Right To Use Agreement

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					                             RIGHT TO USE AGREEMENT
 (BETWEEN CO-OWNERS / TENANTS IN COMMON OF INVESTMENT OR VACATION PROPERTY)
THIS AGREEMENT made effective as of the _____ day of ______________, _______.

BY AND BETWEEN:

                [LIST NAMES and ADDRESSES OF ALL TENANTS IN COMMON]
                  (individually, a “Co-Owner”, and collectively the “Co-Owners”)
       together with their respective executors, administrators, mortgagees-in-possession and
                                               assigns


RECITALS:

A.     Each of the Co-Owners is, or is entitled to become, registered as a tenant in common on the title
       to the land (the “Property”) which is more particularly described in Schedule A attached hereto;

B.     The Co-Owners agree that their individual ownership interests in the Property are in the
       proportions as set out in Schedule B attached hereto;

C.     The Co-Owners wish to set out their various rights and obligations with respect to the Property
       as set out in this Agreement.

NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the mutual covenants
and agreements contained in this Agreement and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged by the parties, the parties hereby agree as follows:

1.     Interpretation

Wherever used throughout this Agreement:

(a)    references to persons include corporations and vice versa;

(b)    words importing the singular number include the plural number and vice versa;

(c)    words importing the masculine gender include the feminine and neuter genders and vice versa;

(d)    a reference to any of the parties by their defined terms includes that party’s executors,
       administrators and permitted assigns, or, if a company, its successors and permitted assigns;

(e)    every agreement or undertaking expressed or implied by which two or more persons agree or
       undertake any obligation or derive any benefit under this Agreement binds or benefits those
       persons jointly and each of them severally;

(f)    paragraph headings are for convenience of reference only and shall not affect the construction or
       interpretation of this Agreement;

(g)    any and all Schedules attached to this Agreement are incorporated by reference and are deemed
       to be part of this Agreement.

2.     Exclusive Use

(a)    The Co-Owners acknowledge and agree that each Co-Owner shall be entitled to the exclusive use
       and occupation of the entire Property during that period (if any) set out beside their name in
       Schedule C attached hereto (the “exclusive use”). Any mortgagee, lessee, licensee or other person
       authorized by the Co-Owner entitled to an exclusive use of all or any portion of the Property will
       be entitled to the exclusive use and occupation of that area subject to compliance with the
       provisions of this Agreement.
                                                  -2-


(b)   The Co-Owners acknowledge that any existing utilities which exclusively service the Property
      during a period of exclusive use:
      (i)     shall remain at all times in their present position; and
      (ii)    will be maintained at the cost and expense of the Co-Owner which has the exclusive use
              of them.

(c)   If no periods of exclusive use are set out in Schedule C, or if such periods cover less than 100% of
      the calendar year, then the Property shall be made available for leasing to third parties during the
      unused period(s) of the calendar year, and the Co-Owners shall severally share the net income
      from such leasing in proportion to their ownership interests in the Property.

(d)   Each Co-Owner shall be at liberty to lease the Property to a third party during his or her period
      of exclusive use, and the net income from such sub-lease shall be paid to the subject Co-Owner;
      provided, however, that any costs for damages, loss or otherwise arising from the negligence or
      misuse of the Property, furnishings and chattels therein by such third party shall be deducted
      from the sub-lease income prior to its being paid to such Co-Owner.

3.    Ownership Control

(a)   Each Co-Owner will have decision making control over all matters in connection with the
      Property pro rata in proportion to their ownership interests as set out in Schedule B;

(b)   Each of the Co-Owners covenants and agrees with the others not to apply to any court having
      jurisdiction for an order for partition or sale of the Property.

