Fill and Sign the Tenancy in Common Agreement Form

Tenancy-in-Common Agreement to Undeveloped Property with each Owner Owning 50% of Property and Sharing Expenses Equally Agreement made on the ________________ (date) , between _____________________ (Name of Owner Alpha) of ______________________________________________________ _____________________ (street address, city, county, state, zip code) , referred to herein as Alpha , and ________________________ (Name of Owner Beta) , of __________________ _________________________________________________________ (street address, city, county, state, zip code) , referred to herein as Beta, said Alpha and Beta being hereinafter jointly referred to as Owners . Whereas, Owners have contributed to a common fund and have acquired the fee title to Premises (hereinafter called the Premises ) located at _________________________________ _____________________________________ (street address, city, county, state, zip code) , and being more particularly describe in Exhibit A attached hereto and made a part hereof by reference; and Whereas, each Owner has an equal and undivided one-half interest in the Premises ; 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. Ownership Each party to this Agreement shall own an undivided 50% interest in the property, and shall share equally in any mortgage payments, taxes, maintenance, or improvements related to, or to become a part of, the Premises . 2. Improvements, Sale, or Mortgage of Premises The written consent of both the Owners shall be required in order to improve, sell, or mortgage the Premises and any such improvement, sale, or mortgage shall be of the entire Premises , except as provided in Section 5 . 3. Sharing of Expenses Each Owner shall advance, or cause to be advanced in a timely fashion, their one-half share of the money required to pay for taxes and the maintenance and operation of the Premises , (including interest and principal on any mortgage liens), and for the cost of any improvements. All accounts for repairs and improvements shall be put in the names of both Owners , and a single account book showing these expenses will be kept. 4. Default in the Sharing of Expenses If either Owner fails to contribute his or her one-half share of the common expenses (including mortgage, principal, interest, and taxes), the other Owner shall have the right, after giving the defaulting Owner ______ (number ) days notice in writing, to subtract the amount of defaulting Owner's unpaid share from his or her equity, accruing interest at the rate of ______% from the date the debt is incurred. If the defaulting Owner's equity in the Premises is reduced to zero by failure to pay his or her share, the defaulting Owner shall deliver a deed to the non- defaulting Owner for his or her respective interest. 5. Sale of the Premises If, and when, either Owner wishes to sell their respective share of the property, he or she shall give no less than ______ (number ) months written notice to the other Owner. The non- selling Owner shall have the option to purchase the other Owner's equity. The fair market value of the Premises is to be determined by no less than two appraisals, using MAI Designated Independent Real Estate Appraisers. The selling Owner shall have his or her name removed from the Deed to the Premises, any mortgage, all common bills, and any other related documents. The consent of the non-selling Owner to the sale must be secured to make any contract to sell effective. This consent cannot be unreasonably withheld. If the non-selling Owner fails or refuses to consent to two proposed purchases, the selling Owner is not required to secure non-selling Owner's consent to the third proposed buyer, and may sell his or her respective share, as long as all other terms of this Agreement are met. 6. Death or Incompetence If either Owner should die or become mentally incompetent while in co-ownership of this property, the estate or committee of the deceased or mental incompetent will give the other Owner a one-year option, from the date of death or mental incompetence, to buy the deceased or mental incompetent Owner's interest in the Premises at the appraised value of said Premises an MAI Designated Independent Real Estate Appraiser. 7, Durable Power of Attorney Alpha shall execute and deliver a durable power of attorney to Beta . Beta shall also execute and deliver a durable power of attorney to Alpha. The powers of attorneys are to be exercised only for the purpose of conveying the incompetent Owner's respective share if this option is exercised. The attorney-in-fact shall be bound by the terms and conditions of this Agreement. Should it be determined that a court order is required to consummate a conveyance in the case of mental incompetence, the costs of securing this order shall be shared by both Owners , or their estates. 8. Rights of Transferee Should the interest of either Owner be acquired by any individual, the shall be subject to all terms of this Agreement, with the same force and effect as if the transferee owned such interest at the time this Agreement was executed, and as if the transferee was a party to and signed this Agreement at that time. 9. Termination of Agreement This Agreement shall terminate on the sale of the Premises , and the distribution of the net proceeds of such sale to the Owners , and according to this Agreement, or at such other times or dates, as may be agreed on, in writing, by the parties. 10. Severability The invalidity of any portion of this Agreement will not and shall not be deemed to affect the validity of any other provision. If any provision of this Agreement is held to be invalid, the parties agree that the remaining provisions shall be deemed to be in full force and effect as if they had been executed by both parties subsequent to the expungement of the invalid provision. 11. No Waiver The failure of either party to this Agreement to insist upon the performance of any of the terms and conditions of this Agreement, or the waiver of any breach of any of the terms and conditions of this Agreement, shall not be construed as subsequently waiving any such terms and conditions, but the same shall continue and remain in full force and effect as if no such forbearance or waiver had occurred. 12. Governing Law This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of ______________. 13. Notices Any notice provided for or concerning this Agreement shall be in writing and shall be deemed sufficiently given when sent by certified or registered mail if sent to the respective address of each party as set forth at the beginning of this Agreement. 14. Attorney’s Fees In the event that any lawsuit is filed in relation to this Agreement, the unsuccessful party in the action shall pay to the successful party, in addition to all the sums that either party may be called on to pay, a reasonable sum for the successful party's attorney fees. 15. Mandatory Arbitration Any dispute under this Agreement shall be required to be resolved by binding arbitration of the parties hereto. If the parties cannot agree on an arbitrator, each party shall select one arbitrator and both arbitrators shall then select a third. The third arbitrator so selected shall arbitrate said dispute. The arbitration shall be governed by the rules of the American Arbitration Association then in force and effect. 16. Entire Agreement This Agreement shall constitute the entire agreement between the parties and any prior understanding or representation of any kind preceding the date of this Agreement shall not be binding upon either party except to the extent incorporated in this Agreement. 17. Modification of Agreement Any modification of this Agreement or additional obligation assumed by either party in connection with this Agreement shall be binding only if placed in writing and signed by each party or an authorized representative of each party. 18. Assignment of Rights The rights of each party under this Agreement are personal to that party and may not be assigned or transferred to any other person, firm, corporation, or other entity without the prior, express, and written consent of the other party. 19. In this Agreement, any reference to a party includes that party's heirs, executors, administrators, successors and assigns, singular includes plural and masculine includes feminine. WITNESS our signatures as of the day and date first above stated. ________________________ _________________________ (P rinted name) (P rinted name) ________________________ _________________________ (Signature of Alpha) (Signature of Beta) (Acknowledgment form may vary by state) State ______________ 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, _______________________ (Name of Alpha) , who acknowledged that he executed the above and fore going instrument. _____________________ NOTARY PUBLIC My Commission expires: ______________________ State ______________ 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, ________________________ (Name of Beta) , who acknowledged that he executed the above and fore going instrument. _____________________ NOTARY PUBLIC My Commission expires: ______________________