Right to Use Agreement for Vacation Property

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Right to Use Agreement for Vacation Property Powered By Docstoc
					This agreement is made among the co-owners of a vacation property. The agreement
governs the right of the co-owners exclusive use of the vacation property and provides a
schedule that can be attached providing the date and times of each co-owners exclusive
use of the vacation property. This agreement can be used by individuals or entities that
collectively own vacation property and want to establish a schedule for the exclusive
use of the vacation property.
        RIGHT TO USE AGREEMENT FOR VACATION
                      PROPERTY
       THIS RIGHT-TO-USE AGREEMENT (hereinafter, the “Agreement”) is made
this _____ day of _____________, 201_____ among ___________________,
_________________ and ____________________ (hereinafter, collectively, the “Co-
Owners” and individually, the “Co-Owner”).
{Instruction: Add or subtract spaces, as needed, if there are more/fewer than 3 owners.
Provide the full legal names of each co-owner, above, in the spaces provided.}

       WHEREAS, the Co-Owners are tenants in common in respect to a vacation
property known municipally as ___________________[PROVIDE ADDRESS], and
legally described as _______________________ [PROVIDE THE LEGAL
DESCRIPTION OF THE PROPERY] (hereinafter, the “Vacation Property”).

      AND WHEREAS, the Vacation Property is owned by the Co-Owners as tenants
in common in the following percentage of ownership:

       (a) ______ (___%) percent of the Vacation Property is owned by ___________;

       (b) ______ (___%) percent of the Vacation Property is owned by ___________;
           and

        (c) ______ (___%) percent of the Vacation Property is owned by __________.
{Instruction: Subtract (c), directly above, if only 2 owners. Add more lines, if more
than 3 owners. Provide full legal names of every co-owners, in the spaces provided,
above.}

       AND WHEREAS, the Co-Owners are desirous to enter into this Agreement to
provide for each of their rights to the Vacation Property.

        NOW THEREFORE in consideration of the mutual promises and agreement
contained in this Agreement, and other good and valuable consideration, the parties
hereto agree as follows:

1.00   INTERPRETATION


1.01   Defined Terms. In this Agreement and in the schedules hereto, the following
       terms shall have the meanings set out below unless the context requires otherwise
       (in which case the term will not be capitalized):

1.02  "Agreement" means this Agreement, including the schedules to this Agreement, as
      it or they may be amended or supplemented from time to time, and the expressions
      "hereof", "herein", "hereto", "hereunder", "hereby" and similar expressions refer
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       to this Agreement and not to any particular section or other portion of this
       Agreement;

1.03   "Applicable Law" means any law, rule, statute, regulation, order, judgment, decree
       or treaty, any zoning, property or other municipal or city by-law, and any other
       requirement having the force of law (hereinafter, collectively, the "Law").
       Applicable Law also includes, where appropriate, any interpretation of the Law (or
       any part) by any Person having jurisdiction over it or charged with its administration
       or interpretation;

1.04   “Claim” means any claim, demand, action, cause of action, suit, arbitration,
       investigation, proceeding, complaint, grievance, charge, prosecution, assessment or
       reassessment, including any appeal or application for review.

1.05   "Encumbrances" means mortgages, charges, pledges, security interests, liens,
       encumbrances, actions, claims and demands of any nature whatsoever or howsoever
       arising and any rights or privileges capable of becoming any of the foregoing, which
       affects, by way of a conflicting ownership interest or otherwise, the right, title or
       interest in or to any particular property;

1.06   "Liabilities" means all costs, expenses, charges, debts, liabilities, claims, demands
       and obligations, whether primary or secondary, direct or indirect, fixed, accrued,
       contingent, absolute or otherwise, under or in respect of any contract, agreement,
       arrangement, lease, commitment, undertaking, Applicable Law or Taxes;

1.07   "Party" means a party to this Agreement and any reference to a Party includes its
       successors and permitted assigns; "Parties" means every Party;

2.00   EXCLUSIVE USE OF VACATION PROPERTY

2.01   The Co-Owners shall each be entitled to the exclusive use of the Vacation
       Property at the various times and dates as set out on Schedule “A,” annexed
       hereto. The Co-Owners acknowledge and agree that the time schedule set out on
       Schedule “A” annexed hereto may be changed or altered upon the written
       authorization of all of the Co-Owners.

