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Agreement To Convert Tenancy To Tenancy In Common
AGREEMENT made on [Date] by and between [Name] of [Address], hereinafter referred to as "First Tenant", and [Name] of [Address], hereinafter referred to as "Second Tenant", it is herein agreed as follows:
1. The partiess hold the Property located at [address, county, state, legal description of property] as joint tenants.
2. The parties agree that from the date of this Agreement, the Property held by them at [address] shall be held by them as follows:
a. [Name] shall hold an undivided ........ percent (........%) interest in [address of property]. His assigns and transfers shall be entitled to all of his right, title, and interest in this Property.
b. [Name] shall hold an undivided ........ percent (........%) interest in [address of property].
The partiess assigns and transfers shall be entitled to all of his right, title, and interest in this Property.
3. Amendments of this agreement shall be by mutual consent of the parties only in writing.
4. Arbitration. Any disputes pertaining to said contractual arrangement being affairs that cannot be settled amicably shall be submitted to an arbitrator under the Rules of the American Arbitration Association or like organization in the City of [city], whose award may be reduced to judgment in any court of competent jurisdiction.
5. Severability. If any provision of this Agreement shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable. If a court finds that any provision of this Agreement is invalid or unenforceable, but that by limiting such provision it would become valid or enforceable, then such provision shall be deemed to be written, construed, and enforced as so limited.
6. Waiver Of Agreementual Right. The failure of either party to enforce any provision of this Agreement shall not be construed as a waiver or limitation of that party's right to subsequently enforce and compel strict compliance with every provision of this Agreement.
7. No Representations. Neither party has made any representations nor promises, other than those contained in this agreement or in some further writing signed by the party making the representation or promise.
8. Further Assurances. In connection with this Agreement and the transactions contemplated hereby, each party to this Agreement will execute and deliver any additional documents and perform any additional acts that may be necessary or appropriate to effectuate and perform its obligations under this Agreement and the transactions contemplated hereby.
9. Headings. The paragraph headings contained herein are for convenience of reference only and are not to be used in the construction or interpretation hereof.
10. Severance. The invalidity or unenforceability of any portion of this Agreement shall not affect the remaining provisions and portions hereof.
11. Entire Agreement. This Agreement including any attachments is the entire agreement between the parties and there are no other promises or conditions in any other agreement whether oral or written.
12. This Agreement supersedes any prior written or oral agreements between the parties.
13. Agreement Binding. This Agreement shall be binding upon the parties hereto and their respective heirs, administrators, successors, and assigns.
14. Exclusion of Oral Statements. This instrument contains all of the agreements of the parties. No oral or other statements shall be binding on either of the parties hereto.
15. Applicable Law. This Agreement shall be governed by the laws of the State of [State].
16. Time of The Essence. Time is the essence of this agreement.
IN WITNESS WHEREOF, the parties have executed this agreement the day and year as first above written at [City], [State].
[Name], First Tenant
[Name], Second Tenant
This Section for Notary:
STATE OF -------)
) ss: [date]
COUNTY OF ------)
On [Date] before me, [Name of Notary], notary, personally appeared [Name of Person(s) Involved], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
[Name of Notary Public]
My commission expires: [date]