REAL ESTATE JOINT VENTURE AGREEMENTTHIS JOINT VENTURE AGREEMENT (the “Agreement”) is entered into effective as of [DATE]. (the “Effective Date”), by and between [PARTY 1 NAME] (the “First Party”), and [PARTY 2 NAME] (the “Second Party”), (collectively, the “Parties”).
RECITALSWHEREAS, the parties intend to form a joint venture (the “Joint Venture”) in connection with a certain real estate project, the development of the property located at [PROPERTY ADDRESS] (the “Property”); WHEREAS, the parties have agreed to contribute funds, property, and services to the Joint Venture pursuant to the terms and conditions of this Agreement. 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:
1. FORMATION OF THE JOINT VENTUREThe parties hereby form a joint venture pursuant to the Nebraska Uniform Partnership Act (the “Act”) and agree that the provisions of the Act shall govern their rights and obligations as partners of the Joint Venture, except as otherwise provided in this Agreement.
2. PURPOSEThe purpose of the Joint Venture is to acquire, develop, operate, and dispose of the Property.
3. TERMThe Joint Venture shall commence on the Effective Date and continue until it is terminated in accordance with this Agreement.
4. CONTRIBUTIONSThe parties shall contribute to the capital of the Joint Venture in the amounts and at the times as determined by mutual agreement.
5. PROFITS AND LOSSESProfits and losses of the Joint Venture shall be allocated in accordance with the parties’ respective percentage interests in the Joint Venture.
6. MANAGEMENTThe Joint Venture shall be managed by a management committee comprised of representatives of each of the parties.
7. DISSOLUTIONThe Joint Venture shall be dissolved upon the occurrence of any of the following events: (i) the sale or other disposal of all or substantially all of the assets of the Joint Venture; (ii) the unanimous agreement of the parties; or (iii) the entry of a decree of judicial dissolution under the Act.
8. INDEMNIFICATIONEach party shall indemnify and hold harmless the other party and its affiliates, officers, directors, and employees from and against all liabilities, losses, damages, costs, and expenses arising out of the breach of this Agreement by such party.
9. GOVERNING LAWThis Agreement shall be governed by and construed in accordance with the laws of the State of Nebraska.
10. ENTIRE AGREEMENTThis Agreement constitutes the entire agreement of the parties and supersedes all prior discussions, negotiations, and agreements, whether oral or written.
11. AMENDMENTSThis Agreement may be amended or modified only by a written agreement executed by all the parties. IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date. [PARTY 1 NAME] _________________________ Name: Title: Date: [PARTY 2 NAME] _________________________ Name: Title: Date:
Navigating the realm of real estate can be complex, especially when it involves matters of joint ventures. A Real Estate Joint Venture Agreement in Nebraska can be a key document in orchestrating successful partnerships.
In addition to this crucial agreement, understanding and utilizing templates like the Contract for Deed Template Nebraska can also play an instrumental role in managing your real estate transactions.
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