Fill and Sign the Party Wall Agreement Form

Party Wall Agreement This Agreement is made on the ____ day of ___________, 20___, between _________________________ who resides at ______________________________________ (street address, city, county and state) and _________________________ , who resides at _______________________________________ (street address, city, county and state) . WHEREAS, _________________________ is the owner of the premises at __________________________________________________ (street address, city, county and state) , more fully described as follows: Full Legal Description hereafter referred to as Lot A; WHEREAS, _________________________ is the owner of the premises at __________________________________________________ (street address, city, county and state) , more fully described as follows: Full Legal Description hereafter referred to as Lot B; WHEREAS, Lot B adjoins Lot A to the west on which a brick office building is located, and a brick building housing a restaurant is located on Lot B; and WHEREAS, The west wall of the building located on Lot A and the east wall of the building located on Lot B form a common wall and boundary between Lots A and B ; and WHEREAS, the parties desire to settle all questions relating to the ownership and use of the common wall and all differences between them relating to that boundary; NOW, THEREFORE, for the reasons set forth above, and in consideration of the mutual covenants and promises set forth in this agreement, the parties agree as follows: 1. Party Wall Declaration The wall shall be a party wall, and the parties shall have the right to use it jointly. 2. Extension of the Wall Either party, or the party = s heirs or assigns, may, in connection with the extension of the party = s respective building, extend the height of the wall up to a maximum height of ___ feet, so long as the extension is the same width as the existing wall and does not impair its strength or injure the foundations of the buildings. The other party shall have the right to use the extended part of the wall and to join it by paying the constructing party one-half of the cost of that part of the wall as the party shall use. Any extension of the wall shall be a party wall and part of the existing wall. 3. Repairing or Rebuilding If it becomes necessary or desirable to repair or rebuild the whole or any part of the wall, the repairing or rebuilding expense shall be borne equally by the parties, or by their heirs and assigns who shall at the time of the repair or rebuilding be using it, in proportion to the extent of their use. Any repairing or rebuilding of the wall shall be on the same location, and of the same size, as the original wall or part of the original wall, and of the same or similar material of the same quality as that used in the original wall or part of the original wall. 4. Arbitration Any controversy that may arise between the parties with respect to the necessity for, or cost of, repairs or with respect to any other rights or liabilities of the parties under this agreement shall be submitted to the decision of three arbitrators, one to be chosen by each of the parties to this agreement and the third by the two so chosen. The award of a majority of the arbitrators shall be final and conclusive on the parties. 5. Binding Effect The benefits and obligations of the covenants in this agreement shall run with the land described above so long as the wall or any extension of the wall continues to exist, and shall bind the respective parties to this agreement, their heirs, legal representatives, and assigns. In witness whereof, the parties have executed this agreement as of the day and year first above written. ________________________________ _________________________________ STATE OF __________________ COUNTY OF ________________ Personally appeared before me, the undersigned authority in and for the said County and State, on this _____ day of __________, 20___, within my jurisdiction, the within - named _________________________ and _________________________ , who acknowledged that they executed the above and foregoing instrument. ___________________________________ NOTARY PUBLIC M Commission Expires: _____________________