REAL ESTATE JOINT VENTURE AGREEMENTTHIS AGREEMENT is made this __ day of ____, in the year ____, by and between __[Party One Name]__ hereinafter referred to as “Party One” and __[Party Two Name]__, hereinafter referred to as “Party Two”.
RECITALSWHEREAS, Party One and Party Two desire to form a joint venture in order to collaborate for the purpose of real estate development in North Dakota; 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 VENTUREThe parties hereby form a joint venture pursuant to the provisions of the North Dakota Century Code Chapter 45-22, and in accordance with the terms and conditions set forth in this agreement.
ARTICLE 2 – NAME OF THE VENTUREThe name of the venture shall be __[Venture Name]__.
ARTICLE 3 – PURPOSE OF THE VENTUREThe exclusive purpose and business of the Venture shall be to develop and manage real estate property located at __[Property Address]__, North Dakota.
ARTICLE 4 – TERM OF THE VENTUREThe Venture shall commence on the date of this Agreement and shall continue until the completion of the Project, unless earlier terminated as provided in this Agreement.
ARTICLE 5 – CAPITAL CONTRIBUTIONSParty One and Party Two shall each make an initial capital contribution to the Venture as follows: __[Capital Contribution Details]__.
ARTICLE 6 – PROFITS AND LOSSESProfits and losses of the Venture shall be divided among the parties in proportion to their respective capital contributions.
ARTICLE 7 – MANAGEMENT AND CONTROLThe management and control of the Venture shall be vested in __[Managing Party’s Name]__. Each party shall have the right to participate in the management of the Venture.
ARTICLE 8 – DISSOLUTION AND LIQUIDATIONThe Venture shall be dissolved upon the occurrence of any of the following events: __[Dissolution Events]__.
ARTICLE 9 – GOVERNING LAWThis Agreement shall be governed by and construed in accordance with the laws of the State of North Dakota.
ARTICLE 10 – ENTIRE AGREEMENTThis Agreement contains the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral or written, between the parties hereto with respect to the subject matter hereof. IN WITNESS WHEREOF, the parties hereto have executed this Real Estate Joint Venture Agreement as of the date first above written. ___________________________ [Party One] ___________________________ [Party Two] By executing this Agreement, each party represents and warrants that they have read and understand each and every provision hereof, that they have had the opportunity to seek independent legal advice with respect thereto, and that they agree to be bound by the terms hereof.
When entering into a Real Estate Joint Venture Agreement in North Dakota, it’s important to consider other legal documents that may be involved. For instance, if you’re looking to purchase property together, you might need a Contract for Sale of Real Estate in North Dakota with the pertinent details of the transaction.
If instead, the venture involves renting out a property, a Contract for Rental Property in North Dakota will come in handy, outlining the terms and conditions of the lease agreement.
Lastly, if your joint venture aims to finance the purchase of real estate through a contract for deed arrangement, this would necessitate a Contract for Deed Template in North Dakota, providing a detailed framework for seller financing.