2.02   Each of the Co-Owners exclusive use of the Vacation Property shall include any
       family members, relatives or guests of the Co-Owner.

2.03   The Co-Owners acknowledge that the following utility services are currently
       located at or in the Vacation Property:

       (a) ___________________________;

       (b) ___________________________;

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       (c) ___________________________; and

       (d) ____________________________
{Instruction: Provide specific details. Add more lines, if necessary.}

       and such utility services shall remain in place and in good working condition at or
       in the Vacation Property. No utilities will be turned off or canceled without the
       prior written consent of all of the Co-Owners.

2.04   Each of the Co-Owners shall pay any and all utility bills for the Vacation Property
       that are rendered during each of the Co-Owner’s exclusive use of the Vacation
       Property. The Co-Owners shall pay any and all utility bills for the Vacation
       Property in a timely fashion and shall ensure that such utility bills are paid in full
       prior to the deadline date for payment of same.

2.05   In the event there are periods throughout a calendar year in which none of the Co-
       Owners is using the Vacation Property, any and all utility bills rendered for the
       Vacation Property for the periods of such non-use, shall be divided among the Co-
       Owners for payment in accordance with their respect percentage of interest in the
       Vacation Property.

2.06   During any periods of non-use by any of the Co-Owners, the Co-Owners shall
       have the option to lease out the Vacation Property to any third Party. All
       proceeds from the leasing out of the Vacation Property to any third Party shall be
       shared among the Co-Owners in proportion to their respective percentage of
       interest in the Vacation Property.

2.06   Each of the Co-Owners shall have the option to lease out their interest in the
       Vacation Property to any third Party for that third Party’s exclusive use during the
       time such Co-Owner would have his/her exclusive use of the Vacation Property;
       provided, however, that any costs for damages, loss or otherwise arising from the
       negligence or misuse of the Vacation Property, furnishings and chattels therein by
       such third Party shall be deducted from the sub-lease income prior to its being
       paid to the Co-Owner.

2.07   The Co-Owners agrees to abide by any and all municipal by-laws in respect to the
       Vacation Property or any rules and regulation imposed by any governmental
       authority of the governing jurisdiction.

3.00   DECISION CONTROL

3.01   The Co-Owners acknowledge and agree that each Co-Owner shall have the right
       to exercise decision making powers in respect to the Vacation Property in
       proportion to each of the respective interest in the Vacation Property.

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3.02   The Vacation Property shall not be listed with any real estate agent or company
       for sale, unless the written authorization to do so is obtained from all of the Co-
       Owners of the Vacation Property.

4.00   PRESERVATION OF VACATION PROPERTY

4.01   Each of the Co-Owners shall use their reasonable best efforts to keep the Vacation
       Property clean and in a good state of repair, reasonable wear and tear excepted.

4.02   Each of the Co-Owners shall pay for any and all repairs and maintenance required
       for the Vacation Property in proportion to their respective interest in the Vacation
       Property. Repairs and damages due to the negligent and/or intentional acts of Co-
       Owner or his/her guests and agents will be the sole responsibility of that Co-
       Owner.

4.03   The Co-Owners shall keep in full force and effect and in good standing at all
       times, insurance on the Vacation Property in an amount not less than
       _____________ ($_________) Dollars. Such insurance coverage will be paid for
       by the Co-Owners in proportion to their respective interest in the Vacation
       Property.

4.04   The Co-Owners shall pay any and all property taxes, municipal taxes, state taxes
       and federal taxes in respect to the Vacation Property as such may become due and
       owing. Such taxes shall be paid by the Co-Owners in proportion to their
       respective interest in the Vacation Property.

4.05   At any time should any of the Co-Owners neglect or fail to pay his or her portion
       of any of the costs associated with the Vacation Property when due and owing and
       such amount is paid by one of the other Co-Owners, the Co-Owner who failed to
       pay his or her portion of any of the costs associated with the Vacation Property,
       shall forthwith pay to the other Co-Owner who paid such cost in full with interest
       at the rate of ______ (___%) percent per annum.

5.00   INDEMNIFICATION

5.01   The Co-Owners hereby agree to indemnify and hold each other harmless, from
       any against any action, cause of action, suit, Claim, loss or demand which may
       result from a Co-Owner’s exclusive use of the Vacation Property or any family
       member, relative or guest or agent of the Co-Owner. The Co-Owners hereby
       further agree to indemnify and hold each other harmless from and against any loss
       or damage that may result from a Co-Owner’s exclusive use of the Vacation
       Property or any family member, relative or guest or agent of the Co-Owner.

