yacht fractional ownership agreement

Fractional Ownership Agreement Yacht / Marine Vessel

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This agreement made and executed this _________ day of ________, 20_, by and between _____________ and ____________ and ______________ hereafter referred to as co-owners.

The co-owners agree to form a co-ownership to purchase as tenants in common a __________ Yacht, [name of yacht] registration number ____________, and for operating the Yacht for the co-owners’ business or pleasure. The co-owners agree to operate the Yacht in accordance with local and state regulations and requirements.

This co-ownership shall commence on ______________, 20 __, and shall continue until termination by mutual agreement. The co-ownership shall be limited to ______ co-owners. Written consent of all co-owners is required before additional persons can purchase any share of the Yacht. If a co-owner has more than an equal share in the co-ownership, he is restricted to one vote on matters that require a vote.

COST OF CO-OWNERSHIP

Each co-owner shall contribute initial capital in the sum of $____________ to the co-ownership. This capital is the beginning balance of each co-owner’s capital account and__

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