This document is to be utilised in acquiring and developing property in a joint venture situation. It includes a cross charge and provision for a manager to hold the property as legal owner.
Sample
"A. By a Contract of Sale dated ## ("the Contract of Sale") and made between the Vendor of the one part and the Manager as Purchaser of the other part, the Vendor agreed to sell and the Purchaser agreed to purchase the Property for the consideration and upon and subject to the terms and conditions contained in the Contract of Sale.
B. The Manager agreed to purchase the Property, pursuant to the provisions of the Contract of Sale, at the request and on behalf of the Jointventurers as agent, nominee and bare trustee for the Jointventurers in proportion to the Participating Interests, in order to facilitate the establishment and conduct of the Project.
C. The Jointventurers have agreed to participate in the Project for the acquisition of the Property and for the further purpose of developing the Property and holding the Property and the buildings to be constructed for the purpose of deriving income by letting and sale.
D. The Jointventurers have agreed to obtain a Plan of Subdivision of the Property.
E. The Jointventurers have further agreed that their relationship as constituted by this Agreement, is to be governed by these terms and conditions.
F. The Jointventurers may increase or decrease in number from time to time and the Jointventurers to this Agreement will be the most current Jointventurers set out, described and with date of acquisition of Participating Interests noted in Schedule 1 from time to time.
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Jointventure agreement to purchase & develop property-JOINVENT 2
