Agreement Between Tenants In Common with instructions

Agreement Between Tenants In Common with instructions
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$15.00


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(Excerpt)

1. Parties. Agreement dated [date] between [name] of [address] (First Party), and [name] of [address] (Second Party). First Party and Second Party are sometimes referred to individually as "tenant in common," and collectively as "tenants in common" in this Agreement.

2. Identity of Property. First Party and Second Party have purchased and now each own an undivided one-half interest, as tenants in common, in certain real property located in [county, state], including all buildings and improvements located on such property, more particularly described in Exhibit "A" attached [omitted] (Property).

3. Intent of Parties. First Party and Second Party wish to define their rights and obligations with respect to the Property and, therefore, have executed this Agreement.

4. Exclusive Use. First Party grants to Second Party a right of exclusive occupancy and use of the Property. Such right shall exist until the death of Second Party or the termination of this Agreement in accordance with its terms.

[Alternative Paragraph]

4. Exclusive Use. First Party grants to Second Party a right of exclusive occupancy and use of the Property during the period [month and day] to [month and day] inclusive, in each calendar year. Second Party grants to First Party a right of exclusive occupancy and use of the Property during the period [month and day] to [month and day] inclusive, in each calendar year.

5. Right to Lease. [Used if alternative clause is utilised in Paragraph 4]. First Party or Second Party, respectively, may lease the Property to a third person during all or any part of the period to which each is entitled to exclusive occupancy and use. All terms of such lease shall be at the sole discretion of the tenant in common entitled to exclusive occupancy and use. There is no obligation to share the...

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Product Code AGRS38
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