PROPERTY MANAGEMENT AGREEMENT
This Property Management Agreement is made on ________ between ________, an individual of the following address:
________
Hereinafter referred to as (the "Property Owner" which expression shall where the context so admits include its successors-in-title and assigns) of the other part.
AND
________, an individual of the following address:
________
Hereinafter referred to as (the "Property Manager" which expression shall where the context so admits include its successors-in-title and assigns) of the other part.
BACKGROUND
A. The Property Owner is the owner and desires to appoint the Property Manager to manage the following property for the Property Owner (the "Rental Property"):
________
B. The Property Manager agrees to manage the Property Owner's Rental Property according to the terms and conditions of this Agreement.
Now, therefore, in consideration of the promises and covenants hereinafter contained in this Agreement, as well as other valuable consideration, the receipt of which is hereby acknowledged, the Parties hereby agree as follows:
1. DESCRIPTION OF SERVICES
The Property Manager has agreed to manage the following property (the "Rental Property"):
________
2. DESCRIPTION OF SERVICES
The Property Manager agrees to manage the Rental Property and to provide the following services in relation to the Rental Property (the "Services"):
(I). Manage the Rental Property by leasing, short letting, and operating the Rental Property.
(II). Collecting monies, rent, charges, and other fees payable by tenants and remitting the monies to the Property Owner. The Property may employ an attorney or agent to collect rent lawfully, and the Property Manager shall be reimbursed for expenses incurred.
(III). Providing monthly remittance of rent and other monies collected from tenants. Such monies shall be remitted to Property Owner on the 1st day of every month.
(IV). Setting the rent for the Rental Property to adequately reflect the market price for properties in the same location as the Rental Property.
(V). Issuing rental receipts to tenants and keeping a record of leases granted, including the duration of the lease, the commencement date, and the termination date.
(VI). Place adverts and conduct screenings for tenants that meet the Property Owner's qualifications and according to the laws and regulations.
(VII). To make alterations and improvements to ensure the proper maintenance of the Rental Property when needed and upon securing the Property Owner's approval.
(VIII). To make repairs and conduct routine maintenance of the Rental Property and obtain the Property Owner's approval before accruing costs on repairs, renovations, or alterations. This obligation includes hiring and paying contractors, designers, and other contractors to provide such repairs or improvements.
(IX). To hire cleaning services to ensure that the Rental Property is clean before renting the Rental Property and after a tenant vacates the Rental Property.
3. COMPENSATION
3.1. As compensation for all the services rendered by the Property Manager under this Agreement, the Property Manager shall receive a one time fixed fee in the sum of ₦________ (________) for the Property Manager's Services (the "Fee").
3.2. Such compensation will be made in cash.
3.3. The Property Manager shall be entitled to be reimbursed for all incidental and out-of-pocket expenses reasonably incurred on behalf of the Property Owner, provided that same have been authorized by the Property Owner before being incurred and with the provisions of appropriate receipts.
4. INVOICING AND PAYMENT
4.1. The Property Manager shall submit an invoice indicating the Property Manager's work description and hours of work. The invoice will be sent to the Property Owner weekly, on Mondays.
4.2. If the Property Owner fails to pay the Fees after the due date, the Property Owner shall pay ₦________ (________) to the Property Manager as late fees.
5. OBLIGATIONS OF THE PROPERTY MANAGER
(I). The Property Manager will be the primary point of contact for tenants. The Property Manager shall manage tenant enquiries, complaints, and any problems or concerns that may arise during the tenancy.
(II) The Property Manager shall provide the Services diligently and with due care.
(III). The Property Manager shall be responsible for the provision of all tools and equipment necessary to render the Services required under this Agreement.
(III). The Property Manager shall comply with all local, state, and federal laws and regulations, including tenancy laws, and verify correct documentation for the Rental Property.
