This Agreement between Partners for Future Sale of Commercial Building is used to provide for the future sale of a commercial building by giving one party the opportunity to purchase the commercial building any time in the next ten years from the date of this agreement, or by both parties agreeing to sell the commercial building outright to a third party and equally splitting the proceeds at the end of the ten-year period.
A North Dakota agreement between partners for the future sale of a commercial building is a legal contract that outlines the terms and conditions under which co-owners or partners plan to sell their jointly owned commercial property in the future. This agreement serves as a guide to ensure transparency and fair dealings between partners in anticipation of a future sale. It covers various essential components, such as: 1. Parties involved: The agreement identifies the partners involved in the ownership of the commercial building and provides their respective details, including their names, addresses, and roles. 2. Property details: The agreement includes comprehensive information about the commercial building, such as its address, legal description, plot size, and any other relevant details that uniquely identify the property. 3. Ownership shares: It specifies the percentage of ownership held by each partner. This division of ownership shares helps in determining each partner's proportionate share of the sale proceeds. 4. Terms and conditions: This section elaborates on the rules and guidelines that partners need to adhere to during the future sale proceedings. It may include clauses related to decision-making processes, methods for determining the sale price, obligations for property upkeep, and restrictions on selling shares to third parties without consent. 5. Sale process: The agreement outlines the steps involved in the future sale process. It may cover aspects like appointing a real estate agent, advertising and marketing strategies, timelines for negotiation and accepting offers, methods of sale (such as auction or private treaty), and the distribution of sale proceeds. 6. Dispute resolution: In the event of a disagreement among partners, the agreement may include an arbitration or mediation clause to provide a framework for resolving conflicts. This can help avoid costly legal battles and ensure a more amicable resolution. Types of North Dakota Agreement between Partners for Future Sale of Commercial Building: 1. General North Dakota Agreement between Partners for Future Sale of Commercial Building: This type of agreement covers the basic terms and conditions applicable to partners aiming to sell their jointly owned commercial property in North Dakota. 2. North Dakota Agreement between Partners for Future Sale of Commercial Building with Buy-Sell Options: This agreement incorporates additional clauses that allow partners to include buy-sell provisions, granting them the right to buy out their co-owners' shares under certain circumstances like retirement, death, or a desire to exit the partnership. 3. North Dakota Agreement between Partners for Future Sale of Commercial Building with Right of First Refusal: This agreement includes a right of first refusal clause, enabling partners to offer their share of the property to the other partners first at a pre-determined price before seeking outside buyers. This clause ensures that partners have the opportunity to maintain the ownership structure without interference from third parties. In conclusion, a North Dakota agreement between partners for the future sale of a commercial building is a legally binding document that establishes the terms and conditions for partners aiming to sell their jointly owned property. By defining the ownership shares, determining the process of sale, and addressing potential conflicts, this agreement provides a framework for a structured and fair sale transaction.
