Asset Ownership Agreement
I. Introduction
This Asset Ownership Agreement (the "Agreement") is made and entered into on January 15, 2050, by and between the undersigned parties. The purpose of this Agreement is to establish clear ownership terms regarding the specified assets, including rights, responsibilities, and obligations of the parties involved.
II. Parties Involved
This Agreement is entered into by the following parties:
Philip Mitchell, with a principal place of business at Indianapolis, IN 46201.
Carmel Ryan, with a principal place of business at Baltimore, MD 21201.
Together, these entities are referred to as the "Parties."
III. Description of the Asset(s)
The asset(s) subject to this Agreement are as follows:
Asset Name | Description | Estimated Value | Owner(s) | Transfer Terms |
|---|
Skyline Tower | Commercial real estate located at Jacksonville, FL 32099 | $1,000,000 | Philip Mitchell | Transfer upon full payment of $1,000,000 |
Patent #987654 | Patent for sustainable building technology used in eco-friendly structures | $500,000 | Carmel Ryan | License for 5 years with annual royalty of 5% |
IV. Terms of Ownership Transfer
Ownership Transfer Date: The transfer of ownership for the above-listed assets shall occur on February 1, 2050 upon receipt of the full purchase price or upon completion of the agreed conditions.
Payment Terms: Payment for Skyline Tower will be made in full on or before January 30, 2050, to the following bank account:
Licensing Terms for Patent #987654: Philip Mitchell grants Carmel Ryan a 5-year license to use Patent #12345 with an annual royalty fee of 5% of gross revenue generated from the patent.
V. Rights and Responsibilities
Rights of Ownership: Upon transfer, Philip Mitchell shall have full legal ownership of Skyline Tower and associated rights to transfer or lease the property.
License Rights: Carmel Ryan retains the exclusive rights to use Patent #987654 for the duration of the license agreement but cannot sublicense or transfer the rights without prior consent from Philip Mitchell.
Maintenance and Use: The Parties agree that Philip Mitchell will be responsible for all maintenance costs related to Skyline Tower until the transfer is completed. Following the transfer, Carmel Ryan will be responsible for patent maintenance fees.
VI. Dispute Resolution
In the event of a dispute related to this Agreement, the Parties agree to the following:
Mediation: The Parties shall first attempt to resolve any disputes through mediation, with a mediator agreed upon by both parties, within 30 days of the dispute notification.
Arbitration: If mediation fails, the dispute will be resolved through binding arbitration under the rules of Indianapolis Arbitration Services in Indianapolis, IN.
VII. Miscellaneous Provisions
Governing Law: This Agreement shall be governed by and construed in accordance with the laws of Indiana.
Entire Agreement: This document constitutes the entire agreement between the Parties regarding the ownership of the assets described herein. Any amendments must be in writing and signed by both Parties.
Force Majeure: Neither Party will be held liable for failure to perform any obligation under this Agreement due to circumstances beyond their reasonable control, such as natural disasters, war, or government restrictions.
VIII. Signatures
By signing below, the Parties confirm their agreement to the terms outlined in this Asset Ownership Agreement.
Philip Mitchell
Date: January 15, 2050
Carmel Ryan
Date: January 15, 2050
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