TERMINATION OF BUSINESS PARTNERSHIP AGREEMENT.
This Termination of Business Partnership Agreement (hereinafter referred to as the “Agreement”) is made and entered on this ____ day of _____ 2021 (the “Effective Date”), between Isaiah Moton-Poole, Contact Info: ____________________________, Pierre Moton-Poole, Contact Info: ______________________, and Terrence Taylor, Contact Info: ____________________, (hereinafter referred to as the “Partners”).
WHEREAS, the original oral Agreement between the Parties was for the purchase of a property (a house) to rent as Airbnb.
NOW THEREOF, in consideration of the mutual covenants and promises made by the Parties hereto, the Parties covenant and agree as follows:
The initial term of this Agreement shall be for a period _____ [Months/Years], commencing on the Effective Date herein.
- The Partners acknowledge that Isaiah and Pierre Moton-Poole are on the mortgage, and Terrence was added to the deed of the Property located at 3131 Washington Rd, East Point, GA 30344.
- The property cost to be split 50/50, for Isaiah and Pierre at 50% and 50% for Terrence. As of ____ day of _____ 2021, Isaiah and Pierre had paid Fifty Five Thousand, Five Hundred and Fifty One Dollar ($55,551), while Terrence had paid Twenty Five Thousand Dollars ($25,000).
- Isaiah and Pierre Moton-Poole bought furniture for the property valued at ____________ Dollars.
- The Partners acknowledge that the Airbnb Agreement was frustrated as Terrence failed to give his complete share for the investment and/or Terrence wishes to opt out of the Airbnb Agreement as he is bothered by the fact that Isaiah and Pierre purchased furniture without his consent. Subsequently, Terrence wishes to have his Twenty Five Thousand Dollar investment back.
- The Partners understand and acknowledge that the investment by the Partners had been used to pay for expenses as follows;
- $1971.84 % of loan amount points
- $695 Administration fees
- $495 Underwriting fee
- $450 Appraisal fee
- $41.99 Credit report
- $4 Flood certification fee
- $540 Lenders title insurance
- $541 Owners title insurance
- $50 Title-CPL
- $475 Settlement/Closing fee
- $250 Title examination
- $25 Record Deed
- $25 Record Trust/Deed mortgage
- $10 GRMA Fee
- $576 Intangible Tax
- $240 Transfer Tax
- $467.62 Property inspection
TOTAL $6407. Split 50/50 $3203.73
- Amount to be paid to Terrence after deduction Twenty One Thousand Seven Hundred and Ninety Six Dollars and Twenty Eight cents ($21796.28). Isaiah and Pierre Moton-Poole shall pay Terrence Eleven Thousand Five Hundred Dollars ($11,500) on the Effective Date herein, and Nine Thousand Two Hundred and Ninety Six Dollars Twenty Eight Cents ($9,296.28) in 90 days starting from 15th May 2021.
Terrence understands and acknowledges that upon receiving the last payment, he shall sign paperwork removing his name from the property deed.
This Agreement contains the entire Agreement between the Parties relating to the subject matter hereof and supersedes any and all prior agreements or understandings, written or oral, between the parties related to the subject matter hereof. No modification of this Agreement shall be valid unless made in writing and signed by both parties hereto.
- GOVERNING LAW AND JURISDICTION.
This Agreement shall be governed by and construed in accordance with the laws of the State of Georgia, USA. Exclusive jurisdiction and venue shall be in the State of Georgia, USA.
IN WITNESS WHEREOF, this Agreement has been executed by the parties as of the Effective Date.
NAME SIGNATURE DATE
Isaiah Moton-Poole ______________________ ________________
Pierre Moton-Poole ______________________ ________________
Terrence Taylor ______________________ ________________
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