6.00   REPRESENTATIONS AND WARRANTIES

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6.01   Each of the Co-Owners hereby represent and warrant to the others as follows:

       (a) That there is no litigation or proceedings pending or threatened in respect to a
           Co-Owner's respect interest in the Vacation Property, which, if decided
           adversely, would adversely affect the rights of the other Co-Owners;

       (b) That there are no Encumbrances covering the Co-Owner’s interest in the
           Vacation Property and the Co-Owner shall not encumber his or her interest in
           the Vacation Property at any time, without the prior written consent of all of
           the Co-Owners; and

       (c) That the Co-Owner has all necessary power, authority and capacity to enter into
           this Agreement and all other agreements and instruments to be executed by him
           or her as contemplated by this Agreement and to carry out his or her obligations
           under this Agreement and such other agreements and instruments as may be
           entered into in relation to this Agreement.

7.00   NOTICES

7.01   Any notice required or permitted to be given hereunder may be effectively given by
       letter delivered either by personal delivery, registered mail or by electronic means,
       addressed to the recipient as follows:

       in the case of _______________ [PROVIDE NAME OF CO-OWNER # 1], at:




       in the case of ________________ [CO-OWNER # 2],at:




       in the case of ________________ [CO-OWNER # 3],at:




{Instruction: Add or subtract lines for the contact details, above, if more than/fewer than
3 owners}



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       and, in each case, mailed by ordinary mail, postage prepaid, or delivered to that
       address; and, if mailed as aforesaid, any such notice shall have been deemed to have
       been given on the fifth (5th) business day following that on which the letter
       containing the notice was posted. If any notice is given by electronic
       communication, such notice shall be deemed to be delivered on the day of
       transmittal thereof if given during normal business hours of the recipient and on the
       next business day if given after normal business hours. Any Party may change its
       address for service from time-to-time by notice given in accordance with the
       foregoing.




8.00   GENERAL PROVISIONS

8.01   Each Co-Owner hereby covenants and agrees that at any time, and from time-to-time,,
       upon the request of the others, do, execute, acknowledge and deliver or cause to be
       done, executed, acknowledged and delivered all such further acts, deeds, assignments,
       transfers, conveyances, documents and assurances as may be required for the better
       carrying out and performance of the terms of this Agreement.

8.02   The rights and remedies of the Co-Owners under this Agreement are cumulative, and
       in addition to and not in substitution for any rights or remedies provided by law. Any
       single or partial exercise by any Co-Owner of any right or remedy for default or
       breach of any term, covenant or condition of this Agreement does not waive, alter,
       affect or prejudice any other right or remedy to which such Co-Owner may be
       lawfully entitled for the same default or breach.

8.03   This Agreement and the schedules referred to herein constitute the entire agreement
       between the Co-Owners and supersede all prior agreements, representations,
       warranties, statements, promises, information, arrangements and understandings,
       whether oral or written, express or implied, with respect to the subject matter hereof.
       None of the Co-Owners shall be bound or charged with any oral or written
       agreements, representations, warranties, statements, promises, information,
       arrangements or understandings not specifically set forth in this Agreement or in the
       schedules. The Co-Owners further acknowledge and agree that, in entering into this
       Agreement they have not in any way relied, and will not in any way rely upon any oral
       or written agreements, representations, warranties, statements, promises, information,
       arrangements or understandings, express or implied, not specifically set forth in this
       Agreement.

8.04   Each provision of this Agreement is intended to be severable. If any provision hereof
       is illegal or invalid, such illegality or invalidity shall not affect the validity of the
       remainder hereof.


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8.05   Each Co-Owner shall be responsible for its own legal and other expenses (including
       any Taxes imposed on such expenses) incurred in connection with the negotiation,
       preparation, execution, delivery and performance of this Agreement.

8.06   Any Co-Owner that is entitled to the benefits of this Agreement may, and has the right
       to, waive any term or condition hereof at any time on or prior to the time when such
       term or condition is required to be fulfilled under this Agreement; provided, however,
       that such waiver shall be evidenced by written instrument duly executed on behalf of
       such Co-Owner. The waiver by a Co-Owner of any term or condition hereof shall not
       operate as a waiver of that Co-Owner's rights under this Agreement in respect of any
       other term and condition (whether of the same or any other nature).

