Fill and Sign the Co Tenants Form

Agreement by Co-Tenants Restricting Right of Partition Agreement made on the _______________ (date) , between _______________ (Name of Owner Alpha) of _______________________________________________ (street address, city, state, zip code) , referred to herein as Alpha , _______________ (Name of Owner Beta) , of ________________________________________________ (street address, city, state, zip code) , referred to herein as Beta , and _____________ (Name of Owner Gamma) , referred to herein as Gamma. Alpha, Beta, and Gamma are jointly referred to herein as the Parties . Whereas, the Parties have purchased and now own as ___________________ (e.g., tenants in common) certain real property situated in _______________ (Name of County) , _______________ (Name of State) , and more particularly described in Exhibit A attached hereto and made a part hereof and hereinafter referred to as the Property ; and Whereas, each Party is entitled to an undivided one-third interest in the above- described Property; and Whereas, the Parties have agreed to retain and use the Property for their mutual benefit and to discharge certain outstanding liens and mortgages now existing against the Property; 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. Alpha shall act as trustee to manage, administer, and rent the Property with the power to rent or sell as much of the Property as Alpha may deem proper, and to distribute one-third of any net rent or the net proceeds of any sale to each of the other Parties. As used in this Agreement, net rent and net proceeds of any sale shall mean _______________ (definition of net rent) and _______________ (definition of net proceeds of any sale) , respectively. 2. To carry out the liquidation of the above-mentioned liens and mortgages, each Party, for the Party and the Party's heirs and assigns, agrees that the Party will not institute or cause to be instituted any partition or division of the Property without the written consent of the other two Parties or their heirs or assigns for a period of ___________________ (specify time period) . 3. This restriction against partition during the indicated period does not deprive any Party of the Party's right to convey or transfer the Party's interest in the Property to any other person or entity. Such right is subject to the limitation, however, that should any Party desire to sell all or any part of the Party's interest in the Property and find one or more third persons ready, able, and willing to purchase the interest, the other Parties shall have the option to purchase all or one-half, depending on whether both other Parties desire to exercise the option, of the interest of the Party so desiring to sell for the amount of any bona fide offer made by the third person or persons. The parties have executed this Agreement at ____________________________ (place of execution) on the ____ day of ____________, 20_____. ________________________ (Name of Party Alpha) ________________________ (Signature of Party Alpha) ________________________ (Name of Party Beta) ________________________ (Signature of Party Beta) ________________________ (Name of Party Gamma) ________________________ (Signature of Party Gamma) (Acknowledgment form may vary by state) State of _____________________ County of ___________________ Personally appeared before me, the undersigned authority in and for the said County and State, on this _________________ (date) , within my jurisdic tion, the within- named __________________________________ (Names of Parties) , who each acknowledged that he executed the above and foregoing instrument. ________________________________ NOTARY PUBLIC My Commission Expires: ____________________