Types of Land Ownership
(Page 7 of 9)
November/December 1974
By Les Scher
The selling, or defaulting, Owner shall be entitled to all reimbursements to be paid him in a period not to exceed five years at a rate of one-fifth (1/5) of the principal amount due, or more, per year.
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Reimbursements and payments to the selling, or defaulting, Owner for his portion of investment in improvements shall include interest on the money invested in the improvements from the date of the sale to the date of the reimbursement payment. There shall be no interest for investment to the date of sale.
7. Any Owner desiring to sell his or her interest as a tenant-in-common in said property shall so advise the other Owners in writing and all Owners shall use their best efforts to locate a buyer for the interest. No interest shall be sold to any person without the written consent and approval of a majority of all the Owners.
8. No Owner shall encumber or permit the encumbrance of his or her interest as a tenant-in-common of said property by any person or legal entity without the written consent of a majority of Owners.
9. No Owner may make a gift or donation of his or her interest in said property without the written approval and consent of a majority of all the Owners.
10. No Owner shall split or divide his or her interest in said property with any other persons for any reason. Should an Owner attempt to do so, such action will be interpreted as a desire to sell his or her interest in said property, and the rules of this Agreement regarding the sale of an interest shall apply.
11. In the event of the death of an Owner, the heir to his or her interest shall be bound by the terms of this Agreement.
12. This Agreement secures for each Owner the right, should he or she choose, to construct a habitation on said property. A majority approval is required with regard to the exercise of said right to the extent that the Owners may consider aesthetic, environmental, and other considerations relevant to the location and construction of said habitation.
13. Any physical alterations of said property must be approved by a majority of the Owners. "Physical alterations" shall include, among other things, the construction of any structures, such as houses, barns, garages, greenhouses, roads, dams, wells, water tanks and other forms of land development. The term "physical alteration" shall also include the cutting of any trees and vegetation and the clearing of any part of said property.
14. There must be approval by a majority of the Owners before any gas, water, or sewage pipes or electrical lines can be installed on said property from outside sources.
15. There shall be no use of pesticides, herbicides, or other poisons at any time or any place on said property without the approval of all the Owners.
16. The hunting and killing of wildlife shall be absolutely and strictly prohibited on said property at all times and during all seasons, except that killing of wildlife will be permitted for the protection of dwellings. The wildlife in the category of animals that threaten dwellings shall include mice, rats, and skunks. Under no circumstances shall bears, wildcats, deer or birds be killed. The taking of any fish from the creeks on said property shall be in accordance with state and local regulations.
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