8.07   No modification, supplement, termination, waiver or amendment to this Agreement
       may be made unless agreed to by the Co-Owners in writing.

8.08   This Agreement shall be binding upon and enure to the benefit of the Co-Owners and
       their respective heirs, administrators, executors, successors and permitted assigns.
       Nothing herein, express or implied, is intended to confer upon any person, other than
       the Co-Owners and their respective heirs, administrators, executors, successors and
       permitted assigns, any rights, remedies, obligations or Liabilities under or by reason of
       this Agreement.

8.09   This Agreement shall be governed by and construed in accordance with the laws of
       the State of _______________ applicable therein. Co-Owners agree to submit to the
       jurisdiction of the county of __________________. {Instruction: Provide the location
       where parties agree that any disagreement/dispute will be heard.}

8.10   Time shall be of the essence of this Agreement.

8.11   The Co-Owners hereby agree that any disputes or disagreements respecting the
       negotiation, performance or interpretation of this Agreement or the transaction to
       which this Agreement relates, or respecting any Claims arising under or in relation
       to this Agreement or the transaction, to which this Agreement relates, shall be
       resolved as follows:

       (i)     the Parties shall attempt to resolve any dispute or Claim by dealing with each
               other directly;

       (ii)    in the event that the Parties cannot resolve the dispute or Claim within thirty
               (30) days after the dispute is raised or the Claim is made, then each Party
               shall, within thirty (30) days thereafter, appoint an arbitrator, and the two or
               more arbitrators so appointed will, within thirty (30) days after their
               appointment, agree upon the appointment of a third arbitrator. If one Party
               fails to appoint an arbitrator within the thirty (30) day time limit as outlined
               above, then that Party shall be deemed to have forfeited its right to appoint

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              an arbitrator, and the arbitrator appointed by the other Party shall appoint one
              other arbitrator, and both of those arbitrators shall agree upon the
              appointment of a third arbitrator. Once all three arbitrators have been
              appointed, the Claim or dispute shall be presented by the Parties to the three
              arbitrators at the earliest time or times designated by the three arbitrators, and
              the three arbitrators shall resolve the dispute on the basis of a majority
              decision. Such decision of the arbitrators shall be final and binding on the
              Parties, and the Parties shall have no further right of appeal to any other
              Party, body, authority or court. {Instruction and Note: Since there may be
              3 or 4 or more Co-Owners, and therefore, more than 2 parties to a dispute,
              part of the above paragraph may not be necessary. If an odd number of
              parties selects an odd number of arbitrators, then there is no need for those
              arbitrators to then get together and select an additional arbitrator. This
              "extra" arbitrator should be selected only when the number of parties in a
              particular dispute results in an even number of arbitrators being
              appointed.}

8.12   No Co-Owner may assign any or all of its rights and obligations provided for or
       referred to in this Agreement without the prior written approval of the other Co-
       Owners.

8.13   None of the Co-Owners shall make any public announcement concerning the
       transaction or related negotiations without the other Co-Owners' prior written approval
       (which approval may not be unreasonably withheld or delayed), except as may be
       required by applicable law. If such an announcement is required by law, the Co-
       Owner required to make the announcement shall inform the other Co-Owners of the
       contents of the announcement proposed to be made and the proposed date of the
       announcement and shall use its reasonable efforts to obtain the other Co-Owners’
       approval for the announcement, which approval must not be unreasonably withheld or
       delayed. Except as may be required by applicable law, in no event shall any
       announcement be made until this Agreement has been signed by all parties and the
       transactions contemplated herein are concluded.

        IN WITNESS WHEREOF the parties hereto have hereunto set their hands and
seals as of the day and year first written above.



Witness:                                              Co-Owner


Witness:                                              Co-Owner


Witness:                                              Co-Owner
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{Instruction: Add more Co-Owner signature lines, if needed.}




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          11


     SCHEDULE “A”

EXCLUSIVE USE SCHEDULE
                                                                    12


				
DOCUMENT INFO
Description: This agreement is made among the co-owners of a vacation property. The agreement governs the right of the co-owners exclusive use of the vacation property and provides a schedule that can be attached providing the date and times of each co-owners exclusive use of the vacation property. This agreement can be used by individuals or entities that collectively own vacation property and want to establish a schedule for the exclusive use of the vacation property.
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