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REAL ESTATE JOINT VENTURE AGREEMENTTHIS REAL ESTATE JOINT VENTURE AGREEMENT (the “Agreement”) is made and entered into this ___ day of ________, 20__ (the “Effective Date”), by and between ____________________, a Kentucky Corporation, with an address at ____________________ (the “First Party”), and ____________________, a Kentucky Corporation, with an address at ____________________ (the “Second Party”). The First Party and the Second Party are collectively referred to as the “Parties.”
ARTICLE I – THE JOINT VENTURE1.1 Purpose of the Joint Venture: The purpose of the Joint Venture is to acquire, develop, and sell real estate property located at ____________________ (the “Property”).
ARTICLE II – CONTRIBUTIONS2.1 Contributions of the Parties: The Parties shall each make an initial contribution to the Joint Venture in the amount of $______. Additional contributions shall be made as necessary in accordance with the budget and business plan of the Joint Venture.
ARTICLE III – DISTRIBUTION AND ALLOCATION OF PROFITS AND LOSSES3.1 Profit and Loss Allocations: Profits and losses shall be allocated between the Parties in proportion to their respective capital contributions.
ARTICLE IV – MANAGEMENT AND CONTROL4.1 Management: The management of the Joint Venture shall be vested in a manager (the “Manager”) who shall be appointed by the mutual agreement of the Parties.
ARTICLE V – DISSOLUTION5.1 Dissolution Events: The Joint Venture shall be dissolved upon the occurrence of any of the following events: (a) mutual agreement of the Parties; (b) sale of the Property; or (c) by operation of law.
ARTICLE VI – DISPUTE RESOLUTION6.1 Arbitration: Any disputes arising from this Agreement shall be resolved through arbitration in accordance with the rules of the American Arbitration Association.
ARTICLE VII – GOVERNING LAW7.1 Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the State of Kentucky.
ARTICLE VIII – MISCELLANEOUS8.1 Entire Agreement: This Agreement contains the entire agreement of the Parties with respect to the Joint Venture and supersedes all prior written and oral agreements, understandings and negotiations. The Parties have executed this Agreement as of the Effective Date. __________________________ ____________________________ First Party Name (Print) Second Party Name (Print) __________________________ ____________________________ First Party Signature and Date Second Party Signature and Date This document should not be interpreted as legal advice. All Parties should consult with their own legal counsel before entering into this Agreement. This document is intended to be used as a template and may need to be modified to fit the specific needs and circumstances of the Parties involved. This Agreement is subject to the Kentucky Revised Statutes, particularly Chapter 362, which governs the formation, operation, and dissolution of joint ventures and partnerships in the State of Kentucky. The Parties acknowledge their responsibility to familiarize themselves with these laws and regulations and to comply with them in all respects. NOTE: This is a basic agreement and may not protect you legally. You should have an attorney draft, review, or approve any legal agreement or contract.
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