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Agreement for Construction of Party Wall
---------------------, referred to as First Owner, and ---------------------, referred to as Secondt Owner, agree:
First Owner is the owner of the following described real estate property:
Secondt Owner is the owner of the following described real property:
Which properties are adjoining along .
The parties shall jointly erect and jointly pay for the construction of a party wall to be jointly used by the parties.
The wall shall be designed by [Name], and shall be constructed by [Name] _____________________, and shall have the following properties:
The wall shall be placed upon the adjoining property line, with the same to be placed 1/2 on each party's property. The wall shall have a thickness of and shall be in height, and shall be capable as acting as a structural support wall for construction of the following contemplated buildings by the parties:
Payment & Building:
The parties to this agreement shall jointly agree upon a form of contract for the work to be performed, the contract price, and shall jointly pay for the same. Each party hereto grants a lien upon their above described property for the payment of the joint share. In the event that either party fails to pay as agreed, the other owner may pay the same, and shall have the right upon (--) days notice to institute an action to foreclose the lien provided for herein. Such unpaid sums shall bear interest at the highest legal rate.
Right to Use:
Each party shall have the right to use the wall to support joists, crossbeams or other structural members as required for any structures to be constructed by their above described property. Such use shall be limited to uses which do not result in injuries to the other property, the party wall itself, or the value of the easement to which the adjoining property is entitled.
Right to Extend:
The parties shall have the right to extend the wall, horizontally, vertically or both, and to make such extension of a greater thickness than the original wall, or any extension thereof built. However, such added thickness may not extend to the adjoining property without the prior written consent of the adjoining landowner. The workmen and designer of the same shall be properly licensed.
In the event that one landowner elects to extend the wall, the other landowner may use the same for additional load bearing. However, in the event that the adjoining landowner uses the same for additional load bearing, the other landowner shall pay 50% (fifty per cent) of the cost of the wall incurred by the landowner who failed to originally contribute.
In the event that any repair is required to the party wall, the parties shall equally divide the cost of the same except if the repair is directly related to a portion of the party wall solely used by one party, the cost of such repair shall be borne by the party which enjoys the benefit of the same. The workmen and designers of the repair shall be licensed to perform the same.
To the extent that the same is necessary, the parties shall have a licensee to enter upon the other parties premises to make necessary repairs or construction permitted herein.
Construction of the Agreement:
This agreement shall constitute an easement and a covenant running with the property. Provided, however, that this agreement shall not be construed as a conveyance of any part of the fee of the lot on which the wall shall stand.