
t
edt
osuchcapi
t
al
account
s;
and
(
e) Bet
weent
hePar
t
ner
si
nt
hesamepr
opor
t
i
onast
hei
rper
cent
agesofi
nt
er
esti
nt
he
Par
t
ner
shi
passetf
or
t
hi
nPar
agr
aph4.
Not
wi
t
hst
andi
nganyot
herpr
ov
i
si
onsoft
hi
sPar
agr
aph11,
i
f
,
uponul
t
i
mat
el
i
qui
dat
i
onoft
he
Par
t
ner
shi
p,
t
hef
or
egoi
ngal
l
ocat
i
onswoul
dl
eav
eanyPar
t
nerwi
t
hadef
i
ci
ti
nhi
scapi
t
al
account
t
hati
snott
ober
epai
dt
ot
hePar
t
ner
shi
p,
t
hen,
suchal
l
ocat
i
onshal
l
bemodi
f
i
edsot
hat
,
t
ot
he
ext
entpossi
bl
e,
t
heamountoft
ot
al
gai
n(
i
ncl
udi
ngt
hepor
t
i
onofanycancel
l
at
i
onof
i
ndebt
ednessi
ncomenotexcl
udedbyanel
ect
i
onunderI
nt
er
nal
Rev
enueCodeSect
i
ons108and
1017)al
l
ocat
edt
osuchPar
t
neri
ssuf
f
i
ci
entt
oel
i
mi
nat
esuchdef
i
ci
t
.I
ft
her
ear
esev
er
al
Par
t
ner
swi
t
hsuchdef
i
ci
t
sandt
het
ot
al
gai
ni
sl
esst
hant
heaggr
egat
edef
i
ci
t
s,
suchgai
nsshal
l
beal
l
ocat
edi
npr
opor
t
i
ont
o,
butnoti
nexcessof
,
t
hei
rr
espect
i
v
edef
i
ci
t
s.
12. Ret
i
r
ement
.NoPar
t
nermayr
et
i
r
ef
r
om t
hePar
t
ner
shi
pf
oraper
i
odof_
_
_
_y
ear
sf
r
om
t
hedat
eoft
hi
sAgr
eement
.Af
t
ersai
dper
i
od,
anyPar
t
nershal
l
hav
et
her
i
ghtt
or
et
i
r
ef
r
om t
he
Par
t
ner
shi
patt
heendofanycal
endarmont
h.Wr
i
t
t
ennot
i
ceofi
nt
ent
i
ont
or
et
i
r
eshal
l
beser
v
ed
upont
her
emai
ni
ngPar
t
ner
satl
east_
_
_
_
_
_
_
_
_
_day
sbef
or
et
hef
i
r
stdayoft
hemont
hi
nwhi
ch
t
her
et
i
r
i
ngPar
t
neri
nt
endst
or
et
i
r
e.Ther
et
i
r
ementofsuchPar
t
nershal
l
hav
enoef
f
ectupont
he
cont
i
nuanceoft
hePar
t
ner
shi
pbusi
ness.I
ft
her
emai
ni
ngPar
t
ner
sel
ectt
opur
chaset
hei
nt
er
est
oft
her
et
i
r
i
ngPar
t
ner
,
t
hePar
t
ner
sshal
l
ser
v
ewr
i
t
t
ennot
i
ceofsuchel
ect
i
onupont
her
et
i
r
i
ng
Par
t
nerwi
t
hi
n_
_
_
_
_
_
_day
saf
t
err
ecei
ptoft
her
et
i
r
i
ngPar
t
ner
'
snot
i
ceofi
nt
ent
i
ont
or
et
i
r
e,
and
t
hepur
chasepr
i
ceandmet
hodofpay
mentf
ort
hePar
t
ner
shi
pi
nt
er
estshal
l
beaspr
ov
i
dedi
n
Par
agr
aph14her
eof
.I
ft
her
emai
ni
ngPar
t
ner
sel
ectnott
opur
chaset
hei
nt
er
estoft
her
et
i
r
i
ng
Par
t
ner
,
t
hent
hePar
t
ner
sshal
l
pr
oceedwi
t
hr
easonabl
epr
ompt
nesst
ol
i
qui
dat
et
hebusi
nessof
t
hePar
t
ner
shi
p.
