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Form #1024

Among Beneficiaries Establishing Co-ownership

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Among Beneficiaries Establishing Co-ownership - free to use

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Among beneficiaries establishing co-ownership.

State of _________

 

 

ss

County of _________

 

 

This agreement, dated _________, is made between _________, of _________[address], _________, of _________[address], and _________, of _________[address], who are the beneficiaries under a certain land trust agreement dated _________, with _________, a corporation organized and existing under the laws of the State of _________, as trustee. The principal of the land trust is certain real estate situated in the County of _________, State of _________, more particularly described in Exhibit _________, which is attached and made a part of this agreement.

In connection with the trust agreement, the parties agree as follows:

1. The parties shall share in the earnings, income, and profits of the property in the following proportions: _________[set forth percentage of participation of each party].

2. The parties shall open a checking account with _________[bank] under the name of _________, which account shall require the signature of _________[any two] of the parties for withdrawal. All cash receipts from the property shall be deposited in the account, and all expenses of operating the property, including taxes, insurance, legal fees, accounting fees, and all other necessary disbursements, shall be paid from the account.

3. Full and accurate books of account, showing all income, expense advances, withdrawals, assets, and liabilities shall be maintained by _________[accountants] in accordance with generally accepted principles of accounting.

4. The property has been [or is being] acquired solely for investment purposes. No party shall have any authority to obligate the others for any expense or liability in connection with it, or to contract or deal with the property on behalf of the others in any manner. Each party shall be liable only for his or her share of the purchase price, taxes, special assessments, public liability insurance, and other expenses related to the property.

5. Failure by a party to contribute his or her share of the money necessary to accomplish any of the purposes for which the property is held or to pay any expenses or liability in connection with his or her share shall at the option of the majority in interest of the other parties, create a debt from the delinquent party to the other parties in the amount of the liability, plus interest at the rate of _____% annually until paid, collectible either by suit or by charging it against any income or proceeds of sale due then or in the future to the delinquent party. A majority in interest of the other parties may, if the debt failure shall continue for _________[number] months or more, consider that failure as an offer by the delinquent party to sell his or her interest under Paragraph 6.

6. In the event any party desires to sell, transfer, donate, or otherwise dispose of all or any part of his or her interest, he or she shall deliver written notice of this desire to the other parties, specifying the interest he or she desires to dispose of. In the event this disposition is to be made to any party other than _________[identity of parties to be exempted, if any], then and in that event, each of the other parties shall have the option to buy, and the offering party shall be obligated to sell to each, an interest in the same proportion his or her individual interest bears to the total interest of the other parties and at a price equal to the value of the offering party's interest at its then book value as determined by _________[accountants].

In the event the offering party has received a bona fide offer from a third party for any part of his or her interest, which offer he or she desires to accept, he or she shall notify the other parties in writing of the terms and conditions of the offer and the other parties shall have the right, if they so elect, to purchase within _________[number] days from the receipt of the notice on the same terms and conditions as so offered. In the

event all or any of the parties desire to so purchase, the offering party's interest shall be prorated among those desiring to purchase on the basis of their respective interest.

In the event none of the other parties desire to purchase, the offering party may sell to the proposed buyer after the expiration of the _________[number] days' acceptance period, provided the sale is completed within _________[number] days.

7. In the event of the death of a party or the appointment of a personal representative, the sale of the interest of the deceased shall be in the manner prescribed in the preceding paragraph.

8. This agreement shall be binding on the parties, their heirs, personal representatives, successors and to parties to whom it may be assigned in accordance with its terms and conditions. All additions or amendments must be approved by all of the parties.

[Signatures]

Contributed by
Anonymous3
 
Name of Firm Anonymous3
Total Forms Contributed 102
 

See All Anonymous3's Forms
 

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Terms Of Use

Submissions to this site, including any legal or business forms, posts, responses to questions or other communications by contributors are not intended as and should not be construed as legal advice. You are strongly encouraged to consult competent legal council before engaging in any action based upon content contained on this site.

These downloadable forms are only for personal use. Retransmission, redistribution, or any other commercial use is prohibited. This includes reposting forms from this site to another site offering free legal or other document forms for download.

Please note that the donator may have included different usage terms regarding this form, and you agree to abide by these terms. It is highly recommended that you have a licensed attorney review any legal documents for which you are searching in order to make sure that your needs are being properly and completely satisfied.

Your use of this site constitutes your acceptance of our terms of use and your agreement to hold this site, its officers, employees and any contributors to this site harmless for any damage you might incur from your use of any submissions contained on this site. If you do not agree to the above terms, please do not proceed.

These forms are provided to assist business owners and others in understanding important points to consider in different transactions. They are offered with the understanding that no legal advice, accounting, or other professional service is being offered by these documents or on this website. Laws vary in the different states. Agreements acceptable in one state may not be enforced the same way under the laws of another state. Also, agreements should relate specifically to the particular facts of each situation. Therefore, it is important to consult legal counsel whenever utilizing these forms. The Forms are not a substitute for legal advice YourFreeLegalForms.com is not engaged in recommending or referring members on the site or making claims about the competence, character or qualifications of its participating members.
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