Neither party may transfer their portion of the property to another individual or entity without the other party's consent. If one party wishes to sell or otherwise transfer their interest in the property, they must first notify the other party in writing and provide them with an opportunity to purchase this interest at a fair market value.
The Owner shall make a one-time capital contribution of $(insert amount) to the property, which will be applied towards any future expenses related to ownership and maintenance. The Tenant shall contribute $(insert amount) towards these costs annually. This Agreement constitutes the entire understanding between the parties regarding their rights and responsibilities concerning the property and may only be modified or terminated in writing.
Rights of First Refusal
In addition to the other terms outlined in this Agreement, both parties also have the right of first refusal to purchase any portion of the property being offered for sale by the other party. If either party expresses an interest in purchasing this part of the property, they must do so within a specified timeframe and at a fair market value mutually agreed upon by both parties. If the party declines to purchase this portion of the property, it may then be sold to an outside buyer at the owner's discretion.
Rights of Termination
Either party may terminate this Agreement at any time by providing written notice to the other party. If one party wishes to end this arrangement, they must give at least 30 days' notice in advance of their desired termination date. If the other party wishes to continue sharing ownership of the property, they must acknowledge and agree to the termination in writing. Otherwise, this Agreement will remain in effect until the agreed-upon termination date has passed.