This office lease provision refers to a tenant that is a partnership or if the tenant's interest in the lease shall be assigned to a partnership. Any such partnership, professional corporation and such persons will be held by this provision of the lease.
The Arizona Standard Provision to Limit Changes in a Partnership Entity is an essential component of partnership agreements in the state of Arizona. It serves to protect the stability and integrity of a partnership by imposing certain restrictions on making changes to the partnership structure or modifying key provisions. This provision acts as a safeguard against potential conflicts and ensures that any alterations to the partnership are thoughtful and agreed upon by all partners involved. There are different types of Arizona Standard Provisions to Limit Changes in a Partnership Entity that can be included in a partnership agreement based on the specific needs and objectives of the partners. Some common provisions are as follows: 1. Unanimous Consent Requirement: This provision requires that any changes to the partnership entity, such as adding or removing partners, changing the partnership's purpose, or amending partnership terms, must receive unanimous consent from all partners. This provision ensures that major decisions cannot be made without the complete agreement of all partners. 2. Majority Vote Provision: In contrast to the unanimous consent requirement, this provision allows changes to be made if they are approved by a majority vote of the partners, usually requiring the agreement of more than 50% of the partners. This provision offers more flexibility when making changes to the partnership entity. 3. Notice and Waiting Period: This provision requires partners who wish to propose changes to the partnership to provide a written notice to all other partners stating the nature of the proposed changes. This notice provides an opportunity for partners to review and discuss the proposed changes before taking any action. Additionally, a waiting period may be enforced to allow partners to consider the proposed changes thoroughly before making a decision. 4. Alternative Dispute Resolution Provision: This provision establishes a framework for resolving disputes or disagreements regarding potential changes to the partnership. It promotes peaceful and efficient resolution by requiring partners to engage in mediation or arbitration before pursuing litigation. By implementing these various types of provisions in a partnership agreement, partners can establish clear guidelines and procedures when it comes to making changes within the partnership entity. These provisions are crucial for maintaining stability, avoiding conflicts, and ensuring that any changes made are in the best interests of all partners involved.
