# Contingent Ownership Agreement
**This Contingent Ownership Agreement ("Agreement") is made effective as of [Insert Date] ("Effective Date"), by and between [Owner's Full Name] ("Owner") residing at [Owner's Address] and [Contingent Owner's Full Name] ("Contingent Owner") residing at [Contingent Owner's Address].**
## RECITALS
WHEREAS, Owner is the legal owner of the following property:
- **Description of Property**: [Property Description, e.g., address, identification number, etc.]
WHEREAS, Owner agrees to grant contingent ownership rights to Contingent Owner under the terms set forth herein;
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties agree as follows:
## 1. CONTINGENT OWNERSHIP
1.1 **Grant of Rights**: Owner hereby grants limited contingent ownership rights to Contingent Owner, which shall be activated upon the occurrence of the following event(s):
- [Specify the condition(s) that must be met, e.g., Owner's death, sale of the property, etc.]
1.2 **Contingent Owner's Rights**: Upon the occurrence of the event(s) specified in Section 1.1, contingent ownership shall confer the following rights to Contingent Owner:
- [List specific rights such as right of possession, right to sell, etc.]
## 2. LIMITATIONS OF RIGHTS
2.1 **Restrictions**: The contingent ownership rights granted herein are subject to the following restrictions:
- [List any limitations or conditions, e.g., cannot sell without approval, etc.]
2.2 **No Transfer of Rights**: Contingent Owner may not assign or transfer their rights under this Agreement without the prior written consent of the Owner.
## 3. NOTIFICATION
3.1 **Notice of Event**: In the event that the condition defined in Section 1.1 occurs, the Owner shall provide written notification to the Contingent Owner within [Number of Days] days of the event occurrence.
## 4. STIPULATIONS
4.1 **Governing Law**: This Agreement shall be governed by and construed in accordance with the laws of the State of [State Name].
4.2 **Amendments**: Any amendments to this Agreement must be made in writing and signed by both parties.
4.3 **Severability**: If any provision of this Agreement is found to be unenforceable, the remaining provisions shall continue in full force and effect.
## 5. ENTIRE AGREEMENT
This Agreement constitutes the entire agreement between the parties concerning its subject matter and supersedes all prior agreements, both written and oral.
## IN WITNESS WHEREOF, the parties hereto have executed this Contingent Ownership Agreement as of the date first above written.
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### OWNER
Signature: __________________________
Name: [Owner’s Full Name]
Date: _______________________________
### CONTINGENT OWNER
Signature: __________________________
Name: [Contingent Owner’s Full Name]
Date: _______________________________
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**Notary Acknowledgment**
State of [State Name]
County of [County Name]
On this ___ day of ___________, 20___, before me, a Notary Public in and for said State, personally appeared [Owner's Full Name] and [Contingent Owner's Full Name], known to me to be the persons whose names are subscribed to the within instrument, and acknowledged that they executed the same.
Witness my hand and official seal.
Signature: __________________________
Notary Public
My commission expires: _______________