(IV). The obligations outlined herein may be subject to modification as mutually agreed upon by the Parties and may include additional duties as determined and consented to by the Parties.
6. OBLIGATIONS OF THE PROPERTY OWNER
(I). The Property Owner shall execute documents necessary to grant authorization to the Property Manager to manage the Rental Property on the Property Owner's behalf. Such documentation shall include contracts, power of attorney, and letter of authorization.
(II). The Property Owner shall provide the Property Manager with all documents, materials, information, and equipment related to the Rental Property necessary for performing the Services under this Agreement.
(III). The Property Owner shall cooperate with the Property Manager and respond promptly to any requests or queries from the Property Manager.
(IV). The Property Owner shall pay property-related expenses, such as property taxes, insurance premiums, and utility bills and maintain sufficient reserves for contingencies.
(V). The Property Owner shall make decisions regarding the property and approve maintenance or repair work, authorizing lease agreements and rental rates.
(VI). The Property Owner shall maintain open communication with the Property Manager. The Property Owner shall provide feedback and discuss any changes or updates regarding the property management arrangement.
7. INDEMNITY
7.1. The Property Owner agrees to indemnify and hold harmless the Property Manager, its directors, officers, employees, and agents (the "Indemnified Parties") from and against all claims, demands, liabilities, damages, losses, costs, and expenses, including reasonable attorney's fees (the "Claims") arising out of or in connection with the Property Manager's performance of its duties and obligations under this Agreement, except Claims resulting from the Property Manager's gross negligence.
7.2. The Property Owner shall not be liable to indemnify the Property Manager under the following circumstances:
(I) Personal injury, property damage, or other harm caused by third parties while the Property Manager is providing management services on the Rental Property or such other harm directly attributable to the Property Manager's negligence or misconduct.
(II) Claims originating from the Property Manager's failure to comply with applicable laws, regulations, or responsibilities relating to the Rental Property, provided that such failure is not the consequence of the Property Owner's act or omission.
7.3. This indemnity clause shall not apply to any Claims arising from the Property Manager's negligence, willful misconduct, or intentional violation of this Agreement.
7.4. The indemnification obligations set forth in this clause shall survive the termination or expiration of this Agreement, and any Claims originating from acts or omissions committed during the duration of this Agreement may be made after its termination or expiration.
8. 8528525
________.552 2885552282 22 522 22 252 228828822 85588 8228282522 5 25225858 5225582 52525 2588 825222222:
(5) 252 2588552 22 252 252 25222522 2525225'8 2228 58 8522 552;
(55) 252 2588552 22 252 25222522 2525225 22 2528852 252 52588828 52525 2588 825222222;
(555) 82 252 25222522 2525225 288522522585228 252 25222522 88225'8 222828 25 822258 25222522.
________. 52 522 22 252 58282 8858528252828, 252 22525 25522 85588 5582 252 58252 22 5288825 252 825222222 525 88582 5525228, 8225282882 525 285825882 5288228 2522 252 25522 82 5225582.
9. TERM AND TERMINATION OF AGREEMENT
9.1. This Agreement shall commence in the Effective Date and shall end on ________, unless terminated by either of the Parties as described in this Agreement and there shall be no option for renewal.
9.2. Subject to the above provision, either of the Parties shall have the right to terminate this Agreement if the other Party fails to perform a fundamental obligation under this Agreement. In the case of the Property Owner, the Property Owner may terminate this Agreement if the Property Manager fails to fulfill the Services under this Agreement and the Property Manager has failed to perform within 30 days.
9.3. The Property Manager may have the right to terminate this Agreement if the Property Owner fails to pay the Fees described in this Agreement upon several requests.
