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 Suffolk County in New York has established standard provisions to limit changes in a partnership entity, which help regulate and protect the interests of those involved in partnership agreements. These provisions ensure that certain modifications or alterations cannot be made without the consent of all parties involved, thus preventing any potential disagreements or misunderstandings. One type of standard provision employed in Suffolk County is the "Unanimous Consent Requirement." Under this provision, any significant changes or amendments to the partnership agreement, such as alterations to profit-sharing ratios, management structure, or capital contributions, must be approved by all partners unanimously. This provision ensures that all partners have an equal say in any major decisions and aims to prevent any one party from imposing changes without the agreement of others. Another type of provision utilized is the "Limitation on Withdrawal or Admission of Partners." This provision restricts the ability of partners to withdraw or admit new partners without the consent of the existing partners or as specified in the partnership agreement. It helps to maintain stability within the partnership by avoiding sudden changes in the composition of partners, ensuring that all partners have a say in any alterations to the partnership structure. Furthermore, Suffolk County implements the "Termination Restrictions" provision. This provision defines the circumstances under which a partnership can be dissolved or terminated and establishes specific requirements for the process. It ensures that a partnership cannot be terminated unilaterally by one party and imposes certain obligations for the winding up of the partnership affairs, distribution of assets, and settlement of liabilities. Additionally, the county enforces the "Alternative Dispute Resolution (ADR)" provision, which requires partners to use methods like mediation or arbitration to resolve any disputes that may arise. This provision encourages partners to resolve conflicts outside of court, reducing litigation costs and promoting more amicable solutions. To sum up, Suffolk County in New York has various standard provisions to limit changes in a partnership entity, such as the unanimous consent requirement, limitation on withdrawal or admission of partners, termination restrictions, and alternative dispute resolution. These provisions aim to maintain fairness, stability, and clarity within partnerships, ensuring that all partners have a voice in important decisions and reducing the likelihood of conflicts.The Suffolk County in New York has established standard provisions to limit changes in a partnership entity, which help regulate and protect the interests of those involved in partnership agreements. These provisions ensure that certain modifications or alterations cannot be made without the consent of all parties involved, thus preventing any potential disagreements or misunderstandings. One type of standard provision employed in Suffolk County is the "Unanimous Consent Requirement." Under this provision, any significant changes or amendments to the partnership agreement, such as alterations to profit-sharing ratios, management structure, or capital contributions, must be approved by all partners unanimously. This provision ensures that all partners have an equal say in any major decisions and aims to prevent any one party from imposing changes without the agreement of others. Another type of provision utilized is the "Limitation on Withdrawal or Admission of Partners." This provision restricts the ability of partners to withdraw or admit new partners without the consent of the existing partners or as specified in the partnership agreement. It helps to maintain stability within the partnership by avoiding sudden changes in the composition of partners, ensuring that all partners have a say in any alterations to the partnership structure. Furthermore, Suffolk County implements the "Termination Restrictions" provision. This provision defines the circumstances under which a partnership can be dissolved or terminated and establishes specific requirements for the process. It ensures that a partnership cannot be terminated unilaterally by one party and imposes certain obligations for the winding up of the partnership affairs, distribution of assets, and settlement of liabilities. Additionally, the county enforces the "Alternative Dispute Resolution (ADR)" provision, which requires partners to use methods like mediation or arbitration to resolve any disputes that may arise. This provision encourages partners to resolve conflicts outside of court, reducing litigation costs and promoting more amicable solutions. To sum up, Suffolk County in New York has various standard provisions to limit changes in a partnership entity, such as the unanimous consent requirement, limitation on withdrawal or admission of partners, termination restrictions, and alternative dispute resolution. These provisions aim to maintain fairness, stability, and clarity within partnerships, ensuring that all partners have a voice in important decisions and reducing the likelihood of conflicts.
