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 West Virginia Standard Provision to Limit Changes in a Partnership Entity is an important aspect of partnership agreements in the state. This provision is designed to outline the conditions and limitations for making changes to the partnership entity, ensuring stability and clarity for all parties involved. One type of West Virginia Standard Provision to Limit Changes in a Partnership Entity is the Provision for Amendment. This provision specifies the procedures and requirements for amending the partnership agreement. It includes details such as the percentage of partner approval needed to make amendments, the process for proposing and voting on amendments, and any time restrictions for making changes. By having a Provision for Amendment in place, the partnership entity can ensure that any modifications are made with the appropriate level of consensus and transparently. Another type of provision pertaining to limiting changes in a partnership entity in West Virginia is the Provision for Transfer or Assignment of Partnership Interests. This provision governs the transfer or assignment of partnership interests and outlines the process for such transactions. It may include requirements for obtaining the consent of other partners, the use of valuation methods to determine the value of the partnership interest, and provisions for restrictions on transfers, such as imposing a right of first refusal for existing partners. This provision helps maintain the stability and control of the partnership entity by regulating the transfer of ownership interests. One common provision related to limiting changes in a partnership entity is the Provision for Dissolution. It outlines the conditions and procedures for dissolving the partnership entity, such as specified events of termination or a unanimous decision by the partners. This provision may also address the distribution of assets upon dissolution, the appointment of a liquidator or trustee, and the winding up of partnership affairs. By having a Provision for Dissolution, the partnership entity can ensure that the process of ending the partnership is clearly defined, allowing for an orderly conclusion. In summary, the West Virginia Standard Provision to Limit Changes in a Partnership Entity encompasses various provisions aimed at maintaining stability and regulating modifications within the partnership agreement. Key types of provisions include the Provision for Amendment, the Provision for Transfer or Assignment of Partnership Interests, and the Provision for Dissolution. These provisions serve to protect the interests of partners and provide a framework for decision-making and continuity within the partnership entity.