9.4. The Property Owner may terminate if the Property Manager engages in any act which amounts to gross misconduct.
9.5. Upon termination or expiry of this Agreement, the Property Manager agrees to do the following:
(I) promptly deliver the keys to the Rental Property, confidential information, documents, books, materials, and any other property associated with the Rental Property currently held by the Property Manager to the Property Owner;
(II) Delete all data concerning the Rental Property from any electronic devices, hard disks, or similar storage mediums owned by the Property Manager;
(III). not disclose or use any of the Property Owner's trade secrets. The Property Owner shall be entitled to seek an injunction or any other legal remedy to prevent such disclosure or use.
9.6. Upon termination, the Property Owner shall pay any Fees up to the date of termination and any fees falling due for payment for the services rendered by the Property Manager.
10. INTELLECTUAL PROPERTY OWNERSHIP
The Property Manager agrees that all formulas, plans, models, written works, videos, advertisements, text, photographs, and all other intellectual property rights, including trademarks, trade secrets, goodwill, patents, copyrights, or other materials created, developed or created by the Property Manager in relation to the Rental Property, shall be the sole property of the Property Owner. The Property Manager hereby assigns and releases all intellectual property rights in all designs, formulas, inventions, patterns, copyrights, and all original works of intellectual property created under this Agreement to the Property Owner, and the Property Owner shall have unrestricted access to use such intellectual property created under this Agreement.
11. CONFIDENTIALITY OBLIGATIONS
11.1. The Parties acknowledge that by virtue of this Agreement, the Property Manager may have access to non-public confidential information and may also possess certain information regarding the business operation of the Property Owner. Consequently, the Property Manager agrees to maintain the secret nature of such information. The Parties also acknowledge that depending on the circumstance, they may become the disclosing party or receiving party.
11.2. Confidential information includes all information or materials of whatever nature relating to the purpose disclosed by the Parties by sharing of any written material or by any oral or written statement whatsoever which includes but is not limited to documents, techniques, practices, tools, specifications, inventions, patents, trademark, soft wares, drawings, programmes but shall not include the following information or data:
(I) which can be established by written records to be already known to the Property Manager or the public at the time of the disclosure;
(II) which enters the public domain through no fault of the Property Manager;
(III) is given by the Property Owner to third parties without any restrictions;
(IV) is given to the Property Manager by any third party who is in possession of such information and has the legal right to disclose it; or
(V) that is required by law to be disclosed.
12. FORCE MAJEURE
12.1. Neither Party shall, before the Expiration or Termination Date, be liable for any failure to fulfill any term of this Agreement if the fulfillment has been delayed, hindered, interfered with, or prevented by force majeure, which in this Agreement, shall mean any circumstances:
(I) which is beyond a Party's control;
(II) which such Party could not have reasonably avoided or overcome; and
(III) which is not attributable to the other Party.
12.2. Without prejudice to the generality of the foregoing, force majeure shall include the following events and circumstances:
(I) war, hostilities, or invasion;
(II) rebellion, terrorism, revolution, insurrection, military or usurped power;
(III) riot, civil disorder, or other acts that may reasonably affect the ability of the Party to fulfill its obligations under this Agreement.
13. DISPUTE RESOLUTION
The Parties agree to use their best endeavours to negotiate and settle any dispute or difference of opinion between them arising from or connected with this Agreement amicably through negotiation. If the Parties cannot resolve their disputes within 30 days, the matter shall be referred to mediation. If the Parties cannot resolve their dispute or reach a mutual settlement through mediation, the matter shall be referred to arbitration.
14. MODIFICATION AND VARIATION
The Parties can modify any part of this Agreement with the express consent of the other Party. If the Parties agree to vary the entire Agreement and a new Agreement is created to regulate the relationship of the Parties, this Agreement shall be terminated. If any part of the modified version of this Agreement becomes invalid or unenforceable, the remaining parts shall be valid.
15. MISCELLANEOUS
15.1.Variation: This Agreement may be amended or varied by either of the Parties, and such variation must be agreed to and signed by the Parties to this Agreement. No delay or omission to exercise any right under this Agreement shall be construed as a waiver.
