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Property Partnership Agreement
"I need a Property Partnership Agreement for three property developers who are joining forces to develop residential properties in Manchester, with equal capital contributions of £2M each and a planned commencement date of March 2025."
1. Parties: Identification and details of all partners entering into the agreement
2. Background: Context of partnership formation, property investment objectives, and recitals
3. Definitions: Key terms and their meanings used throughout the agreement
4. Partnership Structure: Legal structure, ownership percentages, capital contributions, and nature of partnership
5. Management and Decision Making: Governance structure, voting rights, and procedures for partnership decisions
6. Financial Provisions: Profit sharing, losses, accounting procedures, and financial reporting requirements
7. Property Management: Property acquisition, disposal, maintenance responsibilities, and management procedures
8. Bank Accounts: Banking arrangements and authorized signatories
9. Duration and Termination: Term of partnership and circumstances for termination
10. General Provisions: Standard boilerplate clauses including notices, governing law, and dispute resolution
1. Exit Provisions: Detailed procedures for partner withdrawal, retirement, or expulsion from the partnership
2. Development Rights: Specific provisions relating to property development activities and responsibilities
3. Borrowing Powers: Terms and conditions for obtaining financing and creating charges over partnership assets
4. Death and Incapacity: Procedures to follow in case of death or incapacity of a partner
5. Non-Competition: Restrictions on partners engaging in competing property ventures
1. Schedule 1 - Properties: Detailed list and description of properties owned by the partnership
2. Schedule 2 - Capital Contributions: Detailed breakdown of initial and subsequent capital contributions by each partner
3. Schedule 3 - Management Procedures: Detailed operational procedures and management protocols
4. Schedule 4 - Valuation Methodology: Agreed methods and procedures for property valuation
5. Schedule 5 - Profit Sharing Ratios: Detailed breakdown of profit and loss sharing arrangements between partners
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