Grant of life estate in exchange for other property of life tenant. This agreement is made _________[date], between _________, of _________[address], _________[city], _________ county, _________[state], ("grantor"), and _________, of _________[address], _________[city], _________ county, _________[state], ("grantee"). In consideration of the mutual covenants between grantor and grantee, the parties agree as follows: 1. For and in consideration of the conveyance, coincident with this agreement, of real property situated at _________[address], _________[city], _________ county, _________[state], to grantor by grantee, grantor grants to grantee for the period of grantee's natural life the right to occupy, rent free, from the date of this agreement, according to and under the following terms and conditions, the following property: _________[legal description]. 2. All taxes, levies and assessments against the premises shall be paid by grantor. 3. Grantor, at grantor's own expense, will make all ordinary and normal repairs to the building and improvements now or hereafter erected on the premises that grantor deems necessary. However, maintenance or repairs required by or resulting from the negligence of an occupant of the premises shall not be included in this obligation, and grantor will be reimbursed by grantee or grantee's personal representative for the cost of maintenance or repairs subject, however, to the provisions of paragraph 4 with reference to damage resulting from fire or casualty. 4. Grantor, subject to the provisions of paragraph 3, will make, at grantee's own expense, all repairs to the buildings and improvements now or hereafter erected on the premises required because of one or more partial or complete destructions of the improvements by the action of the elements, fire, or other casualty, so as to insure the tenure granted, but, in the event of damage or destruction of any of the buildings under such circumstances as will require grantor to repair or rebuild the buildings, grantor shall not be under any obligation to furnish grantee or other occupants with another residence during the period of repair or reconstruction. 5. If destruction or damage to any of the buildings or improvements is caused by the wilful, malicious, or grossly negligent act of grantee or any occupant of the house, their agents, employees, or visitors, or by any act of grantee or any occupant of the buildings, their agents, employees, or visitors, that would prevent any standard insurance company from writing a standard insurance policy of the state of _________ at the standard rate, or would cause the cancellation of such policy once written, or would release such company from liability under such policy were grantee the named insured under such policy, there shall not be any obligation on grantor to repair or rebuild. The references to a standard insurance policy of the state of _________ are made for the purpose of defining the rights and obligations of the parties and shall be given full force and effect irrespective of the existence or nonexistence of such policy or policies on the buildings and improvements. 6. Grantor shall have the right to landscape the premises, at grantor's option, as grantor may from time to time deem desirable or proper, but the maintenance and upkeep of the yard and all landscape items planted either by grantor or by grantee shall be the responsibility of grantee, except that, in the event grantee should be incapacitated while in occupancy, grantor shall be responsible for maintaining the yard and landscaping for the duration of such incapacity. 7. Grantor, through grantor's agents and employees, shall have the right at all times to enter into and on the premises for the purposes of construction, reconstruction, and maintenance, of making repairs, improvements, and replacements to buildings and grounds, and of making such inspections as grantor may deem necessary or advisable, but any inspection of the dwelling house shall be made at reasonable hours during the daytime Monday through Friday, on reasonable advance notice being given grantee. 8. All water, sewer, and electricity charges and fees assessed against the property shall be paid by grantee. 9. Grantee shall not be under any obligation to grantor to carry fire or other casualty insurance on the premises, except as required in paragraph 10. 10. Grantee shall have the right to sublet the premises for _________[single-family residential] purposes, but, in the event this is done, grantee will reimburse grantor for the cost of any extraordinary maintenance or repairs resulting from such occupancy, including repainting required on change of tenants; and grantee will carry, for the benefit of grantor, fire and extended coverage insurance to the full insurable value of the property, and reasonable liability insurance. 11. Grantee and other occupants authorized by these terms shall use the premises solely as a dwelling or home for themselves and for members of their families, companions, and employees living with them, provided that grantee or other occupants from time to time may rent a room or rooms in the dwelling house if they are in residence in the dwelling house, but the premises shall not otherwise be used by grantee or other occupants as a source of profit. 12. Grantee will not erect any sign on the premises, or attach or install awnings, radio aerials, television antennas, satellite receiving dish, or air-conditioning units, or make any other installations on the premises without first obtaining the written consent of grantor. 13. Grantee will not make any changes, alterations, deletions, or additions to the interior or exterior of the buildings and improvements on the premises without having first obtained the written consent of grantor. 14. On the death of grantee, all restrictions and covenants contained in this agreement shall terminate, and grantor shall have unrestricted title to, and the use of, the premises. 15. Neither grantee nor grantor shall do any act to encumber the premises. 16. Grantee shall have quiet possession of the premises, subject, however, in all respects, to grantor's right of possession and occupancy during grantee's tenure as set out in this agreement. 17. This agreement shall inure to and in all respects be binding on the successors and assigns of grantor and the personal representatives of grantee. 18. Any notice by either of the parties to the other party may be given, and shall be deemed to have been properly given, if either delivered personally, or sent by registered mail to grantor at _________[address], _________[city], _________ county, _________[state], or to grantee at the premises described. In witness etc. [Signatures] [Acknowledgment]