15.2. Notices: All notices under this Agreement may be given orally or in writing. The notices shall either be delivered personally or mailed by certified mail to the other Party's address or that other Party's attorney.
15.3. Headings: Headings in this Agreement are used for convenience only and shall not be construed to limit or affect the terms of this Agreement.
15.4. Counterparts: This Agreement may be executed in counterparts, all of which constitute one Agreement.
15.5. Entire Agreement: This Agreement and any other agreement described as an addendum to this Agreement, constitutes the entire agreement between the Parties and supersedes any prior contrary written or oral agreement made between them.
15.6. Assignment: No Party shall assign any of its obligation or duties under this Agreement without the prior written consent of the other Party.
15.7. Enurement: This Agreement will enure the benefit of and be binding on the Parties and their respective heirs, executors, administrators and permitted successors and assigns.
15.8. Cumulative Rights: The rights of the Parties in this Agreement are cumulative and shall not be construed as exclusive except as otherwise stated by the law.
15.9. Waivers: Any term or provision of this Agreement may be waived in writing at any time by the Party entitled to such benefit. No delay or omission to exercise any right shall not be construed as a waiver.
15.10. Severability: If any part of this Agreement is held unenforceable, the remainder of this Agreement shall continue to be in force and have effect.
15.11. Further Assurance: The Parties shall execute and deliver all such documents and take all such actions and all steps to procure the performance of all such acts as may be necessary or incidental to give effect to the provisions of this Agreement.
IN WITNESS WHEREOF the Parties have duly executed this Agreement this day and year first written above.
SIGNED, SEALED, AND DELIVERED by the within named ________
________________________
in the presence of:
Name................................................................................................................
Address.............................................................................................................
Occupation........................................................................................................
Signature..........................................................................................................
SIGNED, SEALED, AND DELIVERED by the within named ________
________________________
in the presence of:
Name................................................................................................................
Address.............................................................................................................
Occupation........................................................................................................
Signature..........................................................................................................
PROPERTY MANAGEMENT AGREEMENT
This Property Management Agreement is made on ________ between ________, an individual of the following address:
________
Hereinafter referred to as (the "Property Owner" which expression shall where the context so admits include its successors-in-title and assigns) of the other part.
AND
________, an individual of the following address:
________
Hereinafter referred to as (the "Property Manager" which expression shall where the context so admits include its successors-in-title and assigns) of the other part.
BACKGROUND
A. The Property Owner is the owner and desires to appoint the Property Manager to manage the following property for the Property Owner (the "Rental Property"):
________
B. The Property Manager agrees to manage the Property Owner's Rental Property according to the terms and conditions of this Agreement.
Now, therefore, in consideration of the promises and covenants hereinafter contained in this Agreement, as well as other valuable consideration, the receipt of which is hereby acknowledged, the Parties hereby agree as follows:
1. DESCRIPTION OF SERVICES
The Property Manager has agreed to manage the following property (the "Rental Property"):
________
2. DESCRIPTION OF SERVICES
The Property Manager agrees to manage the Rental Property and to provide the following services in relation to the Rental Property (the "Services"):
(I). Manage the Rental Property by leasing, short letting, and operating the Rental Property.
(II). Collecting monies, rent, charges, and other fees payable by tenants and remitting the monies to the Property Owner. The Property may employ an attorney or agent to collect rent lawfully, and the Property Manager shall be reimbursed for expenses incurred.
(III). Providing monthly remittance of rent and other monies collected from tenants. Such monies shall be remitted to Property Owner on the 1st day of every month.
(IV). Setting the rent for the Rental Property to adequately reflect the market price for properties in the same location as the Rental Property.
(V). Issuing rental receipts to tenants and keeping a record of leases granted, including the duration of the lease, the commencement date, and the termination date.
(VI). Place adverts and conduct screenings for tenants that meet the Property Owner's qualifications and according to the laws and regulations.