13. I
nv
ol
unt
ar
yWi
t
hdr
awal
.AnyPar
t
nermayber
equi
r
edt
owi
t
hdr
awf
r
om t
hePar
t
ner
shi
p
upont
hehappeni
ngofanyoft
hef
ol
l
owi
ngev
ent
s:
(
a)
I
fanyPar
t
nermakesanassi
gnmentf
ort
hebenef
i
tofcr
edi
t
or
sorappl
i
esf
ort
he
appoi
nt
mentofat
r
ust
ee,
al
i
qui
dat
ororr
ecei
v
erofanysubst
ant
i
al
par
tofhi
sasset
sor
commencesanypr
oceedi
ngr
el
at
i
ngt
ohi
msel
funderanybankr
upt
cy
,
r
eor
gani
zat
i
on,
or
ar
r
angementofsi
mi
l
arl
aw;
ori
fanysuchappl
i
cat
i
oni
sf
i
l
edorpr
oceedi
ngi
scommenced
agai
nstanyPar
t
nerandsuchPar
t
neri
ndi
cat
eshi
sconsentt
her
et
o,
oranor
deri
sent
er
ed
appoi
nt
i
nganysucht
r
ust
ee,
l
i
qui
dat
ororr
ecei
v
er
,
orappr
ov
i
ngapet
i
t
i
oni
nanysuchpr
oceedi
ng
andsuchor
derr
emai
nsi
nef
f
ectf
ormor
et
hansi
xt
y(
60)day
s;
t
hent
hatPar
t
nershal
l
bedeemed
t
ohav
ewi
t
hdr
awnf
r
om t
hePar
t
ner
shi
pasoft
hedat
eoft
hehappeni
ngofanysuchev
ent
.
(
b)
I
fanyPar
t
nershal
l
beadj
udgedi
ncompet
ent
,
t
hensuchPar
t
nershal
l
bedeemedt
ohav
e
wi
t
hdr
awnf
r
om t
hePar
t
ner
shi
pont
hedat
esetf
or
t
hi
nanot
i
cet
osuchi
ncompet
entPar
t
ner
f
r
om t
her
emai
ni
ngPar
t
ner
s.
Thev
al
ueoft
hePar
t
ner
shi
pi
nt
er
esti
nt
hePar
t
ner
shi
pofanyPar
t
nerwhoshal
l
ber
equi
r
edt
o
wi
t
hdr
awf
r
om t
hePar
t
ner
shi
paspr
ov
i
dedi
nt
hi
spar
agr
aph,
andt
hemet
hodofpay
mentf
ort
he
Par
t
ner
shi
pi
nt
er
estshal
l
beaspr
ov
i
dedi
nPar
agr
aph14her
eof
.
14.
Deat
hofaPar
t
ner
.Upont
hedeat
hofaPar
t
ner
,
t
hePar
t
ner
shi
pshal
l
nott
er
mi
nat
e,
and
t
hebusi
nessoft
hePar
t
ner
shi
pshal
l
becont
i
nuedt
ot
heendoft
hef
i
scal
y
eari
nwhi
chsuch
deat
hoccur
s.Theest
at
eoft
hedeceasedPar
t
nershal
l
shar
ei
nt
henetpr
of
i
t
sorl
ossesoft
he
Par
t
ner
shi
pf
ort
hebal
anceoft
hef
i
scal
y
eari
nt
hesamemannert
hedeceasedPar
t
nerwoul
d
hav
eshar
edi
nt
hem hadhesur
v
i
v
edt
ot
heendoft
hef
i
scal
y
ear
,
butt
hel
i
abi
l
i
t
yoft
heest
at
ef
or
l
ossesshal
l
notexceedt
hedeceasedPar
t
ner
'
si
nt
er
esti
nt
hePar
t
ner
shi
passet
satt
het
i
meof
hi
sdeat
h.Theest
at
eoft
hedeceasedPar
t
nershal
l
hav
enov
oi
cei
nt
heaf
f
ai
r
soft
hePar
t
ner
shi
p.
Att
heendoft
hef
i
scal
y
ear
,
t
hesur
v
i
v
i
ngPar
t
ner
sshal
l
hav
et
heopt
i
onei
t
hert
ol
i
qui
dat
et
he
Par
t
ner
shi
port
opur
chaset
hei
nt
er
estoft
hedeceasedPar
t
ner
.
