Partition of the Property Clause Samples

The Partition of the Property clause defines how jointly owned property will be divided among the parties involved. Typically, this clause outlines the process for physically or legally separating the property, such as by selling it and distributing the proceeds or by assigning specific portions to each owner. Its core function is to provide a clear mechanism for resolving disputes or ending joint ownership, ensuring that each party receives a fair share and reducing the potential for future conflicts.
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Partition of the Property. Each Member agrees that it shall have no right to partition the Property, or any portion thereof, and each Member agrees that it shall not make application to any court or authority having jurisdiction in the matter to commence or prosecute any action or proceeding for partition of the Property, or any portion thereof. Upon the breach of this Section by any Member, the other Members, in addition to all other rights and remedies in law and equity, shall be entitled to a decree or order dismissing application, action or proceeding.
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Partition of the Property. Either Owner shall have the right to partition the Property, after having first offered to sell his interest therein to the other Owner in accordance with the following procedure: (i) The Owner desiring to partition the Property shall notify the other Owner, in writing, of such desire. In such notice, the Owner seeking partition shall name an appraiser active in the appraisal of recreational property in Gallatin or Madison County, Montana. The non-partitioning Owner shall have twenty (20) days to consent to such appraiser, or identify another appraiser active in Gallatin or Madison County, Montana. Failure to submit an alternative appraiser’s name within the twenty (20) day period constitutes consent to the initial named appraiser. If the non-partitioning Owner identifies a second appraiser, then the two identified appraisers shall promptly designate a third appraiser to appraise the Property. The partitioning Owner shall pay the cost of an appraisal of the Property conducted by the designated or agreed appraiser. Within five days after receipt of the appraisal report, and prior to the initiation of any partition action, the partitioning Owner shall offer to sell his interest in the Property to the non-partitioning Owner, in writing, at a discounted price equal to (I) the Property’s appraised value, times (ii) the partitioning Owner’s percentage ownership interest in the Property, times (iii) 1.0; (provided, however, for a period from November 1, 2005 to October 31, 2010, such shall multiplier shall be .70, to reflect a Thirty Percent (30%) Discount negotiated by the parties for the initial phase of ownership of the Property). The other Owner shall have a period of thirty (30) days after receipt of such written offer in which to accept or reject said offer, in writing. Failure to follow the procedures set forth in this section shall constitute a complete defense to any partition action brought by any Owner. (ii) In the event the non-partitioning Owner rejects the offer, then the partitioning Owner shall be free to initiate a partition action in the appropriate court. In the event the non-partitioning Owner accepts the offer, then the non-partitioning Owner shall purchase the interest of the other Owner at the price set forth in said notice within one hundred twenty (120) days after the acceptance of said offer. The selling Owner shall pay any and all title insurance premiums and reasonable closing costs associated with said transfer. The parties acknowledg...
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Partition of the Property. Each Partner agrees that it shall have no right to partition the Property, or any portion thereof, and each Partner agrees that it shall not make application to any court or authority having jurisdiction in the matter to commence or prosecute any action or proceeding for partition of the Property, or any portion thereof. Upon the breach of this Section 17.2 by any Partner, the other Partners, in addition to all other rights and remedies in law and equity, shall be entitled to a decree or order restraining and enjoining such application, action or proceeding.
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Partition of the Property. Effect any oral or other partition of the Property or enter into any family arrangement or use it for any other purpose other than for which the Facility was granted for.
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Related to Partition of the Property

  • Operation of the Property Between June 1, 1998 and the Closing Date, Seller shall (a) lease, operate, manage and enter into contracts with respect to the Property, in the same manner done by Seller prior to the date hereof (provided, however, that without the prior consent of Purchaser, which as to (i) and (ii) shall not be unreasonably delayed, conditioned or withheld, (i) Seller shall not enter into any Service Contract that cannot be terminated with thirty (30) days notice or materially modify any existing Service Contracts to be assumed by Purchaser at Closing, and (ii) after June 1, 1998, Seller shall not materially modify or terminate any existing Tenant Lease or grant any material consents under any existing Tenant Lease (except as otherwise required pursuant to the terms and conditions of such Tenant Lease), or enter into any new Tenant Lease, and (iii) Seller shall not apply any then unapplied Deposits (as reflected on the Rent Roll delivered by Seller to Purchaser pursuant to Schedule 5.3(vii) hereof) under Tenant Leases); and (b) advise Purchaser of the commencement of any litigation, condemnation or other judicial or administrative proceedings affecting the Property of which Seller has current actual knowledge. Notwithstanding anything to the contrary set forth in this Contract, Purchaser acknowledges that after June 1, 1998 and prior to Closing, Seller will enter into contracts for the completion of Tenant improvements under Tenant Leases entered into after June 1, 1998 pursuant to the terms of Section 12.1 hereof (collectively, the "Tenant Finish Contracts"). Purchaser and Seller agree that at Closing, Purchaser shall assume the obligations of Seller under all such Tenant Finish Contracts including, without limitation, the obligations to pay any costs and expenses charged with respect to construction of improvements in the space subject to such Tenant Leases. At Closing, Purchaser shall execute and deliver to the Seller an Assignment, Assumption and Indemnity Agreement in the form attached hereto as Exhibit H and made a part hereof for all purposes.

  • Condition of the Property All bidders shall be deemed to have carried out all investigations and examinations of the Property and the title particulars at their own costs and expenses and upon being successful, accept the property in the state and condition in which the Property is at the date of the auction sale.

  • Possession of the Property The Parties hereby agree that the exclusive possession of the Property shall be delivered by the Seller to the Buyer on

  • DESCRIPTION OF THE PROPERTY 13.1 The Property as referred to in the Proclamation of Sale shall be deemed to have been correctly and sufficiently described. 13.2 All intended bidders including the Purchaser shall be deemed to have sought independent legal advice, made necessary enquiries, searches and inspection of the Property and is satisfied with the identity, description, state and condition of the Property. 13.3 In the event of any error, misstatement, omission and/or misdescription of any kind relating to the Property in the Proclamation of Sale or any other documents, such error, misstatement, omission and/or misdescription shall not in any manner annul the sale, nor shall there be any adjustment of the Purchase Price nor shall compensation be allowed nor shall the Bank be open to any liability of any form. 13.4 If the land or floor area of the property is found to exceed that as described and additional payment is imposed for the excess area by the Developer and/or relevant authorities, then such additional payment shall be solely and absolutely borne and paid by the Purchaser 13.5 If the land or floor area of the property is found to be less that as described, any claim for the reduced area shall be undertaken solely by the Purchaser against the Developer and/or such party and neither the Assignee/ Bank , the Assignee/ Bank’s solicitors nor the Auctioneer shall in any way responsible or liable for such claim. The auction sale herein shall not be annulled and there shall not be any adjustment of the Purchase Price as a result of such shortfall in the area of the Property.

  • Condition of the Premises Tenant has examined the Premises, including the appliances and fixtures (☐ and furnishings), and acknowledges that they are in good condition and repair, normal wear and tear excepted, and accepts them in its current condition, except for: