Common use of Disposition in Violation of Restrictions on Transfer Clause in Contracts

Disposition in Violation of Restrictions on Transfer. Should any interest in this Partnership be transferred, alienated or otherwise disposed of in violation or contravention of any provisions of this Article X., or should a Partner be divested of his interest in this Partnership as a result of an involuntary alienation, such as bankruptcy proceedings, insolvency proceedings, executory process, judicial execution, seizure, attachment, sequestration, or the like, then in any such case, this Partnership shall have the option, exercisable upon the written consent of More Than Fifty Percent (50%) in Interest of the Partners, by furnishing notice to the transferee, or any of them if there be more than one, at any time following the occurrence in question, but no later than sixty (60) days after the transfer or attempted transfer of said Partnership interest, (i) to purchase all of said Partnership interest at a price equal to the lesser of the book value of the interest or the amount paid by the transferee for said interest, or (ii) to obtain injunctive relief and judicial recission of the purported transfer or alienation, all parties hereto agreeing that monetary damages are inapplicable in this situation.