Types of Land Ownership

(Page 6 of 9)

November/December 1974
By Les Scher 
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MODEL OWNERS' AGREEMENT

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This Owners' Agreement is made this _______________ day of ______________, 19____ , by and between whereby it is agreed as follows:

1. The purpose of this Owners' Agreement is to specify the rights and obligations of the undersigned Owners with regard to that certain real property situated in the County of ________________, State of ______________ , described as the _____________________.

2. The purpose of this Owners' Agreement is also to specify the rules and regulations regarding the use and enjoyment of said property.

3. Each Owner shall have one vote in any decision regarding said property or any condition specified in this Agreement.

4. Each Owner shall pay an equal amount of the principal and interest on the existing mortgage; and each Owner shall pay an equal amount of the property taxes, assessments, and maintenance costs, including road repair.

5. If any Owner is in default in any obligation under the terms of this Agreement, the Owners, by a majority vote, may then sell the defaulting Owner's interest without his or her consent after 30 days written notice to said Owner, provided that his or her interest shall be sold for the best price and upon the best terms obtainable from a person acceptable to the remaining Owners. In any such sale, the Owners may recoup from the proceeds of said sale any funds owed by the defaulting Owner.

6. In the event any Owner should desire to sell his or her interest in the said property, or in the event of a sale after default, the first opportunity for rejection shall be accorded to the remaining Owners. The option vested in the remaining Owners shall entitle them to purchase all rights and liabilities of the interest of the selling, or defaulting, Owner at a price equivalent to the total investment to date made by the selling, or defaulting, Owner in the said property, plus interest on that investment. The interest shall be computed at a rate of 5% per annum from the date of investment. The term "investment" shall include all money paid in the form of mortgage payments, including that portion of the payment which is accorded to principal and that portion of the payment which is accorded to interest.

The selling, or defaulting, Owner shall also be entitled to reimbursement for his or her portion of the investment in any improvements made on said property. The term "improvement" shall include structures, orchards and gardens, development of water systems, sewage systems, and drainage systems, and any other construction or development on said property which increases its value for sale. For this Agreement, the term "improvements" shall also include any items which will remain on said property, such as machinery, tools, and animals. The term "investment," with regard to improvements, shall include all money paid for the improvement. The value of an Owner's labor shall not be included in the computation of said Owner's investment.

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