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.
Bronx New York Standard Provision to Limit Changes in a Partnership Entity When it comes to partnerships, particularly in Bronx, New York, it is essential to establish standard provisions that can effectively restrict or control changes within the partnership entity. These provisions aim to ensure stability, protect partner interests, and maintain the overall vision and mission of the partnership. One common type of provision utilized in Bronx, New York, is the "Partner Unanimity Requirement." Under this provision, any significant changes such as adding or removing partners, altering profit distribution, or amending the partnership agreement can only be made if all partners unanimously agree. This provision puts an emphasis on consensus and ensures that all partners have an equal say in making important decisions. Another type of provision is the "Maintenance of Control Provision." This provision ensures that partners maintain a certain level of control and decision-making power within the partnership entity. It may specify specific limits on the actions that partners can take without the consent of other partners or designate certain matters that require a super majority or unanimous consent to be approved. This provision protects partners from sudden or drastic changes that could negatively impact their interests or the partnership as a whole. "Partner Buyout and Buy-Sell Provision" is another crucial provision that is often included in partnership agreements in Bronx, New York. This provision provides an established mechanism for partners to exit the partnership or for remaining partners to buy out a departing partner's share. It typically includes guidelines for valuation methods, payment terms, and dispute resolution processes, ensuring a fair and efficient transition in the event of a partner's departure. The "Non-Compete Provision" is also significant for partnerships in Bronx, New York. This provision restricts partners from engaging in business activities that directly compete with the partnership during and after their association, preventing any conflicts of interest or potential damage to the partnership's operations. Some other essential provisions found within partnership agreements in Bronx, New York, include the "Indemnification Provision," which ensures partners are protected from liability for actions taken on behalf of the partnership, and the "Dispute Resolution Provision," which outlines the procedure for resolving any conflicts or disputes that may arise. In conclusion, Bronx, New York, partnerships rely on various standard provisions to limit changes and maintain stability within the entity. The Partner Unanimity Requirement, Maintenance of Control Provision, Partner Buyout and Buy-Sell Provision, Non-Compete Provision, Indemnification Provision, and Dispute Resolution Provision are among the key provisions adopted to safeguard partner interests and secure the long-term success of the partnership.Bronx New York Standard Provision to Limit Changes in a Partnership Entity When it comes to partnerships, particularly in Bronx, New York, it is essential to establish standard provisions that can effectively restrict or control changes within the partnership entity. These provisions aim to ensure stability, protect partner interests, and maintain the overall vision and mission of the partnership. One common type of provision utilized in Bronx, New York, is the "Partner Unanimity Requirement." Under this provision, any significant changes such as adding or removing partners, altering profit distribution, or amending the partnership agreement can only be made if all partners unanimously agree. This provision puts an emphasis on consensus and ensures that all partners have an equal say in making important decisions. Another type of provision is the "Maintenance of Control Provision." This provision ensures that partners maintain a certain level of control and decision-making power within the partnership entity. It may specify specific limits on the actions that partners can take without the consent of other partners or designate certain matters that require a super majority or unanimous consent to be approved. This provision protects partners from sudden or drastic changes that could negatively impact their interests or the partnership as a whole. "Partner Buyout and Buy-Sell Provision" is another crucial provision that is often included in partnership agreements in Bronx, New York. This provision provides an established mechanism for partners to exit the partnership or for remaining partners to buy out a departing partner's share. It typically includes guidelines for valuation methods, payment terms, and dispute resolution processes, ensuring a fair and efficient transition in the event of a partner's departure. The "Non-Compete Provision" is also significant for partnerships in Bronx, New York. This provision restricts partners from engaging in business activities that directly compete with the partnership during and after their association, preventing any conflicts of interest or potential damage to the partnership's operations. Some other essential provisions found within partnership agreements in Bronx, New York, include the "Indemnification Provision," which ensures partners are protected from liability for actions taken on behalf of the partnership, and the "Dispute Resolution Provision," which outlines the procedure for resolving any conflicts or disputes that may arise. In conclusion, Bronx, New York, partnerships rely on various standard provisions to limit changes and maintain stability within the entity. The Partner Unanimity Requirement, Maintenance of Control Provision, Partner Buyout and Buy-Sell Provision, Non-Compete Provision, Indemnification Provision, and Dispute Resolution Provision are among the key provisions adopted to safeguard partner interests and secure the long-term success of the partnership.