(VII). To make alterations and improvements to ensure the proper maintenance of the Rental Property when needed and upon securing the Property Owner's approval.
(VIII). To make repairs and conduct routine maintenance of the Rental Property and obtain the Property Owner's approval before accruing costs on repairs, renovations, or alterations. This obligation includes hiring and paying contractors, designers, and other contractors to provide such repairs or improvements.
(IX). To hire cleaning services to ensure that the Rental Property is clean before renting the Rental Property and after a tenant vacates the Rental Property.
3. COMPENSATION
3.1. As compensation for all the services rendered by the Property Manager under this Agreement, the Property Manager shall receive a one time fixed fee in the sum of ₦________ (________) for the Property Manager's Services (the "Fee").
3.2. Such compensation will be made in cash.
3.3. The Property Manager shall be entitled to be reimbursed for all incidental and out-of-pocket expenses reasonably incurred on behalf of the Property Owner, provided that same have been authorized by the Property Owner before being incurred and with the provisions of appropriate receipts.
4. INVOICING AND PAYMENT
4.1. The Property Manager shall submit an invoice indicating the Property Manager's work description and hours of work. The invoice will be sent to the Property Owner weekly, on Mondays.
4.2. If the Property Owner fails to pay the Fees after the due date, the Property Owner shall pay ₦________ (________) to the Property Manager as late fees.
5. OBLIGATIONS OF THE PROPERTY MANAGER
(I). The Property Manager will be the primary point of contact for tenants. The Property Manager shall manage tenant enquiries, complaints, and any problems or concerns that may arise during the tenancy.
(II) The Property Manager shall provide the Services diligently and with due care.
(III). The Property Manager shall be responsible for the provision of all tools and equipment necessary to render the Services required under this Agreement.
(III). The Property Manager shall comply with all local, state, and federal laws and regulations, including tenancy laws, and verify correct documentation for the Rental Property.
(IV). The obligations outlined herein may be subject to modification as mutually agreed upon by the Parties and may include additional duties as determined and consented to by the Parties.
6. OBLIGATIONS OF THE PROPERTY OWNER
(I). The Property Owner shall execute documents necessary to grant authorization to the Property Manager to manage the Rental Property on the Property Owner's behalf. Such documentation shall include contracts, power of attorney, and letter of authorization.
(II). The Property Owner shall provide the Property Manager with all documents, materials, information, and equipment related to the Rental Property necessary for performing the Services under this Agreement.
(III). The Property Owner shall cooperate with the Property Manager and respond promptly to any requests or queries from the Property Manager.
(IV). The Property Owner shall pay property-related expenses, such as property taxes, insurance premiums, and utility bills and maintain sufficient reserves for contingencies.
(V). The Property Owner shall make decisions regarding the property and approve maintenance or repair work, authorizing lease agreements and rental rates.
(VI). The Property Owner shall maintain open communication with the Property Manager. The Property Owner shall provide feedback and discuss any changes or updates regarding the property management arrangement.
7. INDEMNITY
7.1. The Property Owner agrees to indemnify and hold harmless the Property Manager, its directors, officers, employees, and agents (the "Indemnified Parties") from and against all claims, demands, liabilities, damages, losses, costs, and expenses, including reasonable attorney's fees (the "Claims") arising out of or in connection with the Property Manager's performance of its duties and obligations under this Agreement, except Claims resulting from the Property Manager's gross negligence.
7.2. The Property Owner shall not be liable to indemnify the Property Manager under the following circumstances:
(I) Personal injury, property damage, or other harm caused by third parties while the Property Manager is providing management services on the Rental Property or such other harm directly attributable to the Property Manager's negligence or misconduct.
(II) Claims originating from the Property Manager's failure to comply with applicable laws, regulations, or responsibilities relating to the Rental Property, provided that such failure is not the consequence of the Property Owner's act or omission.
