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					Joint venture—Land development. This agreement is made this _________[date], by and between the undersigned A, B, C and D: The parties to this agreement have agreed to purchase the following described real estate in the (City, Village) of _________, _________ County, _________: _________(legal description of property). The above-described real estate is being purchased under a land contract for $_____, payable as follows: a down payment of $_____, with the balance payable in equal monthly payments for 15 years, with interest at _____% on the unpaid balance, said monthly payments to total $_____, including principal and interest. The parties to this agreement have further agreed to purchase the following described property in the (City, Village) of _________, _________ County, _________: _________(legal description of property). The above-described property is being purchased under a land contract for $_____ payable as follows: a down payment of $_____ with the balance payable in equal monthly payments of $_____, including principal and interest, over 15 years, the interest to accrue at _____% per annum on the unpaid balance. It is the intent of the parties that the costs, investments, profits and losses are to be borne equally among the parties with the result that each of the parties will obtain a 25% share of both the benefits and liabilities of the venture. Therefore, it is mutually agreed by and among the parties to this agreement that the money for the above purchases, and for all of the expenses incidental to ownership of them, is to be furnished as follows: I. Down Payments: (a). A agrees to supply one down payment of $_____; and (b). B, C and D together agree to supply one down payment of $_____, and further agree to make such additional payments as are necessary to adjust individual contributions to attain the desired 25% equal shares, specifically: (1) B, C and D together will make a prepayment of $_____ to one or both of the above land contracts, said prepayment to follow sale or lease by them of or following arrangements for a loan on four lots in _________ County, _________, described as follows: _________(legal description of property). No restriction is made as to time of sale of or time of procurement of a loan or lease on the above-described real estate; and (2) Extra interest paid on the part of A during the interim between the payment of the initial down payments and the above-described equalization of down payments will be paid to A by B, C and D together, either in cash or applied on either of the above land contract's indebtedness, at the option of A, the payments to be in the amount of 25% of the difference between interest which would have been paid on the land contract's lower initial balance had there been equal down payments and interest actually paid. II. Capital Account: The parties are to keep a bank account for the purpose of doing business under the terms of this agreement, the account to be either opened in the names of all four parties as "_________[state] Property" on _________[date] and _________[date], or such other bank account as the parties shall from time to time agree upon. Into this account will be placed all monies received under the terms of this agreement, either from the parties themselves or from any outside source, including, but not limited to, the following:

(a). The $_____ received from the parties as down payments under I above, together with any equalization monies paid under I(b) above not otherwise applied; and (b). Monies received, if any, from rental of the property purchased. (c). Each of the parties will deposit not less than $_____ each month. If, due to temporary financial stress during the year _________[year], A finds monthly payments difficult, B will assume these payments for that period, B to be repaid by A by application of the total amount paid on h— behalf on the above land contracts' indebtedness or in cash, at B's option, and in addition B to be reimbursed personally by the A for interest in the amount of _____%. It is further mutually agreed by and between the parties that monies in the capital account will be first applied to the indebtedness on the two land contracts, as due and owing, with the balance, if any, to be used for taxes, maintenance and repair, insurance and any other expenses incidental to the ownership and upkeep of the properties as described in this agreement. It is further mutually agreed by the parties that all management decisions made under the terms of this agreement shall be made by mutual consent of the parties and that D, or such other parties as the parties shall from time to time select, shall keep all of the financial accounts and issue detailed quarterly statements of them, to be discussed by the parties. If any of the parties provide substantial personal services to the partnership, such as, but not limited to, those provided under this paragraph, such party or parties shall be entitled to suitable compensation for them. This agreement can be amended only by the unanimous consent of all of the parties. It is further mutually agreed by the parties that on default of monthly payment under II(c) above, _____% interest per day will be due on the monthly sum for twenty-five days, then _____% interest will be due on the party's capital account for the next thirty days and then agreement will be made as to termination or withdrawal, as below, unless, for cause, all of the parties agree to an extension of the thirty days. It is further mutually agreed by the parties that should one or more of the parties wish to terminate this agreement, that party or parties shall be repaid h— original down payment, if A, or, if B, C, and/or D, they shall be repaid their original down payment or their original downpayment plus equalized down payment, depending upon time of termination. In addition to the down payment, the terminating party or parties shall receive 25% of the monthly payment total of principal and interest payments on both land contracts, plus _____% interest on the total amount, but no repayment of insurance, taxes, maintenance and repair, default costs or other operating expenses will be made. Should A wish to terminate the agreement prior to down payment equalization, —he shall receive the amount of h— down payment, principal and interest and _____% interest on the total amount but not extra interest unless the time from the date of the down payment until such termination shall exceed three years. Payment upon termination shall not be required to be made in one lump sum, but shall be paid off in full within a reasonable time. In the event of such termination by any party or parties, provisions relative to the capital account will be appropriately adjusted. It is further mutually agreed by the parties that the death of a partner shall cause the partnership to be dissolved only as to the deceased partner and that the surviving partners shall acquire the entire interest of the deceased partner, without any purchase or payment whatever, no interest in this venture passing to the deceased partner's estate. It is the intention of the parties that this provision shall provide a right of survivorship in the parties in the same manner as a joint tenancy in land. In consideration for this, each of the parties agrees to maintain a policy of life insurance payable to the surviving parties in the amount of $_____ the proceeds of which are first to be applied in furtherance of business of the parties under this agreement. If any of the parties should die without a policy of insurance in force as above specified, then that party's share of the indebtedness remaining on the land contracts shall be a debt owing to the survivors at the date of death and a liability of the deceased partner's estate.

It is further mutually agreed by the parties that the parties and each of them may engage in any business other than that discussed under this agreement in such manner and at such times as they and each of them shall, from time to time, desire, completely free of any restriction, interest or claim by the partnership in them. In consideration for this, each party by this agreement agrees to indemnify and hold the remaining parties harmless against any and all loss, damages, costs and expenses that may be incurred by reason of such party's private, outside business. It is further mutually agreed by the parties that the proceeds realized from the sale of the real estate which is the subject of the agreement, when sold, together with the income, if any, from the real estate, excepting income from rental or lease, as covered in II(b) above, after payment of taxes and all costs of every kind and nature, shall be applied as follows: 25% to each party, and should any loss be incurred by reason of the purchase of the real estate, such loss shall be borne as follows: 25% by each party and that such sale of the real estate, followed by a final accounting and distribution as fixed in this agreement, shall operate to terminate this agreement as to all of the parties. Witness our hands and seals this _________[date]. Attest: _________ _________ _________[Seal] _________[Seal] _________[Seal] _________[Seal]

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posted:1/10/2008
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