Co-Owners Agreement

Agreement Between Co-Owners for Maintenance and Repair of Common Easement

Agreement made on the day of , 20, between

(Co-Owner 1) of , referred to herein as Co-Owner 1, and (Co-Owner 2), a corporation organized and existing under the laws of the state of , with its principal office located at , referred to herein as Co-Owner 2.

Whereas, the parties to this Agreement are co-owners of an easement in the nature of a approximately feet in width and extending approximately in a direction from to through

as shown on the map or plat attached to this Agreement as Exhibit A and, by this reference, made a part of this Agreement as fully and to the same effect as if set forth in this instrument in its entirety; and

Whereas, the parties desire to share the costs and expenses of maintaining the above-described easement;

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:

I. Expenses to be Shared

The parties agree to share the costs and expenses of maintaining the above-described easement in good repair for the period commencing , and ending , as set forth in this Agreement.

II. Definition of Maintenance and Repairs

The repairs and maintenance to be undertaken and performed under this Agreement shall include the following and only the following:

Any additional repairs or maintenance deemed necessary or advisable, but not included within the maintenance and repair specified above, shall not be undertaken under this Agreement except with the prior, express, and written consent of each of the parties and an assumption by each of the parties in writing of their proportionate share of financial liability for the cost of such additional repairs or maintenance.

III. Limits of Liability

The parties agree to bear the costs and expenses of repairs and maintenance authorized pursuant to and during the term of this Agreement for the above-described easement as follows:

A. Co-Owner 1 agrees to bear % of such costs and expenses, but not exceeding during the term of this Agreement a total of $.

B. Co-Owner 2 agrees to bear the remaining % of such costs and expenses, but not exceeding during the term of this Agreement a total of $.

IV. Notices

Any notice or report required under this Agreement shall be sent to the parties at the addresses respectively indicated in this Agreement, unless such addresses change by written notice to each person concerned, in which event the new address given shall be used for the sending of such notice or report. Any required notice shall be made by certified mail, properly addressed and postage prepaid.

V. 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.

VI. Governing Law

This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of .

VII. Mandatory Arbitration

Notwithstanding the foregoing, and anything herein to the contrary, 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.

VIII. 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.

IX. 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.

X. 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.

XI. 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.

WITNESS our signatures as of the day and date first above stated.