7.3. This indemnity clause shall not apply to any Claims arising from the Property Manager's negligence, willful misconduct, or intentional violation of this Agreement.
7.4. The indemnification obligations set forth in this clause shall survive the termination or expiration of this Agreement, and any Claims originating from acts or omissions committed during the duration of this Agreement may be made after its termination or expiration.
8. 8528525
________.552 2885552282 22 522 22 252 228828822 85588 8228282522 5 25225858 5225582 52525 2588 825222222:
(5) 252 2588552 22 252 252 25222522 2525225'8 2228 58 8522 552;
(55) 252 2588552 22 252 25222522 2525225 22 2528852 252 52588828 52525 2588 825222222;
(555) 82 252 25222522 2525225 288522522585228 252 25222522 88225'8 222828 25 822258 25222522.
________. 52 522 22 252 58282 8858528252828, 252 22525 25522 85588 5582 252 58252 22 5288825 252 825222222 525 88582 5525228, 8225282882 525 285825882 5288228 2522 252 25522 82 5225582.
9. TERM AND TERMINATION OF AGREEMENT
9.1. This Agreement shall commence in the Effective Date and shall end on ________, unless terminated by either of the Parties as described in this Agreement and there shall be no option for renewal.
9.2. Subject to the above provision, either of the Parties shall have the right to terminate this Agreement if the other Party fails to perform a fundamental obligation under this Agreement. In the case of the Property Owner, the Property Owner may terminate this Agreement if the Property Manager fails to fulfill the Services under this Agreement and the Property Manager has failed to perform within 30 days.
9.3. The Property Manager may have the right to terminate this Agreement if the Property Owner fails to pay the Fees described in this Agreement upon several requests.
9.4. The Property Owner may terminate if the Property Manager engages in any act which amounts to gross misconduct.
9.5. Upon termination or expiry of this Agreement, the Property Manager agrees to do the following:
(I) promptly deliver the keys to the Rental Property, confidential information, documents, books, materials, and any other property associated with the Rental Property currently held by the Property Manager to the Property Owner;
(II) Delete all data concerning the Rental Property from any electronic devices, hard disks, or similar storage mediums owned by the Property Manager;
(III). not disclose or use any of the Property Owner's trade secrets. The Property Owner shall be entitled to seek an injunction or any other legal remedy to prevent such disclosure or use.
9.6. Upon termination, the Property Owner shall pay any Fees up to the date of termination and any fees falling due for payment for the services rendered by the Property Manager.
10. INTELLECTUAL PROPERTY OWNERSHIP
The Property Manager agrees that all formulas, plans, models, written works, videos, advertisements, text, photographs, and all other intellectual property rights, including trademarks, trade secrets, goodwill, patents, copyrights, or other materials created, developed or created by the Property Manager in relation to the Rental Property, shall be the sole property of the Property Owner. The Property Manager hereby assigns and releases all intellectual property rights in all designs, formulas, inventions, patterns, copyrights, and all original works of intellectual property created under this Agreement to the Property Owner, and the Property Owner shall have unrestricted access to use such intellectual property created under this Agreement.
11. CONFIDENTIALITY OBLIGATIONS
11.1. The Parties acknowledge that by virtue of this Agreement, the Property Manager may have access to non-public confidential information and may also possess certain information regarding the business operation of the Property Owner. Consequently, the Property Manager agrees to maintain the secret nature of such information. The Parties also acknowledge that depending on the circumstance, they may become the disclosing party or receiving party.
11.2. Confidential information includes all information or materials of whatever nature relating to the purpose disclosed by the Parties by sharing of any written material or by any oral or written statement whatsoever which includes but is not limited to documents, techniques, practices, tools, specifications, inventions, patents, trademark, soft wares, drawings, programmes but shall not include the following information or data:
(I) which can be established by written records to be already known to the Property Manager or the public at the time of the disclosure;
(II) which enters the public domain through no fault of the Property Manager;
(III) is given by the Property Owner to third parties without any restrictions;
(IV) is given to the Property Manager by any third party who is in possession of such information and has the legal right to disclose it; or
(V) that is required by law to be disclosed.
