your answers fill in the forms easily and correctly, the first time. this land co-ownership agreement is between , an individuala(n) and , an individuala(n) . the percentage interest held by each party is set forth on exhibit b. the parties want to enter this agreement to (a) provide for the orderly administration of the property, (b) set forth their rights and obligations to each other and to others and (c) delegate authority and responsibility for the intended future operation and management of the property. specifically, each party shall: this agreement shall become effective on the effective date described in section 2524 and shall continue indefinitely until any of the following occur: the parties intend to be excluded from the provisions of the internal revenue code relating to partnership reporting requirements.
except as otherwise provided in this agreement, the net profits of the property shall be divided and distributed to the parties on a pro rata basis in accordance with their respective interests. all of the terms of this agreement shall be enforceable in a court having equity jurisdiction by a decree of specific performance, by injunction, or by both a decree of specific performance and injunction. no waiver of a breach, failure of any condition, or any right or remedy contained in or granted by the provisions of this agreement will be effective unless it is in writing and signed by the parties waiving the breach, failure, right, or remedy. all prior and contemporaneous communications, negotiations, and agreements between the parties relating to the subject matter of this agreement are expressly merged into and superseded by this agreement. the date this agreement is signed by the last party to sign it (as indicated by the date associated with that party’s signature) will be deemed the date of this agreement.
assignment agreement: that certain assignment of easements and rights-of-way to be executed by the parties in the form of exhibit c. business day: any day other than saturday, sunday, or any day on which banks located in richmond, virginia are authorized or obligated to close. ownership share: the undivided, tenant-in-common interest of a party in the joint property, which initially shall be fifty percent (50%) with respect to dominion and fifty percent (50%) with respect to trailco, as such interest may be adjusted pursuant to section 12.2(a)(ii). required consents: consents from the grantors of the new rights-of-way and the existing rights-of-way and from the original grantors of the rec rights-of-way that are required pursuant to the terms of such rights-of-way or applicable law in order for dominion to assign such rights-of-way to trailco in accordance with the terms of the assignment agreement. in making such election, each party agrees and shall state that the income derived by it from the operation of the transmission line or otherwise in connection with the joint property or this agreement can be adequately determined without the computation of partnership taxable income. subject to the terms and conditions of this agreement (including trailco’s rights pursuant to section 12.2(b)), dominion shall operate and maintain the transmission line in accordance with the pjm agreements and applicable law. each party shall be responsible for, and shall pay, its ownership share of all development costs and o&m costs; provided however, neither party shall be entitled to reimbursement for any portion of any development cost or o&m cost which is incurred other than in accordance with an approved project budget or annual budget unless (i) such party has reasonably determined that the incurrence of such cost or expense is necessary or appropriate pursuant to good utility practice, or (ii) the incurrence of such cost or expense is approved by the other party. the liability of each party hereunder or with respect to the project shall be several and not joint or collective.
no transfer by a party of any or all of its interest in any joint property shall relieve a transferring party of any liabilities it may have to the non-transferring party arising from events occurring prior to such transfer. accordingly, the parties agree that the disclosing party shall be entitled, in addition to other remedies that may be available, to immediate injunctive relief from any breach of any of the provisions of this article 14 and to specific performance of its rights hereunder, as well as to any other remedies available at law or in equity. this agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument, notwithstanding that all of the parties are not signatories to the original or to the same counterpart. this agreement shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. f. pursuant to the joint ownership agreement, dominion and trailco have agreed that dominion shall assign the existing rights-of-way, rec rights-of-way and new rights-of-way to trailco in accordance with the terms of this assignment. d. in the event of any litigation regarding this assignment, the prevailing party shall be entitled to reasonable attorneys’ fees and costs. i have been a freelance attorney for several years and have many of my clients returning to me for continued work because of the quality i produce. “contractscounsel suited my needs perfectly, and i really appreciate the work to get me a price that worked with my budget and the scope of work.”
use a co-ownership agreement to establish rights and responsibilities multiple property owners. customize and download a template. real estate co-ownership agreement page. [important note: this agreement is not suitable for use where any of the owners will occupy any part of the learn the key issues to cover in an agreement covering a co-owned house. forms of contracts for unmarried people who want to share ownership of property, property co ownership agreement pdf, property co ownership agreement pdf, joint car ownership agreement template, free property co-ownership agreement template, joint ownership agreement residential property.
click here for a sample co-ownership agreement that boston real estate attorney m. o’donnell developed to address the basic issues of joint ownership. a co-ownership agreement is a legal document between two or more people who are the joint owners of property or asset. it includes all of the terms and disclaimer. this form is provided by way of example only, and is not intended to replace or supplant advice from an attorney, and does not create any, property co-ownership agreement for two parties who will live together, land co-ownership agreement template, property ownership agreement template, co ownership agreement sample philippines, dog co-ownership contract template, land ownership transfer agreement sample, sample letter of joint ownership agreement, joint equipment ownership and usage agreement, horse co ownership contract, ownership agreement llc.
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