Bring on a new partner to a land development partnership in Alberta with this Admission to Land Development Partnership and Amending Agreement
This Admission Agreement is for admitting a new partner into a partnership formed for the purpose of constructing and developing a commercial office and retail project on lands owned by one of the partners.
Provisions of the Agreement include:
- capital contribution to be made by the new partner;
- covenants, representations and warranties of each of the parties;
- cash distributions and repayments to be made to original partners at the time of the new partner's buy-in;
- amendments to be made to the original Partnership Agreement, including allocation of partnership profit or loss;
- a management committee appointed by the partners will be responsible for managing and operating the partnership affairs.
This Alberta Admission to Land Development Partnership and Amending Agreement
template is in MS Word format and is fully editable to fit your circumstances.