12. FORCE MAJEURE
12.1. Neither Party shall, before the Expiration or Termination Date, be liable for any failure to fulfill any term of this Agreement if the fulfillment has been delayed, hindered, interfered with, or prevented by force majeure, which in this Agreement, shall mean any circumstances:
(I) which is beyond a Party's control;
(II) which such Party could not have reasonably avoided or overcome; and
(III) which is not attributable to the other Party.
12.2. Without prejudice to the generality of the foregoing, force majeure shall include the following events and circumstances:
(I) war, hostilities, or invasion;
(II) rebellion, terrorism, revolution, insurrection, military or usurped power;
(III) riot, civil disorder, or other acts that may reasonably affect the ability of the Party to fulfill its obligations under this Agreement.
13. DISPUTE RESOLUTION
The Parties agree to use their best endeavours to negotiate and settle any dispute or difference of opinion between them arising from or connected with this Agreement amicably through negotiation. If the Parties cannot resolve their disputes within 30 days, the matter shall be referred to mediation. If the Parties cannot resolve their dispute or reach a mutual settlement through mediation, the matter shall be referred to arbitration.
14. MODIFICATION AND VARIATION
The Parties can modify any part of this Agreement with the express consent of the other Party. If the Parties agree to vary the entire Agreement and a new Agreement is created to regulate the relationship of the Parties, this Agreement shall be terminated. If any part of the modified version of this Agreement becomes invalid or unenforceable, the remaining parts shall be valid.
15. MISCELLANEOUS
15.1.Variation: This Agreement may be amended or varied by either of the Parties, and such variation must be agreed to and signed by the Parties to this Agreement. No delay or omission to exercise any right under this Agreement shall be construed as a waiver.
15.2. Notices: All notices under this Agreement may be given orally or in writing. The notices shall either be delivered personally or mailed by certified mail to the other Party's address or that other Party's attorney.
15.3. Headings: Headings in this Agreement are used for convenience only and shall not be construed to limit or affect the terms of this Agreement.
15.4. Counterparts: This Agreement may be executed in counterparts, all of which constitute one Agreement.
15.5. Entire Agreement: This Agreement and any other agreement described as an addendum to this Agreement, constitutes the entire agreement between the Parties and supersedes any prior contrary written or oral agreement made between them.
15.6. Assignment: No Party shall assign any of its obligation or duties under this Agreement without the prior written consent of the other Party.
15.7. Enurement: This Agreement will enure the benefit of and be binding on the Parties and their respective heirs, executors, administrators and permitted successors and assigns.
15.8. Cumulative Rights: The rights of the Parties in this Agreement are cumulative and shall not be construed as exclusive except as otherwise stated by the law.
15.9. Waivers: Any term or provision of this Agreement may be waived in writing at any time by the Party entitled to such benefit. No delay or omission to exercise any right shall not be construed as a waiver.
15.10. Severability: If any part of this Agreement is held unenforceable, the remainder of this Agreement shall continue to be in force and have effect.
15.11. Further Assurance: The Parties shall execute and deliver all such documents and take all such actions and all steps to procure the performance of all such acts as may be necessary or incidental to give effect to the provisions of this Agreement.
IN WITNESS WHEREOF the Parties have duly executed this Agreement this day and year first written above.
SIGNED, SEALED, AND DELIVERED by the within named ________
________________________
in the presence of:
Name................................................................................................................
Address.............................................................................................................
Occupation........................................................................................................
Signature..........................................................................................................
SIGNED, SEALED, AND DELIVERED by the within named ________
________________________
in the presence of:
Name................................................................................................................
Address.............................................................................................................
Occupation........................................................................................................
Signature..........................................................................................................
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