Set up a partnership to develop and build a commercial office and retail project in Alberta with this Land Development Partnership Agreement.
The parties to the Agreement are the owner of the land to be developed, and a managing partner (the Operator) who will be lending money to the project. Provisions of the agreement include:
- additional partners may be brought on if deemed necessary by the parties;
- apportionment of revenues and expenses between the parties;
- Operator will advance sufficient funds to the partnership which will be lent to the owner interest-free for demolition and to secure surrender of existing leases;
- details of Operator's compensation for managing development, construction and completion of the project;
- procedure for advances made to the partnership by a partner;
- buy-sell provisions which give the other partners a right of first refusal to purchase the interest of a departing partner;
- disposal of partnership assets on termination or dissolution.
This Alberta Land Development Partnership Agreement
is provided in MS Word format and is fully editable.