Borehole Ownership Agreement

Summary

A borehole ownership agreement among three founding members outlines shared investment and ownership of a borehole, solar panels, and accessories. The borehole is located on one members property but is excluded from any property sale. New users, including property buyers, must pay a $400 buy-in fee before connection. The community can access water during specified hours and limits. Founders retain all rights, and relocating members do not receive refunds. Permanent water connections are established, and new users bear piping costs. Any contract changes require unanimous consent from all founding members.

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Draft an agreement between * founding members of a borehole drilled . Investment fee was $*. Assets Include borehole, Solar Panels & accessories, water pump. Agreement is for life. The borehole was drilled at One founding member’s place but in the event that he sells the property, the borehole is excluded from the sale. Any new user including a buyer of the property should pay the buy in fee of $* in full before being connected to the property. The community can benefit from the water between xx hours and to a maximum of xx buckets per home. All rights are reserved to the founders of the borehole. In the event one of the founding members wants to relocate, he/she is permitted to do so without any refunds. The water pipes will be permanantly connected from founder’s home to all member's homes. Any new buyins, will be connected after full payment and responsible at own cost for piping upto . adjustments or changes to the contract, should be unanimous among the founding members
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Borehole Founders Agreement
This Agreement is made and entered into on this ____ day of ____, 20__, by and between the following founding members:
*. Peter
*. Oliver
*. John
*. Amanda
Recitals:
- The founding members have jointly invested a total of $* in drilling a borehole, including solar panels, accessories, and a water pump, located at Peter's property.
- This Agreement is intended to govern the rights and responsibilities of the founding members regarding the borehole and its usage.
Terms and Conditions:
*. Ownership and Investment:
- The borehole and associated assets (solar panels, accessories, water pump) are jointly owned by the founding members.
- The investment fee for the borehole was $*, shared equally among the founding members.
*. Location and Sale of Property:
- The borehole is drilled at Peter’s property.
- If Peter sells the property, the borehole is excluded from the sale.
- Any new user, including a buyer of the property, must pay a buy-in fee of $* in full before being connected to the borehole.
*. Community Access:
- The community can benefit from the water for free between [specify hours] and to a maximum of [specify number] buckets per home.
*. Rights Reserved:
- All rights related to the borehole are reserved to the founding members.
*. Relocation of Founding Members:
- If any founding member decides to relocate, they are permitted to do so without any refunds.
- The water pipes will remain permanently connected from Peter’s house to all founding members’ homes.
*. New Buy-ins:
- Any new buy-ins will be connected to the borehole after full payment of the $* buy-in fee.
- New users are responsible for the cost of piping to their homes.
*. Modifications:
- Any adjustments or changes to this Agreement must be unanimous among the founding members.
Signatures:
Peter: _______________________ Date: ______________
Oliver: _______________________ Date: ______________
John: _______________________ Date: ______________
Amanda: _______________________ Date: ______________
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Does this cover everything?