- 4 -
invalid by reason of having been delayed or not having
been made within the time or times, respectively * * *.
Whenever an appraisal is so delayed, it shall be
effective and binding upon the parties as to the
rentals to be paid by the Lessee to the Lessors
commencing on the adjustment date that a new rental
basis shall begin according to the terms [of the
lease]. The cost of any such appraisal made under this
paragraph shall be borne and paid by the parties hereto
whose neglect or default had made such appraisal
necessary.
On December 19, 1983, decedent and his sister formed LKB
Associates, a limited partnership organized under the laws of the
District of Columbia (partnership). After forming the
partnership, decedent and his sister conveyed the land subject to
the 99-year lease to the partnership.
During his lifetime, decedent made gifts of partnership
interests to various family members and to trusts, of which
family members were beneficiaries. As of the valuation date,
decedent owned a 1-percent general partnership interest and a
23.965903-percent limited partnership interest (decedent's
interest). The partnership agreement granted the partners a
right of first refusal, which required the selling partner to
offer his or her interest to the other partners on the same terms
before selling the interest to a third party. The agreement
provided in pertinent part:
The interest of any Limited Partner may be
assigned, transferred, sold, exchanged or otherwise
disposed of ( * * * collectively referred to as
"assigned") in whole or in part, and each Limited
Partner shall have a right to substitute an assignee as
a Limited Partner in his place and stead, without in
either case the consent of the General Partners, unless
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011