Corporate Cross Purchase Agreement Page 19
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312.
Bankruptcy or the receivership of any Partner or he Partnership; or
3.
Death of all Partners within a period of _____ days; or
4.
Written and signed mutual agreement of the Partners; or
5.
Failure of a Partner to provide for any remaining purchase balance as acquired under
Article 6.
15.
NOTICE. All notices including offers or acceptances, shall be deemed received, if provided in
writing and delivered in person to the other party, or mailed by certified or registered mail to the
last known address of that party.
16.
REMEDIES FOR FAILURE TO PERFORM. If a party to this Agreement defaults or fails to
complete his/her obligations under this Agreement, then the offended party may, at his/her option
seek damages, or obtain specific performance of the Agreement from a court of competent
jurisdiction.
17.
LIABILITY OF INSURER. It is understood by the parties to this Agreement that in issuing
policies of insurance pursuant to this Agreement, Principal Life Insurance Company shall have no
liability except as set forth in the policies. Said Insurer shall not be bound to inquire into or take
notice of any of the covenants herein contained as to policies of insurance, or as to the application
of the proceeds of such policies. Rights under a policy may be exercised during the life of the
Insured pursuant to the provisions of the policy. Upon payment by the Insurer pursuant to the terms
of any policy the Insurer shall be shall be discharged from all liability without regard to this
Agreement or any amendment thereof.
18.
GOVERNING LAW. This Agreement shall be governed by the laws of the state of
___________________.
IN WITNESS WHEREOF, the parties hereto have set their hands and seals the day and year
above written.
(Formalities of execution will be
(Signature of Partner)
governed by local law and should be
(Name)
in accordance therewith.)
(Signature of Partner)
(Name)
DI1159
0108
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