Corporate Cross Purchase Agreement Page 17
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31premium. In the event the premium is not paid within _____ days after its due date, the insured
may make the payment, which shall be considered a loan, and in which event the insured shall be
reimbursed by the policyowner. The policyowner agrees to take all necessary actions to allow
disclosure of information to the insured pertaining to the policies insuring his/her life.
No party to this Agreement shall execute any loans against, impair, or in any manner encumber any
of the above policies to the detriment of this Agreement without the written consent of the other
parties, except that each policyowner may exercise any dividend options or dividend rights provided
by the policy without obtaining the consent of any of the other parties to this Agreement.
9.
RIGHT TO PURCHASE LIFE INSURANCE. Upon the death of a Partner, the surviving
Partner(s) shall have the right to purchase, within _____ days after the transfer of the Partnership
interest, all contracts of life insurance on his/her life appertaining to this Agreement and which were
owned by the decedent.
In the event a Partner sells all his/her Partnership interest during said Partner's lifetime [including
disability], he/she shall have the right to purchase, within _____ days after the transfer of the
Partnership interest, all contracts of life insurance on said party's life appertaining to this
Agreement; further, the other Partner(s) shall have the right to purchase, within the same time, all
contracts of life insurance on his/her life appertaining to this Agreement and which were owned by
the selling Partner.
Upon termination of this Agreement for any reason, each Partner shall have the right to purchase,
within _____ days thereafter, all contracts of life insurance on his/her life appertaining to this
Agreement.
In all of the above events, the purchase price for each policy shall be, as of the date of the purchase,
the sum of any unearned premium plus the total cash value of the policy, if any, including the cash
value of all dividends standing to the credit of the policy, less any indebtedness. If the right to
purchase said policy(s) is not exercised, the policyowner shall have the privilege of holding or
disposing of said policy(s) at his/her discretion.
DI1159
0108
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