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THIS JOINT VENTURE AGREEMENTThis Joint Venture Agreement (hereinafter referred to as the “Agreement”) made and entered into this ______ (Date) by and between ___________ (Entity 1) and ___________ (Entity 2), both of whom are referred to collectively as the “Parties”.
RECITALSWHEREAS, each of the Parties is engaged in the business of real estate investment, development, and management; WHEREAS, the Parties desire to form a Joint Venture in order to collaborate on ______________ (Describe Real Estate Project) located in the state of Illinois; NOW, THEREFORE, in consideration of the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:
ARTICLE 1: JOINT VENTURE1.1 Creation of Joint Venture. The Parties hereby create a Joint Venture pursuant to the Illinois Joint Venture Act for the purpose of ______________ (Describe the Purpose).
ARTICLE 2: CONTRIBUTIONS2.1 The Parties shall contribute to the capital of the Joint Venture in such proportions and in such manner as they may mutually agree from time to time.
ARTICLE 3: MANAGEMENT AND CONTROL3.1 The management, control, and operation of the Joint Venture shall be vested exclusively in the Parties.
ARTICLE 4: PROFITS AND LOSSES4.1 Profits and losses resulting from the operation of the Joint Venture shall be divided and borne by the Parties in proportion to their respective contributions.
ARTICLE 5: DISSOLUTION5.1 The Joint Venture shall be dissolved upon the completion of the Project, or upon the mutual agreement of the Parties, or in accordance with the Illinois Joint Venture Act.
ARTICLE 6: DISPUTE RESOLUTION6.1 Any dispute arising out of or in connection with this Agreement shall be resolved through mediation or arbitration in accordance with the rules of the American Arbitration Association, and judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.
ARTICLE 7: APPLICABLE LAW7.1 This Agreement shall be governed by and construed in accordance with the laws of the state of Illinois.
ARTICLE 8: MODIFICATION8.1 This Agreement may be modified or amended only by the written agreement of the Parties.
ARTICLE 9: SEVERABILITY9.1 If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall nevertheless continue in full force. IN WITNESS WHEREOF, the Parties have executed this Joint Venture Agreement as of the date first above written. ___________ (Entity 1) __________________________ Name, Title ___________ (Entity 2) __________________________ Name, Title NOTE: This is a sample agreement. The information provided herein may not be suitable for everyone and should not be used without consulting with a legal advisor.
For those interested in entering a real estate partnership, it’s essential to understand the Real Estate Joint Venture Agreement in Illinois. It complements the Contract for Deed Template in Illinois, providing additional protection for all parties involved.
Moreover, if you’re leasing properties, be sure to check out the Contract for Rental Property in Illinois, which helps establish clear terms and conditions between landlords and tenants.
Finally, when it’s time to close the deal, don’t forget the necessary Contract for Sale of Real Estate in Illinois. It will ensure that all legal aspects of the sale process are covered.