4.    Maintenance of the Property

(a)   Joint Maintenance. The Co-Owners will jointly maintain the Property, or contribute jointly to the
      maintenance of the Property, pro rata in proportion to their ownership interests as set out in
      Schedule B;

(b)   Insurance. The Co-Owners will effect public liability insurance coverage on the Property in an
      amount not less than FIVE MILLION DOLLARS ($5,000,000.00), and agree to pay for such
      coverage pro rata in proportion to their ownership interests as set out in Schedule B;

(c)   Common Costs. Each Co-Owner will pay as and when required all common costs in respect of the
      Property (including without limitation all taxes, assessments, levies, and other charges with
      respect to the Property by any municipal, [state/provincial] or federal authority, and all costs of
      maintaining the common property) pro rata in proportion to their ownership interests as set out in
      Schedule B. In the event that any Co-Owner fails to pay his or her share of any common cost on
      the due date and another Co-Owner elects to pay such defaulting Co-Owner’s share, the
      defaulting Co-Owner will pay to the other Co-Owner, in addition to the amount which he or she
      should have initially paid, interest on that amount at the rate of ____% per annum calculated on
      daily balances from the date on which the cost was paid by the other Co-Owner until the date of
      actual payment by the defaulting Co-Owner.

(d)   Compliance With Law: Each Co-Owner, at his or her own cost, will maintain and fully comply with
      and observe all statutes, ordinances, by-laws and regulations and fully comply with the
      requirements of all relevant authorities relating to the use and occupation of the Property during
      any period of exclusive use. Each Co-Owner will be responsible for, and indemnifies and holds
      harmless the other Co-Owners against, any action, suit, claim, loss or demand arising from the
      Co-Owner’s failure to comply with this provision and any other loss or liability arising from any
      act, neglect or omission of that Co-Owner or of that Co-Owner’s family, invitees, servants, agents,
      contractors or tenants.

(e)   Leasing Income. In the event that the Property is generally leased for any portion of the calendar
      year during which no periods of exclusive use occur, the leasing income (after deduction of all
                                                 -3-


      relevant expenses and agent’s commissions, if any) shall be divided among the Co-Owners pro
      rata in proportion to their ownership interests as set out in Schedule B.

5.    Property Manager [delete this section if no property manager is being retained]

(a)   The Co-Owners agree to appoint the Property Manager named in Schedule ___ hereto, or such
      alternate or substitute Property Manager as a majority of the parties hereto from time to time
      decide, or in default of which, the Property Manager from time to time of the strata or
      condominium plan of which the Property forms a part, as their agent for the purpose of
      arranging and managing the day-to-day care, maintenance and operations of the Property and all
      the ordinary and usual business affairs associated therewith, including (without limitation) any
      necessary repairs to the Property and its furnishings and chattels; general leasing of the Property
      to third parties; arranging insurance coverage; and collecting and remitting all leasing or sub-
      leasing income to the Co-Owner(s) entitled thereto.

(b)   The address for service of all the Co-Owners shall be the address of the Property Manager, who
      shall be and is hereby instructed by all of the Co-Owners to provide each of them with a copy of
      any correspondence, notice or other documents mailed to or served upon the Co-Owners.

(c)   The Property Manager shall be directed to perform the following duties:

      (i)     to manage the Property in accordance with the terms of this Agreement;

      (ii)    to protect and preserve the titles and interests of the Co-Owners with respect to the
              Property and chattels therein;

      (iii)   to keep, or cause another to keep under its supervision, all books of account and other
              records required with respect to the management of the Property in accordance with
              good accounting principles and procedures applied in a consistent manner, and to keep
              statements, receipted bills and invoices, and all other records covering all collections,
              disbursements, and other information and documentation in connection with the
              Property and the leasing, sub-leasing or periodic occupation of the Property;

      (iv)    to allow each Co-Owner, or any person designated in writing by a Co-Owner, at any
              reasonable time during regular business hours, and upon reasonable advance notice, to
              review or audit such books, records, and accounts;

      (v)     to deliver to each Co-Owner a balance sheet and a profit and loss (income) and cash flow
              statement, together with all information necessary for the preparation of the Co-Owners’
              tax returns, as soon as reasonably practicable (but in no event later than 90 days
              following the close of each financial year);

      (vi)    to retain or employ and coordinate the services of any independent contractors,
              accountants, legal counsel, and other persons necessary or appropriate to assist the
              Property Manager in performing its duties under this clause;

      (vii)   to the extent that funds are available from income from the Property, to pay all insurance
              premiums, debts, and other obligations arising from the Property Manager’s
              performance of its duties under this clause;




THIS IS AN 11-PAGE DOCUMENT, including schedules.

				
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