Fill and Sign the Agreement between Parties Living Together but Remaining Unmarried with Regard to Sale of Residence Illinois Form

Agreement between Parties Living Together but Remaining Unmarried with Regard to Sale of Residence READ BEFORE SIGNING: IMPORTANT NOTICE: EACH PARTY TO THIS AGREEMENT AGREES THAT THEY HAVE HAD AN OPPORTUNITY TO CONSULT WITH AN ATTORNEY OF THEIR CHOICE LICENSED TO PRACTICE LAW IN THEIR STATE OF RESIDENCE (NOT THE SAME ATTORNEY) AND THAT EACH PARTY HAS FULLY READ, UNDERSTAND AND AGREE TO THE TERMS OF THIS AGREEMENT. EACH PARTY FURTHER AGREES THAT THEY ARE NOT ACTING UNDER DURESS OR UNDUE INFLUENCE IN EXECUTING THIS AGREEMENT AND THAT EXECUTION OF SAME IS DONE FREELY AND VOLUNTARILY. Agreement made on the ____________________ (date) , between ___________________________________ (Name of Male Partner) of __________________ _____________________________________ (street address, city, county, state, zip code) , hereinafter called MP , and _______________________________ (Name of Female Partner) also of ______________________________________________________________________ ______________ (street address, city, county, state, zip code), hereinafter called FP . Whereas, the parties to this Agreement have been living together since ____________________ (date) , at ________________________________________________ ________________________ (street address, city, county, state, zip code), hereinafter called Residence ; and Whereas, said Residence can be more particularly described as follows: (Insert Legal Description) _________________________________________________________________ _______________________________________________________________________; and Whereas, when said Residence was purchased by MP and FP, payment of the closing costs of $_____________ and the down payment of $_______________ was made by MP . 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. If said Residence is ever sold by MP and FP, MP will be paid first from the net proceeds of said sale the sum of $______________ to reimburse him for paying the down payment and closing costs of the original purchase of the Residence by MP and FP . The remainder of the net proceeds from said sale will be split equally between MP and FP . 2. No Waiver The failure of either party to this Agreement to insist upon the performance of any of the terms and conditions of this Agreement, or the waiver of any breach of any of the terms and conditions of this Agreement, shall not be construed as subsequently waiving any such terms and conditions, but the same shall continue and remain in full force and effect as if no such forbearance or waiver had occurred. 3. Governing Law This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of Illinois. 4. Notices Any notice provided for or concerning this Agreement shall be in writing and shall be deemed sufficiently given when hand delivered to the respective address of each party as set forth at the beginning of this Agreement. 5. Attorney’s Fees In the event that any lawsuit is filed in relation to this Agreement, the unsuccessful party in the action shall pay to the successful party, in addition to all the sums that either party may be called on to pay, a reasonable sum for the successful party's attorney fees. 6. Mandatory Arbitration Any dispute under this Agreement shall be required to be resolved by binding arbitration of the parties hereto. If the parties cannot agree on an arbitrator, each party shall select one arbitrator and both arbitrators shall then select a third. The third arbitrator so selected shall arbitrate said dispute. The arbitration shall be governed by the rules of the American Arbitration Association then in force and effect. 7. Entire Agreement This Agreement shall constitute the entire agreement between the parties and any prior understanding or representation of any kind preceding the date of this Agreement shall not be binding upon either party except to the extent incorporated in this Agreement. 8. Modification of Agreement Any modification of this Agreement or additional obligation assumed by either party in connection with this Agreement shall be binding only if placed in writing and signed by each party or an authorized representative of each party. 9. Assignment of Rights The rights of each party under this Agreement are personal to that party and may not be assigned or transferred to any other person, firm, corporation, or other entity without the prior, express, and written consent of the other party. 10. Counterparts This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument. 11. In this Agreement, any reference to a party includes that party's heirs, executors, administrators, successors and assigns, singular includes plural and masculine includes feminine. WITNESS our signatures as of the day and date first above stated. _________________________________ ____________________________ (Printed Name of Male Partner) (Printed Name of Female Partner) _________________________________ ____________________________ (Signature of Male Partner) (Signature of Female Partner) STATE OF ILLINOIS COUNTY OF______________________ The foregoing instrument was acknowledged before me this _____________________ (Date) , by _________________________ (Name of Male Partner) . In Witness Whereof, I have hereunto set my hand and seal the day and year before written. _____________________________ Notary Public (Signature) _____________________________ Printed Name My Commission Expires: ____________________ STATE OF ILLINOIS COUNTY OF______________________ The foregoing instrument was acknowledged before me this ______________________ (Date) , by ________________________ (Name of Female Partner) . In Witness Whereof, I have hereunto set my hand and seal the day and year before written. _____________________________ Notary Public (Signature) _____________________________ Printed Name My Commission Expires: ____________________