Declaration of Party Wall Agreement
I. Purpose of Declaration:
This declaration serves as an official acknowledgment and agreement regarding the party wall located at [ADDRESS OF PARTY WALL], shared between [YOUR PROPERTY ADDRESS] and [NEIGHBORING PROPERTY ADDRESS].
II. Background Information:
The party wall in question is a common boundary wall that stands between [YOUR PROPERTY ADDRESS] and [NEIGHBORING PROPERTY ADDRESS]. As per the relevant property laws and regulations, both property owners are required to adhere to certain responsibilities and obligations concerning the maintenance, repair, and alterations to the party wall.
III. Agreement on Party Wall Matters:
Both parties hereby agree to the following terms regarding the party wall:
IV. Dispute Resolution Mechanism:
In the event of any disputes arising between [YOUR PROPERTY OWNER NAME] and [NEIGHBORING PROPERTY OWNER NAME] regarding the party wall, both parties agree to engage in good faith discussions and negotiations to resolve the issue amicably. If necessary, mediation or arbitration may be pursued to reach a mutually acceptable resolution.
V. Indemnification Clause:
[YOUR PROPERTY OWNER NAME] and [NEIGHBORING PROPERTY OWNER NAME] agree to indemnify and hold harmless each other from any claims, damages, or liabilities arising out of or related to the party wall, except in cases of negligence or willful misconduct.
VI. Governing Law and Jurisdiction:
This declaration shall be governed by and construed in accordance with the laws of [YOUR JURISDICTION]. Any disputes arising out of or in connection with this declaration shall be subject to the exclusive jurisdiction of the courts of [YOUR JURISDICTION].
VII. Conclusion
In summary, this declaration establishes the terms for the shared responsibility of maintaining the party wall between [YOUR PROPERTY OWNER NAME] and [NEIGHBORING PROPERTY OWNER NAME]. By agreeing to these terms, both parties ensure the wall's upkeep while fostering cooperation and mutual respect. This declaration confirms their commitment to fulfilling their obligations as property owners and promotes harmony within the community.
VIII. Signature
Signed and agreed to by the respective property owners on [DATE].
[SIGNATURE]
[YOUR PROPERTY OWNER NAME]
[YOUR PROPERTY ADDRESS]
[SIGNATURE]
Name: [NEIGHBORING PROPERTY OWNER NAME]
Address: [NEIGHBORING PROPERTY ADDRESS]
This declaration shall remain in effect and binding upon the successors, heirs, and assigns of [YOUR PROPERTY OWNER NAME] and [NEIGHBORING PROPERTY OWNER NAME].
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