(
a)
I
ft
hesur
v
i
v
i
ngPar
t
ner
sel
ectt
opur
chaset
hei
nt
er
estoft
hedeceasedPar
t
ner
,
t
heyshal
l
ser
v
enot
i
cei
nwr
i
t
i
ngofsuchel
ect
i
onwi
t
hi
n_
_
_
_
_
_
_mont
hsaf
t
ert
hedeat
hoft
hePar
t
nerupon
t
heExecut
ororAdmi
ni
st
r
at
orofsuchdeceasedPar
t
ner
'
sest
at
e,
ori
fatt
het
i
meofsuchel
ect
i
on
nosuchl
egal
r
epr
esent
at
i
v
ehasbeenappoi
nt
ed,
uponanyoneoft
heknownl
egal
hei
r
soft
he
decedentatt
hel
astknownaddr
essofsuchhei
r
.Thepur
chasepr
i
ceshal
l
beequal
t
ot
he
deceasedPar
t
ner
'
scapi
t
al
accountasoft
heendoft
hemont
hnextpr
ecedi
ngt
hedat
eofhi
s
deat
hpl
ust
hedeceasedPar
t
ner
'
si
ncomeaccountasofsai
ddat
e,
adj
ust
edf
ort
hedeceased
Par
t
ner
'
sshar
eofpr
of
i
t
snotpr
ev
i
ousl
ydi
st
r
i
but
edorl
ossesnotpr
ev
i
ousl
ychar
gedt
oei
t
herof
sai
daccount
st
hr
ought
heendoft
hemont
hnextpr
ecedi
ngdeat
h.Noal
l
owanceshal
l
bemade
f
orgoodwi
l
l
,
t
r
adename,
pat
ent
sorot
heri
nt
angi
bl
easset
s,
exceptast
hoseasset
shav
ebeen
r
ef
l
ect
edont
hePar
t
ner
shi
pbooksi
mmedi
at
el
ypr
i
ort
ot
er
mi
nat
i
on;
butt
hesur
v
i
v
i
ngPar
t
ner
s
shal
l
nev
er
t
hel
essbeent
i
t
l
edt
ouset
het
r
adenameoft
hePar
t
ner
shi
p.Thecapi
t
al
accountoft
he
deceasedPar
t
nershal
l
beadj
ust
edt
or
ef
l
ectt
hef
ai
rmar
ketv
al
ueofal
l
Par
t
ner
shi
pl
andand
i
mpr
ov
ement
sl
ocat
edt
her
eonandf
i
xt
ur
esaf
f
i
xedt
her
et
o,
t
hesamet
obedet
er
mi
nedbyan
i
ndependentappr
ai
sersel
ect
edbyt
hepar
t
i
esf
ort
hi
spur
pose,
whosedet
er
mi
nat
i
onshal
l
bef
i
nal
andbi
ndi
nguponal
l
i
nt
er
est
edpar
t
i
es.Thepur
chasepr
i
ceshal
l
bepai
dwi
t
hi
n_
_
_
_
_
_
_
_y
ear
(
s)
oft
hedeat
hoft
hedeceasedpar
t
nerandshal
l
beari
nt
er
estatt
her
at
eof_
_
_
_
_
_
_
_per
centper
annum t
her
eaf
t
er
.I
nt
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ser
,
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hen
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hev
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ueshal
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eeappr
ai
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hedeceasedpar
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ai
ser
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ThePar
t
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si
nt
endt
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ort
hedeceasedPar
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ner
'
scapi
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al
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l
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r
i
but
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nt
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enueCode,
andt
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or
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eshar
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ncomeoraguar
ant
eed
pay
mentunderSect
i
on736(
a)oft
heI
nt
er
nal
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enueCode.
