Fill and Sign the Commercial Building Form

Agreement between Partners for Future Sale of Commercial Building Agreement made on the _______ day of __________________________, 20______, between ______________________________________ of ______________________________ ______________________________________________________________________________ (street address, city, county, state, zip code), referred to herein as Party A , and __________________________________________, of ________________________________ ______________________________________________________________________________ (street address, city, county, state, zip code), referred to herein as Party B.Whereas, Party A and Party B each own an interest in a commercial building located at ______________________________________________________________________________ _________________________________________ (street address, city, county, state, zip code), with no outstanding debt related to the commercial building; and Whereas, the purpose of this agreement is to provide for the future sale of the commercial building by giving Party B the opportunity to purchase the commercial building any time in the next ten years from the date of this Agreement for 50% of the appraisal cost of the commercial building, or if Party B does not purchase the commercial building within the next ten years from the date of this Agreement, by both parties agreeing to sell the commercial building outright to a third party and equally splitting the proceeds. 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. Party A and Party B hereby agree to the sale of the commercial building within the next ten years from the date of this Agreement by one of the two following options:a. Party B agrees to purchase at any time within the next ten years from the date of this Agreement the commercial building for 50% of the appraisal amount established by competent and disinterested independent appraisers, one of whom shall be selected and paid for by Party A and one selected and paid for by Party B.b.If Party B does not purchase the commercial building within the next ten years from the date of this Agreement, Party A and Party B agree to sell the commercial building outright to a third party, and to split evenly the proceeds of the sale. Party A and B also agree to share equally in the costs of returning the building to full commercial use. 2. If Party B purchases the commercial building within ten years from the date of this Agreement, the following closing costs shall be paid as provided. (Leave blank if the closing cost does not apply.)Closing CostsParty AParty BBoth*Attorney FeesTitle InsuranceTitle Abstract or CertificateProperty InsuranceRecording FeesAppraisalSurvey(Closing Costs)(Closing Costs)(Closing Costs)(Closing Costs)(Closing Costs)(Closing Costs)(Closing Costs)(Closing Costs)All other closing costs * 50/50 between Party A and Party B. 3. If the independent appraisers selected by Party A and Party B cannot reach an agreeable price for the sale of the commercial building, the two selected appraisers shall select a third appraiser, the expense to be born equally by Party A and Party B. The three appraisers, so selected, shall determine the sale price. If either Party A or Party B shall fail to appoint an appraiser within _______ (number) days after the expiration of _______ (number) days, or if the first two appraisers shall fail to select a third appraiser within ________ (number) days after they have been selected, then the appraiser in question shall be appointed by the _____________ ______________________________________________ (title of appointing authority) on request of either party or of either of the first two appraisers, as the case may be.4. While this agreement is in effect, neither party shall have the right to assign, encumber or dispose of his/her interest in the commercial building except as provided herein.5.Upon the death of a party prior to Party B exercising the option to purchase the commercial building and prior to ten years from the date of this Agreement, his/her estate shall sell, and the surviving party shall purchase, the deceased party’s entire interest in the commercial building for a price established by an independent appraisal. 6.This Agreement shall terminate upon: a.The written agreement of the parties;b. The death of both _______________________________________ and ___________________________________________ simultaneously, or within a period of ________ days. 7.This Agreement incorporates all prior agreements between the parties, contains the entire and final agreement of the parties, and cannot be changed except by their written consent. This Agreement shall be binding upon the parties, their heirs, legal representatives, successors and assignees.8.The parties, the personal representative of any deceased party, and all other parties bound by this agreement shall promptly execute and deliver any and all papers or instruments necessary or desirable to carry out the provisions of this Agreement.9.This Agreement shall be governed by, construed and enforced under the laws of the State of __________________________, and any dispute arising under this agreement shall be resolved in the courts of the State of _____________________________.WITNESS our signatures as of the day and date first above stated.________________________________ ______________________________Signature of Party A Signature of Party B_______________________________________________________________Type or Print Name Type or Print Name