Partnership Agreement - Free Download | Page 3
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25E. Do any act detrimental to the interests of the Partnership or which would make
it impossible to carry on the business or affairs of the Partnership.
22. RECOGNITION OF RIKS: Every investment involves a certain element of risk. By
signing this agreement, each partner states that he/she understands and accepts these
risks, and understands that no returns are guaranteed.
23. SUCCESSORS: This Agreement of Partnership shall be binding upon and inure to the
benefit of the respective heirs, executors, administrators and personal representatives
of the partners.
24. AMENDMENTS: This Agreement may be amended from time to time upon
unanimous vote of the partners. The bylaws referenced in paragraph 25 may be
amended as specified therein. Amendments shall become part of this agreement upon
the effective date specified therein.
25. BYLAWS: The partnership shall adopt bylaws governing the conduct of club business.
These bylaws, including any amendments thereof as may occur, are hereby
incorporated by reference, and constitute part of this agreement. In the case of a direct
conflict between the bylaws and the other provisions of the partnership agreement, the
partnership agreement shall govern.
26. SEVERABILITY. If any part of this Agreement, including any amendment or
document incorporated by reference, is ruled ineffective or invalid by a court of law, the
other parts will remain in full force and effect, and the partnership will continue as a
taxable entity.
This Agreement of Partnership shall be binding upon the respective heirs, executors,
administrators and personal representatives of the partners.
The partners have caused this Agreement of Partnership to be executed on the dates indicated
below, effective as of the date indicated above.
NAME SIGNIATURE DATE
_____________________ ___________________________ ___________
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