Co-Ownership Property Agreement

CO-OWNERSHIP PROPERTY AGREEMENT

This Co-Ownership Property Agreement (the Agreement) is made and entered into as of by and between Co-Owner A Name: of Address: ("Owner A") and Co-Owner B Name: of Address: ("Owner B").

RECITALS

WHEREAS, Owner A and Owner B have agreed to acquire and hold title to certain real property together for the mutual benefit of the co-owners; and

WHEREAS, the parties desire to set forth their respective ownership interests, contributions, management rights, obligations, and procedures for transfer or disposition of their interests in such property;

WHEREAS, the parties intend for this Agreement to govern their rights and duties with respect to the property described below.

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1. PROPERTY

1.1 Property Description. The property subject to this Agreement (the Property) is located at:

2. OWNERSHIP INTERESTS

2.1 Title and Interest. The parties shall hold title to the Property as tenants in the manner indicated below. Each party's undivided ownership interest is set forth as a percentage of the whole.

2.2 Form of Co-Ownership. Select the form of co-ownership applicable to the parties. Absent a selection, the parties shall be tenants in common.

Joint Tenants Tenants in Common Tenants by the Entirety

3. CONTRIBUTIONS

3.1 Initial Contributions. Each party's initial monetary and non-monetary contributions to the acquisition and improvement of the Property are as follows and shall be credited to their respective ownership accounts.

4. USE, POSSESSION AND OCCUPANCY

4.1 Use. The Property shall be used and occupied in accordance with applicable law and in a manner that does not unreasonably interfere with the rights of any co-owner. No party shall use the Property for unlawful or hazardous purposes.

4.2 Exclusive Possession. If any portion of the Property is to be exclusively occupied by a party, such occupancy shall be documented in writing and shall specify the allocation of costs, utilities, and benefits. Describe exclusive occupancy (if any):

5. MANAGEMENT AND DECISION-MAKING

5.1 Management. Routine maintenance and ordinary repairs shall be authorized by mutual agreement. Major decisions, including the sale, refinancing, leasing for term in excess of 12 months, or material alteration of the Property, require the following approval:

5.2 Manager or Agent. The parties may appoint a managing agent to perform day-to-day functions. If an agent is appointed, indicate name and scope:

6. EXPENSES, RESERVES AND BANK ACCOUNTS

6.1 Operating Expenses. All taxes, insurance premiums, utilities, ordinary maintenance and other operating expenses shall be shared by the parties in proportion to their ownership percentages unless otherwise agreed in writing.

7. DISTRIBUTIONS

7.1 Net Income. Net income, after payment of operating expenses and reasonable reserves, shall be distributed to the parties pro rata in accordance with their ownership percentages unless otherwise agreed in writing.

8. TRANSFER; RIGHT OF FIRST REFUSAL

8.1 Transfer Restrictions. No party shall transfer, sell, encumber, or otherwise dispose of all or any portion of its ownership interest without first complying with the notice, valuation and offer procedures set forth in this Section.

8.2 Right of First Refusal. A selling party must deliver written notice to the non-selling party specifying the proposed terms. The non-selling party shall have a period of days to elect to purchase the offered interest on the same terms.

9. MORTGAGES AND ENCUMBRANCES

9.1 Consent for Encumbrance. No party may subject the Property or its interest thereto to any mortgage, lien or encumbrance except with the prior written consent of the other party, which consent shall not be unreasonably withheld where the encumbrance benefits the Property.

10. IMPROVEMENTS AND ALTERATIONS

10.1 Consent Required. Material improvements or structural alterations shall require prior written consent of the parties as set forth for major decisions. Routine repairs do not require such consent.

11. INSURANCE AND INDEMNIFICATION

11.1 Insurance. The parties shall maintain casualty and liability insurance on the Property in amounts sufficient to protect their respective interests. The cost of premiums shall be shared in proportion to ownership percentages.

11.2 Indemnification. Each party agrees to indemnify, defend and hold harmless the other from liabilities arising from that party's negligent acts or omissions with respect to the Property, except to the extent caused by the other party's negligence or willful misconduct.

12. DEFAULT; REMEDIES

12.1 Events of Default. A party shall be in default if it materially breaches this Agreement and fails to cure such breach within days after written notice.

12.2 Remedies. Upon default, the non-defaulting party may pursue all available legal and equitable remedies including specific performance, partition, forced buy-out pursuant to a mutually agreed valuation procedure, and recovery of costs and attorneys' fees if provided by applicable law.

13. TERM; TERMINATION

13.1 Term. This Agreement shall continue until terminated by written agreement of the parties or by operation of law in accordance with the terms herein.

14. NOTICES

14.1 Manner of Notice. All notices required or permitted under this Agreement shall be in writing and shall be delivered personally, by certified mail (return receipt requested), or by nationally recognized overnight courier to the addresses specified below or to such other address as a party may designate in writing.

15. GOVERNING LAW; ENTIRE AGREEMENT; SEVERABILITY

15.1 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the state of without regard to its conflicts of law principles.

15.2 Entire Agreement. This Agreement, together with any exhibits or schedules attached hereto, constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, written or oral.

15.3 Severability. If any provision of this Agreement is determined to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

16. AMENDMENTS; WAIVER; COUNTERPARTS

16.1 Amendments. This Agreement may be amended only by a written instrument signed by all parties.

16.2 Waiver. No waiver of any breach or default shall be effective unless in writing and signed by the party granting the waiver.

16.3 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument.

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