C150363 Feasibilty Study

• Contract/PO #: C150363
• Contract/PO #: CT2015-001
• Contractor Name: Petrocco Family Limited Partnership, LLLP
• Contract Type: Loan
• Water District: 2, 3
• County: Adams
• County: Larimer
• Loan Projects - Doc Type: Feasibility Study

ARTICLE 9
GNATION, DISSOLUTION, BANKRUPTCY OR INSOLVENCY OF THE
GENERAL PARTNER
9.01 Resiunation of General Partner. The General Partner may elect to resign from
the P utnership upon giving at least sixty (60) days', but not more than one hundred twenty (120)
days' notice, in writing, to the Limited Partners of its intention to do so. In the event the Limited
Partr ers do not elect to continue the Partnership as provided below, the Partnership shall be
diss ved on the effective date of the General Partner's retirement, and the General Partner shall
win up and liquidate the Partnership as provided below.
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9.02 Dissolution, Bankruntcv, or Insolvency of General Partner. In the event of
ssolution, bankruptcy or insolvency of the General Partner, the Limited Partners may elect
itinue the Partnership pursuant to the provisions of this Article. In the event the Limited
.rs do not elect to continue the Partnership, the Partnership shall be dissolved, in which
one or more Limited Partner or Partners designated by the Limited Partners shall wind up
4uidate the Partnership.
9.03 Continuation of Partnership. In the event of the resignation, dissolution,
aptcy or insolvency of the General Partner, the Limited Partners may, by written consent of
4ders of a majority of Limited Partnership Units, within ninety (90) days after notice of
-vent, elect to continue the Partnership. In such event, the Limited Partners, by written
at of the holders of a majority of Limited Partnership Units, shall designate from among
elves or a third party or parties a new General Partner or Partners, if such designated
i and/or persons shall consent to and accept such designation. If such new General Partner
accept such designation, the former General Partner's General Partnership Units shall
iatically convert to Limited Partnership Units and the new General Partner shall acquire
lumber of General Partnership Units, and for such consideration, as the Limited Partners
ie new General Partner shall agree. In addition, the new General Partner shall succeed to all
, rights, duties and obligations of the General Partner occurring from and after the date of
ARTICLE 10
WAL, DISSOLUTION, BANKRUPTCY OR INCOMPETENCY OF A
LIMITED PARTNER
10.01 Withdrawal. A Limited Partner shall have no right to withdraw from the
10.02 Dissolution of Limited Partner. In the event of the dissolution of a Limited
, the Partnership shall not be dissolved nor shall its business terminate, but instead the
ee or transferees of the interests of such Limited Partner shall succeed to the rights of
imited Partner, subject to the provisions of this Agreement (but such transferee or
gees shall not become a substituted Limited Partner hereunder unless the consent of all of
;r Partners is obtained), and shall be entitled to receive the distributions of cash and other