# Incumbrance Agreement Document
**This Incumbrance Agreement ("Agreement") is made and entered into as of the [Insert Date], by and between the following parties:**
**1. Party A:**
*Full Name:* [Insert Full Name]
*Address:* [Insert Address]
*Email:* [Insert Email]
*Phone Number:* [Insert Phone Number]
**2. Party B:**
*Full Name:* [Insert Full Name]
*Address:* [Insert Address]
*Email:* [Insert Email]
*Phone Number:* [Insert Phone Number]
## Recitals
Whereas, **Party A** is the legal owner of the property described below, and wishes to impose certain obligations and encumbrances on said property.
Whereas, **Party B** agrees to accept the encumbrance attached to the subject property under the terms stated herein.
Now, therefore, in consideration of the mutual covenants and agreements herein contained, the parties hereto agree as follows:
## 1. Property Description
The property subject to this Agreement is described as follows:
- **Type of Property:** [Insert Type]
- **Location:** [Insert Address or Legal Description]
- **Parcel Number:** [Insert Parcel Number]
## 2. Nature of Incumbrance
The incumbrance imposed by this Agreement shall consist of the following:
- [Insert Description of the Incumbrance, e.g., a mortgage, lien, easement, or any other form of encumbrance.]
## 3. Duration of Incumbrance
This incumbrance shall remain in effect for a period of [insert duration, e.g., "five (5) years", "until paid off", "indefinitely", etc.], unless otherwise terminated by mutual written consent of both parties.
## 4. Obligations of Party A
**Party A** agrees to:
1. Maintain the property in good condition throughout the duration of the incumbrance.
2. Notify **Party B** of any changes to the status of the property that may affect the incumbrance.
## 5. Obligations of Party B
**Party B** agrees to:
1. Assume the responsibilities and obligations associated with the incumbrance as stated in this Agreement.
2. Make payments or complete certain obligations as agreed upon in Section 6.
## 6. Payment Terms
**Party B** agrees to pay to **Party A** the sum of [Insert Amount] under the following payment schedule:
- Payment Amount: [Insert Amount]
- Due Date: [Insert Due Dates]
- Method of Payment: [Insert Method (e.g., cash, check, electronic transfer)]
## 7. Default
In the event that either party fails to perform any obligation under this Agreement, the non-defaulting party shall provide written notice of the default. If the defaulting party fails to cure the default within [Insert Grace Period] days of receiving such notice, the non-defaulting party shall have the right to pursue all available remedies under applicable law.
## 8. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of [Insert State].
## 9. Entire Agreement
This Agreement constitutes the entire understanding between the parties concerning the subject matter hereof and supersedes all prior agreements, representations, and understandings, whether written or oral, pertaining to such subject matter.
## 10. Amendments
No amendment or modification of this Agreement shall be valid or binding unless made in writing and signed by both parties.
## IN WITNESS WHEREOF, the parties have executed this Incumbrance Agreement as of the date first above written.
_____________________________
**Party A Signature**
*Name:* [Insert Name]
*Date:* [Insert Date]
_____________________________
**Party B Signature**
*Name:* [Insert Name]
*Date:* [Insert Date]
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*Note: This template is provided for informational purposes only and should be customized according to the specific circumstances of each transaction. It is advisable to consult with a legal professional before executing any contractual agreement.*