Agreement between joint owners for transfer of title to one of them.
Whereas, A and B, of the county of _________, state of _________, are jointly seized and possessed of certain property, both real and personal, in the city and county of _________, state of _________, and are desirous of adjusting and separating their interests so that the title to such property may be held in severalty by A.
Therefore, this agreement entered into _________[date] between A and B:
That A for himself and his heirs, for the consideration below named, agrees with B that A, during his natural life, shall and will pay to B for the period of B's natural life, $_____ yearly; such sum to be paid to him in monthly payments of $_____; the first payment to be made to him on the day of the date of this agreement and the remainder of the _________ of each and every month later during the life of B.
Upon the death of B, A surviving, the obligation in this agreement assumed on the part of A is to terminate and such payments are to cease and the heirs, devisees, legatees or personal representatives of B are to have no claim against A or upon A's property or estate. In the event A should die before the death of B, such payments of $_____ each month are to cease, and A, for A's self and A's heirs, agrees with B that in lieu of this agreement A will bequeath and devise free of all claims and incumbrances to B property, real or personal or both, to the value of $_____ to take effect upon the death of A, and to be valued at its market value as of the date of the death of A; and if B and the personal representatives or devises and legatees of A cannot agree upon a division of the estate of A so that the property to the value of $_____ may be set aside in kind and in severalty to B, then so much of the real or personal property belonging to the estate of A is to be sold as that the proceeds or a portion of them will be sufficient, either of itself or together with the monies and personal property which B is willing to accept, to make up the value of $_____.
And B, in consideration of the agreements contained above on the part of A, and which on B's part are to be done and performed, does sell and convey to A all right, title and interest in and to all of the property, both real and personal, wherever situated, in which B and A are now jointly interested, embracing all B's interest in _________ company, and all real estate now and jointly owned by A and B.
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