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  • Grant of Life Estate

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    David Eugene Smith
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    Owner 1 and Owner 2 own land together and want to grant each other a life estate in the residence on the land. Owner 1 grants Owner 2 a life estate in the land and residence, which will terminate if Owner 2 dies, fails to pay maintenance costs for over 30 days, or if the residence is destroyed and cannot be repaired within 90 days. Owner 2 similarly grants Owner 1 a life estate in the land and residence, terminating under the same conditions.

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    Owner 1 and Owner 2 own land together and want to grant each other a life estate in the residence on the land. Owner 1 grants Owner 2 a life estate in the land and residence, which will terminate if Owner 2 dies, fails to pay maintenance costs for over 30 days, or if the residence is destroyed and cannot be repaired within 90 days. Owner 2 similarly grants Owner 1 a life estate in the land and residence, terminating under the same conditions.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    117 views2 pages

    Grant of Life Estate

    Uploaded by

    David Eugene Smith
    Owner 1 and Owner 2 own land together and want to grant each other a life estate in the residence on the land. Owner 1 grants Owner 2 a life estate in the land and residence, which will terminate if Owner 2 dies, fails to pay maintenance costs for over 30 days, or if the residence is destroyed and cannot be repaired within 90 days. Owner 2 similarly grants Owner 1 a life estate in the land and residence, terminating under the same conditions.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
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    of 2

    MUTUAL GRANT OF LIFE ESTATE IN PROPERTY

    THIS AGREEMENT made effective as of the _____ day of ______________, _______. BETWEEN: [OWNER 1] [address] (the First Party) OF THE FIRST PART - and [OWNER 2] [address] (the Second Party) OF THE SECOND PART WHEREAS: A. The parties hereto are the registered owners, as tenants in common, of the lands legally described as follows: [legal description of land] (hereinafter called the Lands); B. The parties hereto are each desirous of granting to the other a life estate interest in the residence situate on the Lands (hereinafter called the Residence), subject to the terms of this Agreement.

    NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the mutual covenants and agreements contained in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, the parties hereby agree as follows: 1. 2. The preambles herein contained shall form part of this Agreement. Owner 1 hereby grants to Owner 2 a life estate in the Lands, provided that such life estate shall terminate forthwith upon the happening of the earliest to occur of the following events: (a) (b) (c) upon the death of Owner 2; upon non-payment of the Maintenance Costs which continues for a period of in excess of Thirty (30) days; upon destruction of the Residence upon the Lands by fire or other cause to such an extent that the Residence is rendered uninhabitable and not capable of restoration or repair to make it habitable within Ninety (90) days of such damages.

    3.

    Owner 2 hereby grants to Owner 1 a life estate in the Lands, provided that such life estate shall terminate forthwith upon the happening of the earliest to occur of the following events: (a) (b) (c) upon the death of Owner 1; upon non-payment of the Maintenance Costs which continues for a period of in excess of Thirty (30) days; upon destruction of the Residence upon the Lands by fire or other cause to such an extent that the Residence is rendered uninhabitable and not capable of restoration or repair to make it habitable within Ninety (90) days of such damages.

    -2-

    THIS IS A 2-PAGE FORM.

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