Fill and Sign the Co Owners Agreement Form

Agreement Between Co-Owners for Maintenance and Repair of Common EasementAgreement made on the ___ day of ___________________, 20____, between _____________________________________________ (Co-Owner 1) of _____________ _____________________________________________________ (street address, city, county, state, zip code) , 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 ____________________________________________________________________ ___________________ (street address, city, county, state, zip code) , referred to herein as Co- Owner 2. Whereas, the parties to this Agreement are co-owners of an easement in the nature of a _______________________________________________________ (e.g., private right of way) approximately _________feet in width and extending approximately ______________________ (distance) in a ____________________________ (northerly) direction from _______________ _____________________________ (starting point) to __________________________________ _________________________________________ (termination point) through _____________ ______________________________________________________________________________ (describe land through which easement runs), 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 ______________________________ (date), and ending ________________________________ (date), 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 : _________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ (describe maintenance and repairs, such as resurfacing, and describe equipment as well as materials to be used) . 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 LiabilityThe 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. ____________________________________ CO-OWNER 2 ____________________________________By_________________________________ CO-OWNER 1 (Name and Office in Corporation)