Real or Personal Property. The Agencies do not anticipate that they will acquire or hold any real or personal property in this cooperative undertaking, but in the event that any such property is acquired by the Agencies jointly for the undertaking, and paid for by two or more of them, then it shall be divided as the contributing Agencies’ representatives shall agree, or, if no agreement is reached, then it shall be divided according to their respective payments for the property, or, if it cannot be practically divided, then the property shall be sold and the proceeds divided according to the Agencies’ proportionate share of the purchase of the item of property.
Appears in 3 contracts
Sources: Mutual Aid Agreement, Interlocal Cooperation Agreement, Interlocal Cooperation Agreement