Fill and Sign the Restricted Endowment to Religious Institution Form

Restricted Endowment to Religious Institution Whereas, _________________________ (Donor) of __________________________________________________ (street address, city, state, zip code) desires and intends to make a gift of a certain part of my property to __________________________________________________ (name of religious institution), (if appropriate, add: a nonprofit corporation organized under the laws of the state of ____________), hereinafter sometimes referred to as Donee; Now, therefore, I hereby agree to give to Donee, _________________________ (specify, for example: $1,000,000.00) for __________________________________________________ (specify purpose of gift, such as: the construction of a church) on the terms and conditions stated in this instrument. 1. Location of Church The church to be built shall be built at __________________________________________ (street address, city, state, zip code). 2. Use of Property The church to be built shall be used exclusively for religious purposes. No gambling or playing of games of chance shall be allowed in the church. 3. Manner of Payment The money donated shall be given by Donor to the Donee in installments as follows: An initial amount shall be given on _____________ (date) in the sum of $ ____________________ to cover the cost of the land, preliminary work, and down payment to the contractor. After that date, as the work progresses, Donor shall give to the Donee those funds which the contractor estimates and certifies, with Donee = s approval, is the value of the work and material actually put into the church building. On completion of construction, and the issuance of a certificate of occupancy by the appropriate authorities, the remaining balance shall be paid by Donor, provided that the contractor certifies there are no unpaid laborers or materialmen. 4. Faithful Compliance This gift is given on condition that the Donee faithfully complies with the terms and conditions specified in this agreement. In the event of a breach of the terms and conditions, the donation shall be automatically revoked and the property shall revert to Donor and Donor = s heirs, successors, and legal representative. To insure faithful compliance, the conditions provided in this agreement shall be recorded as a lien on the property. 5. Binding Effect This agreement shall be binding on the heirs, successors, assigns, and legal representatives of the parties. Witness our signatures on this the ____ day of _______________, 20____. _______________________________ __________________________ Donor Donee