Fill and Sign the Agreement as to Tenancy in Common Ownership of Premises with Form

Agreement as to Tenancy-in-Common Ownership of Premises with neither Owner to Sell or Rent Premises without Other’s Consent Agreement made on the _____________ (date), between _______________________ (Name of Owner One) of _______________________________________________________ ______________________ (street address, city, county, state, zip code), referred to herein as Owner One, and ____________________ (Name of Owner Two), of __________________ ______________________________________________________________ (street address, city, county, state, zip code), referred to herein as Owner Two, Owner One and Owner Two being jointly referred to herein as Owners. Whereas, each Owner has contributed to a common fund and have acquired the fee title to the premises located at _______________________________________________________ ______________________ (street address, city, state, zip code), hereinafter called the Premises, said Premises being more fully described in Exhibit A, which is attached to and made a part of this Agreement; and Whereas, each Owner has an equal and undivided one-half interest in the Premises; Now, therefore, for and in consideration of the mutual covenants contained in this agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. OwnershipEach party to this Agreement shall own an undivided 50% interest in the Premises, and shall share equally in mortgage payments, household insurance, taxes, utilities, maintenance, or improvements (except telephone) related to, or to become a part of, the Premises. 2. Improvements, Sale or Mortgage of PremisesThe written consent of both Owners shall be required in order to improve, sell, or mortgage the Premises and any such improvement, sale, or mortgage shall be of the entire Premises, except as provided in Section Six. 3. Sharing of ExpensesEach Owner shall advance, or cause to be advanced in a timely fashion, their one-half share of the money required to pay for the maintenance and operation of the Premises, (including interest and principal on the mortgage liens), and for the cost of any improvements. All accounts for repairs and improvements (plumbing, paint, etc.) shall be put in the names of both Owners, and a single account book showing these expenses will be kept. If, after agreement of the Owners that an improvement benefits only one Owner, or benefits
Any more than one owner, all such improvements or the proceeds thereof shall be paid by each owner in amounts equal to their respective one-half shares of the improvements. 4. Upon the commencement of maintenance and the completion of any improvement, each owner shall enter the contract for its maintenance, and each owner shall maintain and repair the premises as agreed upon, (after such services are performed), within ten (10) days after written notice to the other owner is served by registered mail. If no improvement is requested within these ten days, the owner of the premises to which such notice is given shall, with a reasonable amount of delay, begin to make such improvement or commence such work in order to bring the premises into compliance with the written terms of this agreement. If, at the end of such ten days, the owner of the premises has not made a reasonable effort at the expense of the other owner and the improvement cannot be completed within this time frame, the other owner may terminate such maintenance contract on reasonable notice. 5. The owner shall be responsible for the expenses of the owner's wife and dependent children living on the premises while the owner is maintaining the premises, up to a maximum of 20 per day per person, unless a separate arrangement has been made in writing with an owner for a greater amount. If the number of days for which the expenses are charged exceeds the number of days in a month on which this agreement would otherwise be applicable, for that month such expenses will be charged in accordance with this paragraph. 6. The owner will pay, in advance and in full, any expenses incurred in the building repair of, or improvements to, the premises. 7. Upon the breach or expiration of this agreement, which occurs when the owner has not completed the repairs to which the owner was agreed upon within thirty (30) days from the date notice has been given to the other owner by registered mail, or has violated the provisions of this agreement, (a) one- half of the value of all improvements to be made pursuant to this agreement will be transferred to the other owner, and all expenses incurred pursuant to this agreement with respect to repairs or improvements so transferred, except reasonable fees for attorneys' fees of owners who will be reimbursed for their fees and expenses, (b) the right to the possession of the premises in its entirety, or any part thereof, will terminate; and (c) the obligations of the owner, for the duration of the owner's claim of possession, to the other owner, will continue. 8. If the owner fails.