Fill and Sign the Tenancy in Common Agreement with Each Owner Owning 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. OwnershipEach 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 PremisesThe 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 entirePremises, except as provided in Section 5. 3. Sharing of ExpensesEach 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.