REAL ESTATE JOINT VENTURE AGREEMENTThis Real Estate Joint Venture Agreement (the “Agreement”) is made and entered into this ________ day of __________, 20 ______ by and between ____________ (“Party A”) and ____________ (“Party B”) (jointly referred to as “Parties”).
RECITALSWHEREAS, Party A is engaged in the business of real estate investment, development, and management; WHEREAS, Party B is engaged in the business of real estate investment, development, and management; WHEREAS, the Parties desire to enter into a joint venture to invest in, develop and manage a real estate property located at ________________ (the “Property”) in the State of Indiana. 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 – FORMATION OF THE JOINT VENTUREThe Parties hereby form a joint venture under the laws of the State of Indiana. The name of the joint venture shall be ___________.
ARTICLE 2 – PURPOSEThe purpose of the joint venture is to acquire, develop, and manage the Property.
ARTICLE 3 – CONTRIBUTIONSEach Party’s contribution to the joint venture shall be as follows: ____________________.
ARTICLE 4 – PROFITS AND LOSSESProfits and losses shall be shared ____________________ between Party A and Party B.
ARTICLE 5 – MANAGEMENTThe management of the joint venture shall be vested in ____________________.
ARTICLE 6 – DURATIONThe term of this Agreement shall commence on the date hereof and shall continue until ____________________, unless earlier terminated as provided herein.
ARTICLE 7 – DISSOLUTIONUpon the dissolution of the joint venture, the assets of the joint venture shall be distributed ____________________.
ARTICLE 8 – GOVERNING LAWThis Agreement shall be governed by and construed in accordance with the laws of the State of Indiana.
ARTICLE 9 – DISPUTE RESOLUTIONAny disputes arising out of or in connection with this Agreement shall be resolved by arbitration in Indiana in accordance with the rules of the American Arbitration Association.
ARTICLE 10 – ENTIRE AGREEMENTThis Agreement constitutes the entire agreement between the Parties and supersedes any prior understandings, agreements, or representations by or between the Parties, written or oral, to the extent they relate in any way to the subject matter hereof. IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written. ____________________ ____________________ Party A Party B Date: ________ Date: ________ According to IC-26-1-2-202 and IC-26-1-2-315, this agreement is subject to the Uniform Commercial Code as adopted in Indiana. Also, as per IC-32-30-3-14, an arbitration clause is enforced in the state of Indiana.
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