As a former bank regulator for more than 7 years, I can tell you that if regulators have already identified a risk, discussed it internally, then produced a formally issued document and press release that they were in agreement on internally, the issue has usually already been around for a while, and is probably past where it should be!!!

Also, what does the partnership agreement say?

They are two entirely separate agreements and stand alone, independent of each other.

If it does not say anything, then the lease would be over or on a verbal agreement, which you don't want (even with great tenants).

In regards to taking your partner out of the business,  you could have some type of agreement drafted to buy your partner out... proposing that  he be paid in full for his work & ownership interest in the company.

Have you had your purchase agreement , mortgage and lease reviewed by a competent attorney that specializes in such matters?

If they are going through a divorce wouldn't they have a separation agreement that details the division of assets?

But I don't think you should be writing your own operating agreement for a 50/50 partnership.

(working with them is a mutual agreement)5.

Agree with @Jake Thomas  The current management agreement is between the current owner and property manager.