GROUP INVESTMENT AGREEMENT.
This Group Investment Agreement (hereinafter referred to as the “Agreement”) is made and entered the ____ day of _____ 2021 (the “Effective Date”), by _______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ (hereinafter referred to as the “Members”).
NOW THEREOF, in consideration of the mutual covenants and promises made by the Parties hereto, the Members covenant and agree as follows:
- TERM.
The initial term of this Agreement shall be for a period _____ [Years], commencing on the Effective Date herein.
- SCOPE.
- The Members shall each contribute _______ Dollars as investment for the purchase of land to be used for development purposes. The amount contributed shall be held at the _______ Bank Account, where all members are signatories for a period of time till the land to be purchased has been selected.
- Members shall be entitled to receive their share (share shall be depended on the value of the development) of any and all benefits from the development of the land. In the unfortunate event that a member is declared ill, mentally incapable of contribute decisions on development of the land or in case of death of a member, their next of kin shall automatically replace them and be entitled to the benefits of the development.
- Members cannot, at any time, without the prior written notice of other Members pass their obligations under this Agreement to a third party (Not a Member herein) to act as a member and receive proceeds of the development.
- TERMINATION/CANCELLATION.
- A member can terminate/cancel their obligation under this Agreement at any time BEFORE the agreement with the seller of the land has been made by offering a written notice to the rest of the Members. Note; the said member who wishes to terminate/cancel their obligation herein shall only receive ___% of their contribution.
- Members cannot terminate/cancel their obligations under this Agreement once the land sale agreement has been made with the seller. If a member wishes to terminate/cancel their obligation after the land sale agreement has been signed, they shall do so in writing and forfeit all the investment made for the purchase of the land.
- GENERAL PROVISION, GOVERNING LAW AND JURISDICTION.
- This Agreement contains the entire Agreement between the Members relating to the subject matter hereof and supersedes any and all prior agreements or understandings, written or oral, between the Members related to the subject matter hereof. No modification of this Agreement shall be valid unless made in writing and signed by all Members hereto.
- This Agreement shall be governed by and construed in accordance with the laws of the ____________ [State/Country]. Exclusive jurisdiction and venue shall be in _____________ [State/Country].
- Each member represents and warrants to the other that such party has acted in good faith, and agrees to continue to so act, in the negotiation, execution, delivery, performance, and any termination of this Agreement.
IN WITNESS WHEREOF, this Agreement has been executed by the parties as of the Effective Date.
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