Ownership Agreement
This Co-Ownership Agreement (the "Agreement") is made and entered into this 1st day of January 2050 (the "Effective Date"), by and between Mike Howard and Liam Hendricks (individually, a "Party," and collectively, the "Parties").
WHEREAS
The Parties wish to jointly own and hold in undivided co-ownership the land and estate located at Pinnickinick Street, Olympia (hereinafter referred to as the "Property") in accordance with the terms and conditions of this Agreement;
Now, therefore, in consideration of the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:
SECTION 1. OWNERSHIP INTERESTS
The Parties hereto shall own the Property as co-owners in equal shares, unless otherwise provided in writing.
SECTION 2. USE OF PROPERTY
Each Party shall have the right to use, possess, and enjoy the Property concurrently with the other without any hindrance from the other Party, subject to the terms of this Agreement.
SECTION 3. FINANCIAL RESPONSIBILITIES
All costs and expenses involved in the preservation, protection, and maintenance of the Property shall be borne by the Parties in proportion to their ownership interest.
SECTION 4. DISPOSITION OF PROPERTY
No Party may sell, transfer, or encumber his interest in the Property without the written consent of the other Party.
SECTION 5. TERMINATION
This Agreement shall terminate upon the sale of the Property, or upon the death of any Party.
SECTION 6. DISPUTE RESOLUTION
Any disputes that arise regarding this Agreement or the Property shall be settled through mediation or in a court of competent jurisdiction.
SECTION 7. GOVERNING LAW & VENUE
This Agreement shall be governed by and construed in accordance with the laws of the State in which the Property is located and any dispute will be resolved in the courts of said State.
SECTION 8. ENTIRE AGREEMENT
This Agreement contains the entire agreement between the Parties regarding their co-ownership of the Property and supersedes all prior oral or written agreements, understandings, or arrangements.
IN WITNESS WHEREOF, the Parties have executed this Co-Ownership Agreement as of the date first above written.
Mike Howard
Date: January 1, 2050
Liam Hendricks
Date: January 1, 2050
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