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.
Wyoming Standard Provision to Limit Changes in a Partnership Entity aims to establish a set of rules and conditions that govern any modifications or alterations to a partnership entity's structure or key elements. These provisions ensure that modifications made to the partnership are limited and controlled, maintaining stability and continuity within the entity. There are several types of Wyoming Standard Provisions to Limit Changes in a Partnership Entity. Some commonly utilized provisions include: 1. Limited Amendment Provision: This provision restricts the ability of partners to make changes to the partnership agreement. It specifies that any modifications or amendments require unanimous consent from all partners involved in the partnership. 2. Majority Amendment Provision: Unlike the limited amendment provision, this provision permits changes to the partnership agreement if a majority or specified percentage agreed to it. This provision may require the consent of partners holding a majority interest or a specific percentage as outlined in the partnership agreement. 3. Notice and Waiting Period Provision: Under this provision, any proposed changes to the partnership agreement must be communicated in writing to all partners within a specified notice period in advance. It allows partners to evaluate the proposed changes and voice their concerns or objections before finalizing any modifications. 4. Consent Provision: This provision typically requires partners to receive consent or approval from other partners before implementing any changes. It ensures that decisions impacting the partnership entity's structure or key elements are made collectively, preventing any partner from unilaterally altering the agreement. 5. Dissolution Provision: In certain cases, the partnership agreement may include a provision outlining the circumstances under which the entity may dissolve or terminate. This provision establishes the process for dissolution and specifies the required majority or unanimous consent from partners to initiate such an action. These Wyoming Standard Provisions to Limit Changes in a Partnership Entity aim to balance the interests of all partners involved, promoting stability, and preventing any unilateral or abrupt changes that may have a significant impact on the entity's operations or the rights of individual partners. By implementing these provisions, partnerships can establish clear guidelines and safeguards, ensuring that any modifications to the partnership agreement are made in a fair and transparent manner.Wyoming Standard Provision to Limit Changes in a Partnership Entity aims to establish a set of rules and conditions that govern any modifications or alterations to a partnership entity's structure or key elements. These provisions ensure that modifications made to the partnership are limited and controlled, maintaining stability and continuity within the entity. There are several types of Wyoming Standard Provisions to Limit Changes in a Partnership Entity. Some commonly utilized provisions include: 1. Limited Amendment Provision: This provision restricts the ability of partners to make changes to the partnership agreement. It specifies that any modifications or amendments require unanimous consent from all partners involved in the partnership. 2. Majority Amendment Provision: Unlike the limited amendment provision, this provision permits changes to the partnership agreement if a majority or specified percentage agreed to it. This provision may require the consent of partners holding a majority interest or a specific percentage as outlined in the partnership agreement. 3. Notice and Waiting Period Provision: Under this provision, any proposed changes to the partnership agreement must be communicated in writing to all partners within a specified notice period in advance. It allows partners to evaluate the proposed changes and voice their concerns or objections before finalizing any modifications. 4. Consent Provision: This provision typically requires partners to receive consent or approval from other partners before implementing any changes. It ensures that decisions impacting the partnership entity's structure or key elements are made collectively, preventing any partner from unilaterally altering the agreement. 5. Dissolution Provision: In certain cases, the partnership agreement may include a provision outlining the circumstances under which the entity may dissolve or terminate. This provision establishes the process for dissolution and specifies the required majority or unanimous consent from partners to initiate such an action. These Wyoming Standard Provisions to Limit Changes in a Partnership Entity aim to balance the interests of all partners involved, promoting stability, and preventing any unilateral or abrupt changes that may have a significant impact on the entity's operations or the rights of individual partners. By implementing these provisions, partnerships can establish clear guidelines and safeguards, ensuring that any modifications to the partnership agreement are made in a fair and transparent manner.
