Agreement For Payment Of Taxes On Donated Condominium Unit

MEMORANDUM made on [date] to document the conveyance of certain real property by [name], residing at [address] (the Donor) to [name of institution], an educational institution chartered by the State of [State] with principal offices at [address] (the Donee).

1. Delivery of Deed. The Donor this day has delivered to the Donee a bargain and sale deed conveying to the Donee all of the Donor's right, title, and interest in and to a certain condominium apartment constituting the Donor's personal residence located at [insert location], more fully described in the said deed (the property). The Donor has reserved for himself and [name], his spouse the right to enjoy full and exclusive possession of the property including the right to occupy the property and reside therein and to enjoy the rents, issues, and profits of the property undisturbed by the Donee, its successors, and assigns for so long as the Donor and his spouse shall live.

2. Payment of Cost of Transferring Property. The Donor has paid or will pay the costs of the conveyance, including the cost of recording the deed, any conveyance tax, title search and title insurance charges and premiums, and attorney fees.

3. Payment of Taxes and Maintenance During Life Tenants' Lives. The Donor will pay all of the expenses involved in the ownership and maintenance of the property for so long as he lives, including, but not limited to, all real estate taxes, assessments, repairs, and maintenance charges levied by the condominium association or otherwise incurred. The Donor also will maintain fire and liability insurance on the property in amounts sufficient to protect the Donee's remainder interest therein. Should the Donor die before [name], his spouse and the life tenant of the property, upon the Donor's death the obligation to pay all of the aforesaid charges shall be that of the life tenant.

4. Conveyance a Contribution. The Donee acknowledges that the conveyance to it of the remainder interest in the property constitutes a contribution to it by the Donor.

5. Appraisal. The Donor has had the property appraised by [name of appraiser] a person qualified to appraise residential condominiums, on [date]. [Name of appraiser] has found the property to be worth ---------- dollars ($----------) and the value of the remainder interest therein based upon Internal Revenue Service life expectancy tables to be ---------- dollars ($----------). A copy of the appraisal is annexed hereto as Schedule A [omitted]. On or before [date], the Donor will submit a completed Internal Revenue Form 8283 to the Donee containing a summary appraisal of the remainder interest in the property showing its value to be ---------- dollars ($----------) signed by [name of appraiser]. The Donee will promptly sign the submitted Form 8283 and return it to the Donor so that the Donor may attach the Form to the Donor's Federal Income Tax Return for 20--.

IN WITNESS WHEREOF the parties have signed this Memorandum the day and year first above written.

[signature]

Donor

[name of institution]

By: [signature]

[title]

[signature]

Donor's Spouse

[Acknowledgements]

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