THIS TENANTS IN COMMON AGREEMENT is entered into on 24 December 2024
Between
(1) PARTY_1_NAME whose principal place of business is at PARTY_1_ADDRESS_SINGLE_LINE (First Party)
(2) PARTY_2_NAME whose principal place of business is at PARTY_2_ADDRESS_SINGLE_LINE (Second Party)
Whereas
(A) The Co-owners have jointly acquired an undivided interest as tenants in common in the Property described herein below:
ADDRESS Hereinafter (the “Property”)
(B) The Co-owners are entering into this Agreement to set out the terms governing their relationship as Co-owners of the Property and provide for the orderly administration of the Property.
It is agreed as follows:
1. Ownership
1.1 The Co-owners shall each hold the title to the Property as tenants in common based on the respective undivided ownership interest as follows:
First Party: OWNERSHIP_INTEREST
Second Party: OWNERSHIP_INTEREST_2
1.2 The Co-owners shall share the appreciation or depreciation in the property in proportion to their interest.
1.3 Except as otherwise agreed by the parties in writing, the net profits and losses from the operation of the Property shall be divided and shared by the Co-owners on a pro-rata basis in accordance with their respective undivided interest in the Property.
2. Transfer Notice
2.1 If a party intends to transfer (“Seller”) its undivided interest in the Property, then the Seller shall first give the other party (the Continuing Party) notice (a Transfer Notice) of any proposed transfer together with details of any proposed third party purchaser (the Third Party Purchaser), the purchase price and other material terms which the Seller and the Third Party Purchaser have agreed.
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