Bring on a new partner to an Alberta land development partnership with this Admission Agreement.
This Admission Agreement would be used to admit a new partner into a partnership which was formed for the purpose of constructing and developing a commercial office and retail project on land owned by one of the partners.
Provisions of the Admission 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 Agreement to Land Development Partnership
template is in MS Word format and is fully editable to fit your circumstances.
Last Updated: 14-April-2016