Co-Tenancy Agreement Clause Samples
A Co-Tenancy Agreement clause establishes the terms under which two or more tenants share rights and responsibilities for a leased property. This clause typically outlines how rent, utilities, and maintenance obligations are divided among the tenants, and may specify procedures for resolving disputes or handling the departure of one tenant. Its core practical function is to ensure clarity and fairness in the management of shared tenancy, reducing the risk of misunderstandings or conflicts between co-tenants.
POPULAR SAMPLE Copied 4 times
Co-Tenancy Agreement. The ELDORADO SYSTEM CONVEYANCE AND CO-TENANCY AGREEMENT BETWEEN NEVADA POWER COMPANY, THE DEPARTMENT OF WATER AND POWER OF THE CITY OF LOS ANGELES, SALT RIVER PROJECT AGRICULTURAL IMPROVEMENT AND POWER DISTRICT, and SOUTHERN CALIFORNIA EDISON COMPANY, dated December 20, 1967, as it may be amended from time to time.
Co-Tenancy Agreement. (a) Each Tenant In Common hereby warrants and represents severally as to itself only, and not jointly and severally as to any other Mortgagor, that (i) the Co-Tenancy Agreement dated on or about the date hereof and executed by the Tenants In Common (the "Co-Tenancy Agreement") is in full force and effect, there are no defaults or violations by any party thereunder, and the Tenants In Common have delivered a true, correct and complete copy of the Co-Tenancy Agreement to Mortgagee, and (ii) the Co-Tenancy Agreement, or a memorandum thereof; will be filed of record in the official public records of the county in which the Premises are located following the recordation of this Mortgage.
(b) The Tenants In Common agree to timely perform all of their respective obligations under the Co-Tenancy Agreement.
(c) The Tenants In Common covenant and agree with Mortgagee not to terminate, cancel, amend or modify in any material respect, renew or extend the Co-Tenancy Agreement, or add any new parties thereto, or enter into any other agreement relating to the ownership, management or operation of the Mortgaged Property with any person, without the prior written consent of Mortgagee.
(d) Notwithstanding any provision of applicable law or of the Co-Tenancy Agreement to the contrary, until the indefeasible payment and discharge in full of the Debt and Obligations, the Tenants In Common agree, jointly and severally, that they shall not, and hereby waive (to the fullest extent possible under applicable law), any right to, file, commence, seek or prosecute an action for partition or forced sale of the Premises and/or Improvements or any portion thereof
(e) The Tenants In Common, jointly and severally, covenant and agree with Mortgagee that until the indefeasible payment and discharge in full of the Debt and Obligations (i) all rights, remedies and indemnities of each Tenant In Common against any other Tenant In Common or in the interests of any Tenant In Common in the Mortgaged Property pursuant to the Co-Tenancy Agreement, at law, in equity, or otherwise, are hereby made expressly subordinate and inferior to the lien of this Mortgage and all of the other liens and security interests held by Mortgagee for the payment and perfounance of the Debt and Obligations, (ii) no Tenant In Common shall exercise against any other Tenant In Common or the interest of any other Tenant In Common in the Mortgaged Property any right, remedy or indemnity such Tenant In Common may have pursuant t...
Co-Tenancy Agreement. Seller and Purchaser agree to use diligent, good faith efforts toward promptly finalizing (a) a Co-Tenancy Agreement reflecting the economic and business terms set forth in the LLC Agreement, with such modifications as the parties may agree upon with a view to compliance with the “safe harbor” Revenue Procedure (the “TIC Rev. Proc.”) promulgated by the Internal Revenue Service with respect to the ownership of tenant-in-common interests as it relates to the ELPF TIC Interest, (b) a property management agreement with ▇▇▇▇▇ ▇▇▇▇ LaSalle Americas, Inc.; and (c) a leasing agreement with ▇▇▇▇▇ Realty, Inc. (it being understood and agreed that such management agreement and such leasing agreement shall be in the respective form thereof attached as an exhibit to the LLC Agreement, with such modifications as the parties may agree upon with a view to compliance with the TIC Rev. Proc.); **** Material omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934. Material filed separately with the Securities and Exchange Commission.
Co-Tenancy Agreement. Borrower hereby covenants and agrees to comply with all of the terms of the Co-Tenancy Agreement. Borrower hereby further covenants and agrees that it shall not materially amend or modify or terminate the Co-Tenancy Agreement without the prior written consent of Lender, which consent shall not be unreasonably withheld, delayed or conditioned. Any material amendment, modification and/or termination of the Co-Tenancy Agreement without Lender’s prior written consent shall be an Event of Default hereunder. Borrower covenants and agrees that Lender shall be and hereby is made an intended third party beneficiary of the Co-Tenancy Agreement. Notwithstanding the foregoing, any action (or inaction) by a Borrower that constitutes an Event of Default hereunder, although such action (or inaction) is permitted under the terms of the Co-Tenancy Agreement, shall nevertheless constitute an Event of Default hereunder and shall not be deemed waived by virtue of such action (or inaction) being permitted under the Co-Tenancy Agreement.