Common use of Power Coupled With an Interest Clause in Contracts

Power Coupled With an Interest. The grant of authority by each Limited Partner in Section 18.01: (i) is a special power of attorney coupled with an interest in favor of the attorneys-in-fact, shall be irrevocable and shall survive the death, incapacity, insolvency, dissolution or termination of the Limited Partner; (ii) may be exercised for the Limited Partner by a single listing or signature of the Limited Partner’s name by any one of the attorneys-in-fact or by listing, referring to or signing the names of all of the Limited Partners, including the Limited Partner, and by executing any instrument with a single signature of any one of the attorneys-in-fact acting as attorney-in-fact for all of the Limited Partners; and (iii) shall survive the Assignment by any Limited Partner of the whole or any portion of the Limited Partner’s Units, provided that if any Assignee of all of a Limited Partner’s Units has furnished a power of attorney to the General Partner that complies with the provisions of Section 18.01, or otherwise has agreed to be bound by Section 18.01, and the admission to the Partnership of the Assignee as a Substitute Limited Partner has been approved by the General Partner, this power of attorney shall survive the Assignment with respect to the assignor Limited Partner for the sole purpose of enabling the attorneys-in-fact to execute, acknowledge and file any instrument necessary to effect the Assignment and admission of the Assignee as a Substitute Limited Partner and shall thereafter terminate with respect to the assignor Limited Partner.