(
b)
I
ft
hesur
v
i
v
i
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sdonotel
ectt
opur
chaset
hei
nt
er
estoft
hedeceasedPar
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ner
,
t
heyshal
l
pr
oceedwi
t
hr
easonabl
epr
ompt
nesst
ol
i
qui
dat
et
hePar
t
ner
shi
p.Dur
i
ngt
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i
odof
l
i
qui
dat
i
on,
t
hesur
v
i
v
i
ngPar
t
ner
sandt
heest
at
eoft
hedeceasedPar
t
nershal
l
shar
ei
nt
hepr
of
i
t
s
andl
ossesoft
hebusi
nessi
nt
hesamemannert
hatt
heywoul
dhav
eshar
edi
nt
hem hadt
he
deceasedPar
t
nersur
v
i
v
edt
ot
heendoft
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i
scal
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ear
,
exceptt
hatt
hedeceasedPar
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ner
'
sest
at
e
shal
l
notbel
i
abl
ef
orl
ossesi
nexcessoft
hedeceasedPar
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ner
'
si
nt
er
esti
nt
hePar
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ner
shi
p
asset
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het
i
meofhi
sdeat
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wi
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at
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t
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o
l
i
qui
dat
i
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st
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i
but
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onoft
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soft
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t
ner
shi
pbusi
nessshal
l
bet
hesameasst
at
ed
i
nPar
agr
aph11.
Thepar
t
i
esagr
eet
hatt
hepr
ov
i
si
onscont
ai
nedher
ei
nwi
t
hr
espectt
ot
hedi
schar
geofa
deceasedPar
t
ner
'
si
nt
er
esti
nt
hePar
t
ner
shi
par
ei
nl
i
euoft
hepr
ov
i
si
onsof
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
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(
St
at
eSt
at
ut
e)
(
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f
or
m Par
t
ner
shi
pAct
)
)andshal
l
excl
usi
v
el
ygov
er
nt
hedi
sposi
t
i
onofand
account
i
ngf
ort
hei
nt
er
estofadeceasedPar
t
neri
nt
hePar
t
ner
shi
p.
15.
NewPar
t
ner
s.Noper
sonshal
l
beadmi
t
t
edasaPar
t
neroft
hePar
t
ner
shi
pexceptwi
t
h
t
heconsentofal
l
t
hePar
t
ner
swhoshal
l
det
er
mi
net
het
er
msandcondi
t
i
onsuponwhi
chsuch
admi
ssi
oni
st
obeef
f
ect
i
v
e.
16. Pr
ohi
bi
t
i
ononTr
ansf
er
.APar
t
nershal
l
not
,
andshal
l
hav
enor
i
ght
,
t
osel
l
,
assi
gn,
pl
edge
ormor
t
gagehi
si
nt
er
esti
nt
hePar
t
ner
shi
p,
ort
hePar
t
ner
shi
ppr
oper
t
yorasset
s,
exceptwi
t
ht
he
wr
i
t
t
enconsentofal
l
t
hePar
t
ner
s,
andanysuchpr
ohi
bi
t
i
ont
r
ansf
er
,
i
fat
t
empt
ed,
shal
l
bev
oi
d
andwi
t
houtf
or
ceoref
f
ect
.
17. Ent
i
r
eAgr
eement
.Thi
sAgr
eementcont
ai
nst
heent
i
r
eunder
st
andi
ngoft
hepar
t
i
es
her
et
oandmaynotbemodi
f
i
edoramendedexceptbyawr
i
t
i
ngsi
gnedbyt
hepar
t
i
est
obe
char
gedt
her
ewi
t
h.
18. Cont
r
ol
l
i
ngLaw.Thi
sAgr
eementshal
l
becont
r
ol
l
edbyandconst
r
uedi
naccor
dance
wi
t
ht
hel
awsoft
heSt
at
eof_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
.
19. Successor
sandAssi
gns.Subj
ectt
ot
her
est
r
i
ct
i
onssetf
or
t
hher
ei
n,
t
hi
sAgr
eement
shal
l
i
nur
et
ot
hebenef
i
tofandbebi
ndi
ngupont
hehei
r
s,
per
sonal
r
epr
esent
at
i
v
es,
successor
s
andassi
gnsoft
hepar
t
i
es.
I
NWI
TNESSWHEREOF,
t
hepar
t
i
esher
et
ohav
esett
hei
rhandsandseal
st
hedat
eandpl
acef
i
r
st
abov
ement
i
oned.
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
Si
gnat
ur
eofPar
t
ner
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
Dat
e
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
Si
gnat
ur
eofPar
t
ner
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
_
Dat
e