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.
Maryland Standard Provision to Limit Changes in a Partnership Entity: The Maryland Business Entity Act provides certain standard provisions to limit changes in a partnership entity operating in the state. These provisions aim to establish stability and protect the interests of all partners involved. Below are some detailed descriptions and various types of Maryland Standard Provisions to Limit Changes in a Partnership Entity, along with relevant keywords. 1. Provision for Unanimous Consent: One significant provision includes requiring unanimous consent from all partners for any changes in the partnership entity. This provision ensures that major decisions, such as amendments to the partnership agreement, admission or withdrawal of partners, or changes in capital contributions, can only proceed if every partner concurs. Keywords: unanimous consent, partnership agreement amendments, admission of partners, withdrawal of partners, capital contributions. 2. Provision for Limited Majority Consent: In some cases, partners may agree to allow changes to the partnership entity with the consent of a majority rather than requiring unanimous agreement. This provision provides flexibility and can be particularly useful for partnerships with numerous partners. Keywords: limited majority consent, partnership changes, flexible decision-making. 3. Provision for Written Consent: Partnership entities may adopt a provision that requires all changes to be made in writing and signed by all partners. This provision ensures that all partners have a clear understanding of the changes being implemented and helps maintain transparency and accountability within the partnership. Keywords: written consent, signed by partners, transparency, accountability. 4. Provision for Notice and Waiting Period: Partnership entities may include a provision stating that any proposed changes to the partnership must be communicated to all partners in writing. Additionally, a specified waiting period must elapse before partners can officially agree or object to the proposed changes. This provision allows partners sufficient time to review, discuss, and seek legal advice on the proposed changes. Keywords: notice, waiting period, proposed changes, partners' review, legal advice. 5. Provision for Dissenter's Rights: Partnership entities can also include a provision specifying the rights of partners who dissent from proposed changes. In such cases, dissenting partners may be entitled to specific remedies, such as the right to withdraw from the partnership or receive fair value for their interest. Keywords: dissenter's rights, withdrawal, fair value, dissenting partners. By implementing these Maryland Standard Provisions to Limit Changes in a Partnership Entity, partners can establish a solid framework for making changes while safeguarding the interests of all parties involved. These provisions promote stability, transparency, and ensure that significant decisions are made with due diligence and consideration for every partner's rights and concerns.
