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PARTY WALL AGREEMENT

By Donna Riley,2014-03-11 13:19
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4.0 Sale and Leaseback. Uponcompletion or installation of the Improvement, the Owner agrees to sell the Improvement to the Association, and the Association

    PARTY WALL AGREEMENT

    BETWEEN

    PROSPECTOR SQUARE PROPERTY OWNERS ASSOCIATION

    AND

    ___________________________________

    (Name of Owner)

THIS AGREEMENT is made on the ____ day of ____________, 19___, between

    PROSPECTOR SQUARE PROPERTY OWNERS ASSOCIATION (hereinafter referred to

    as the “Association”) and _____________________________________ (hereinafter referred to as the “Owner).

    Recitals

    A. The Association is the owner of certain common area located at ________________________________________ (Street Address), Park City, Utah, more commonly described as ______________________________________ and referred to below as the “Association Property”.

    B. The Owner is the owner of a ; building ; building lot located at

    ________________________________________(Street Address) Park City, Utah, more particularly described as ________________________________________ and referred to below as the “Owner’s Property”.

    C. The Owner’s Property is contiguous to the Association Property as shown on attached Exhibit “A”, incorporated by this reference.

    D. The Owner has applied to Park City Municipal Corporation (the “City”) for approval to construct a ; canopy/awning ; deck ; other (describe)

    ________________________________________ (attach addendum if additional space is

    required) (referred to below as the improvement”).

    E. As shown on attached Exhibit “B”, incorporated by this reference, the improvement will encroach onto the Association Property.

    F. The Association and the Owner have determined that it is in their mutual best interest to enter into an agreement which allows the Association to own the improvement, and the Owner to build or install the Improvement, and then to lease the Improvement from the Association.

    NOW THEREFORE, for Ten Dollars ($10.00) and other good and valuable

    consideration, the adequacy and sufficiency of which the parties do hereby acknowledge, the Owner and the Association do hereby agree as follows:

    1.0 Recitals. The Recitals above are hereby incorporated into this Agreement by this reference.

    2.0 Association Consent. The Association hereby consents to construction or installation of the Improvement on the Association Property.

    3.0 Construction. All costs, of any kind or nature, associated with construction or installation of the Improvement shall be the responsibility of the Owner. The Association hereby

    grants to the Owner a right of ingress and egress over the Association Property, as necessary, for purposes of completion or installation of the Improvement.

    4.0 Sale and Leaseback. Upon completion or installation of the Improvement, the Owner

    agrees to sell the Improvement to the Association, and the Association agrees to purchase the Improvement from the Owner, for One Dollar ($1.00). Simultaneously with such purchase and sale, the Association agrees to lease the Improvement to the Owner for a term of __________ years for the total price of Ten Dollars ($10.00). The lease shall be renewable for a similar term of ____________ years for an additional Ten Dollars ($10.00). Although the Improvement shall be owned by the Association, nothing contained in this Agreement shall restrict the right of the

    Owner, tenants, clients, and patrons of tenants, to access the Owner’s Property by means of any

    Association common area or property, including, but not limited to, the Improvement. 5.0 Maintenance. Upon completion or installation of the Improvement, the Owner, and all successors in interest to the Owner, agree to maintain the Improvement in a good state of repair. If the Owner fails to meet the Owner’s maintenance obligations under this Agreement, which

    failure continues for a period of more than thirty (30) days after written notice from the Association, specifying such failure to maintain (or as to any failure to maintain which requires more than thirty (30) days to remedy, if such cure is not commenced promptly and pursued diligently or continues beyond the time reasonably necessary therefor) the Association may, at its option, upon written notice, incur any expense reasonably necessary to perform the obligation of the Owner specified in such notice, and then charge the same to the Owner. Except as provided below, this maintenance obligation shall continue so long as the Improvement shall be located on the Association Common Area. In the event the Improvement is removed from the Association Common Area, or the land on which the Improvement is located is purchased from the Association by the Owner, or Owner’s successor in interest, this maintenance obligation shall cease.

    6.0 Alterations. Upon completion or installation of the Improvement, the Owner shall not make or cause to be made any other alterations or additions to the Improvement (except in the form of standard maintenance), without first obtaining a building permit from the City (when applicable) and the prior written consent of the Association, which consent shall not be unreasonably withheld. Any alterations or additions consented to by the Association, will be made by the Owner, at the Owner’s sole cost and expense, according to plans and specifications approved by the Association.

    7.0 Insurance. Upon completion or installation of the Improvement, the Owner shall, at all times and at the Owner’s sole cost and expense, maintain liability insurance coverage on the Improvement. The liability insurance shall name the Association as an additional insured party and shall initially be in an amount not less than $_________. Evidence of such insurance shall be provided to the Association upon request.

    8.0 Entire Agreement. This Agreement represents the entire Agreement of the parties

    hereto. There are no oral agreements, understandings, or communications of any kind with respect to the subject matter contained herein which are not set for in this Agreement. This Agreement shall be construed by its contents with no presumption or standard of construction in favor of or against any party. This Agreement may not be modified or amended except by a writing signed by all Parties.

    9.0 Governing Law. This Agreement shall be governed by and interpreted pursuant to the laws of the State of Utah.

10.0 Severability. The provisions of this Agreement are severable, and should any

    provision hereof be void, voidable, or unenforceable, such void, voidable, or unenforceable provision shall not affect any other portion or provision of this Agreement. 11.0 Non-Waiver. Any waiver by either party hereto of any breach of any kind or character whatsoever by the other party, whether such waiver be direct or implied, shall not be construed as a continuing waiver of or consent to any subsequent breach of this Agreement on the part of the other party.

    12.0 Attorney Fees. In the event any action or proceeding is brought by either party against the other under this Agreement, the prevailing party shall be entitled to recover attorney’s fees in such amount as the court may adjudge reasonable.

     IN WITNESS WHEREOF, the Agreement has been executed effective on the date

    first above written.

PROSPECTOR SQUARE PROPERTY OWNERS ASSOCIATION

BY:_______________________________

ITS:_______________________________

OWNER

BY:_______________________________

ITS:_______________________________

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