Real Estate Conjunctional Agreement Form

REAL ESTATE CONJUNCTIONAL AGREEMENT

Parties and Effective Date

This Real Estate Conjunctional Agreement (the "Agreement") is made and entered into on by and between:

Property Identification

Recitals and Purpose

Whereas Party A owns certain fee or leasehold interest in the Property identified above; and Whereas Party B owns adjoining or contiguous property and the parties desire to establish mutual rights, obligations, and recorded conjunctional easements for access, utilities, maintenance, and shared improvements as set forth in this Agreement; Now, therefore, in consideration of the mutual covenants contained herein, the parties agree as follows.

Definitions

"Conjunctional Area" means the area described in Exhibit A and the Legal Description above to be used jointly by the parties for ingress, egress, utilities, drainage, and improvements. "Improvements" means any physical work within the Conjunctional Area including paving, curbs, drains, fences, gates, lighting, and utility installations. "Cost Share" means the proportionate allocation of costs for construction, maintenance, repair, replacement and operation as specified in this Agreement.

Grant of Conjunctional Rights and Easement

1. Grant. Party A hereby grants to Party B, and Party B hereby grants to Party A, a non-exclusive, perpetual, transferable easement over, across, and within the Conjunctional Area for the purposes of access, vehicular and pedestrian passage, placement and maintenance of utilities, surface drainage, and the construction, use and maintenance of Improvements, subject to the terms and restrictions of this Agreement.

2. Scope. The easement is limited to activities reasonably necessary for the stated purposes and does not grant ownership of underlying fee title to the other party.

Use Restrictions and Permits

1. Nuisance and Hazardous Materials. Use of the Conjunctional Area shall not unreasonably interfere with the other party's use of its property. No party shall store, generate, or dispose of hazardous substances in the Conjunctional Area except as authorized by applicable law and the other party in writing.

2. Permits. All Improvements that require governmental permits or approvals shall be subject to compliance with such permits and local laws. The initiating party shall obtain all required permits prior to commencing work.

Maintenance, Repair and Cost Sharing

1. Routine Maintenance. The parties shall share routine maintenance and repair costs for the Conjunctional Area in the following proportions: Party A and Party B , unless otherwise agreed in writing.

2. Special Assessments and Capital Improvements. For capital improvements exceeding $ the initiating party shall deliver a written proposal and cost estimate to the other party. The non-initiating party shall respond within days. If the other party does not consent, the parties shall resolve the matter pursuant to the Dispute Resolution section.

3. Payment Terms. Each party shall pay its share of any invoice within days of receipt. Late payments shall accrue interest at or the maximum lawful rate, whichever is less, and shall be subject to a late fee of $ .

Insurance and Liability

Each party shall maintain commercial general liability insurance covering activities in the Conjunctional Area with minimum limits of $ per occurrence and shall name the other party as an additional insured for work performed pursuant to this Agreement when requested in writing. Proof of insurance shall be furnished upon request.

Each party shall indemnify, defend and hold harmless the other party and its agents, employees and contractors from any claims, liabilities, damages or expenses arising out of the indemnifying party's negligent acts, omissions or willful misconduct in connection with its use of the Conjunctional Area.

Disclosures

Known conditions affecting the Conjunctional Area:

Default and Remedies

In the event of a material breach, the non-breaching party shall provide written notice specifying the breach and allowing days to cure. If uncured, the non-breaching party may pursue injunctive relief, specific performance, and/or monetary damages, including reasonable attorneys' fees and costs as permitted by law.

Recording and Term

The parties agree that this Agreement may be recorded in the Official Records of the county in which the Property is located to bind successors and assigns. Recordation shall be at the request and expense of the party requesting recordation unless the parties agree otherwise.

Notices

All notices required or permitted under this Agreement shall be in writing and delivered by personal delivery, certified mail (return receipt requested), or nationally recognized overnight courier to the addresses set forth below or to such other address as a party designates by written notice.

Dispute Resolution and Governing Law

The parties shall attempt in good faith to resolve disputes arising under this Agreement by non-binding mediation. If mediation fails, any unresolved dispute shall be submitted to binding arbitration administered in accordance with the parties' selected arbitration rules, and judgment upon the award may be entered in any court having jurisdiction. This Agreement shall be governed by the laws of the state where the Property is located.

Miscellaneous

Entire Agreement: This Agreement, together with any exhibits and recorded instruments, constitutes the entire agreement between the parties with respect to the Conjunctional Area and supersedes all prior negotiations and understandings. Amendment: This Agreement may be amended only by a written instrument executed by both parties. Severability: If any provision is held invalid, the remainder shall continue in full force and effect.

Additional Terms and Notes

Acknowledgment

Each party represents and warrants that it has full authority to enter into this Agreement, that the person signing on behalf of a party is duly authorized, and that this Agreement is binding upon and enforceable against such party.

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