Source: http://www.docstoc.com/docs/10574413/Buy-Sell-Agreement-Template---DOC
Timestamp: 2015-01-25 16:40:16
Document Index: 292438449

Matched Legal Cases: ['arty 1', 'arty 2', 'arty 1', 'arty 2', 'arty 1', 'arty 2', 'arty 1', 'arty 2']

Limited Partnership Buy-Sell
This agreement between is between two individuals who are limited partners in the
same limited partnership. This document places restrictions on the sale or transfer of
each partner’s interest in the partnership. As drafted, this agreement contains common
provisions found in similar agreements, such as a right of first refusal and a forced sale
clause. This document contains standard language as well as optional language, such
as an arbitration provision, to allow the drafting parties to tailor this agreement to their
THIS BUY-SELL AGREEMENT (the “Agreement”) dated the ____ day of _________, 20__
and entered into between __________________, located at ____________________ (“Party 1”)
and ______________________, located at ____________________ (“Party 2”),
(Each of Party 1 and Party 2 being also hereinafter referred to individually as “Investor” and
collectively as the “Parties”).
In consideration of each Investor contributing together with the other to the purchase of a limited
partnership unit in _______________ Partnership (the “Unit”) the Parties hereby covenant and
I.     Right of First Refusal
1.0       Party 1 (“Offeror”) shall not accept a bona fide offer to purchase or grant a bona fide
offer to sell or otherwise enter into a bona fide Agreement (any of which are hereinafter referred
to as the &quot;Offer&quot;) for the sale of all or part of an Investor&#39;s interest in the Unit (the “Interest”)
from, to or with any person, firm or corporation which is acceptable to Offeror without first
delivering to Party 2 (“Offeree”) written notice of such Offer (the “Notice”) specifying the
1.1      Upon receipt of the Notice, Offeree shall have ten (10) business days to deliver to
Offeror a written response stating Offeree&#39;s intention to either purchase the Interest or sell
Offeree&#39;s corresponding Interest to Offeror, as the case may be, at the purchase price and on the
payment terms specified in the Notice.
1.2       Upon delivery of the Notice, Offeror and Offeree shall be deemed to have entered into
a binding agreement for the purchase and sale of the Interest or the Offeree&#39;s corresponding
Interest, as the case may be, for the purchase price and on the payment terms specified in the
Notice. Such transaction shall close no later than thirty (30) business days from the date Offeree
delivers Notice to Offeror of its intentions. In the event that Offeree does not deliver a written
response to Offeror, Offeror shall be free to sell the Interest on the same essential terms and
conditions as contained in the Offer, provided that if such sale transaction is not completed the
Offeree&#39;s rights herein shall be reinstated.
II.    Forced Sale
2.0       In the event that Offeror delivers the Notice to Offeree and Offeree does not accept
either the Offer to Purchase or the Offer to Sell within the ten (10) business day period, Offeree
shall be deemed to have accepted the Offer to Purchase or the Offer to Sell (the “Forced Sale”)
and to have given notice of such acceptance on the last business day upon which such notice may
have been given. Such transaction shall close no later than thirty (30) business days from the
date of the Forced Sale.
III.   MISCELLANEOUS
3.0       This Agreement shall be governed by and construed in accordance with the laws of the State
[State of _______] and the United States District Court for the district of [ ______________]
over any suit, action or proceeding arising out of or relating to this Agreement, (ii) waives to the
[Dispute Resolution Alternative to 3.0 above]
of ___________________. In the event a dispute arises under this Agreement, the Parties hereby
agree to attempt to resolve such dispute with a mutually agreed upon mediator. Such mediation
shall occur in the City of ______________. Any costs and fees other than attorney fees shall be
shared equally between the Parties. If it proves impossible to arrive at a mutually satisfactory
solution, the Parties hereby agree to submit the dispute to binding arbitration under the rules of
the American Arbitration Association, in the same city or region, conducted on a confidential
basis pursuant to the laws of the governing jurisdiction.
3.1       Any decision or award as a result of any such arbitration proceeding shall include the
determination of the arbitrators. Absent an agreement to the contrary, any such arbitration shall
be conducted by an arbitrator experienced in music industry law. An award of arbitration shall be
final and binding on the Parties and may be confirmed in a court of competent jurisdiction. The
attorney fees incurred in enforcing this Agreement.
3.2        Neither Party to this Agreement shall assign, sublet or transfer all of any part of its
interest in this Agreement without the prior written consent of the other Party.
3.3       This Agreement shall inure to the benefit of and be binding upon the Parties and their
respective successors and assigns, as may be permitted hereunder. Amendment or modification
of this Agreement must be done in writing and be signed by both Parties.
3.4       In case any one or more of the provisions contained in this Agreement shall be held to
be invalid, illegal or unenforceable in any respect for any reason, such invalidity, illegality or
unenforceability shall not affect any other provisions of the Agreement, and this Agreement shall
be construed as if such invalid, illegal or unenforceable provision had never been contained
[Instruction: Insert Name of Party 1]   [Instruction: Insert Name of Party 2]
By______________________                By___________________
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