Deed of Usufruct
Deed of Usufruct
THIS DEED OF USUFRUCT (hereinafter referred to as the “Deed”) is executed on this ____ day of ______, 2060, by and between:
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[YOUR NAME], an adult individual, residing at [YOUR COMPANY ADDRESS] (hereinafter referred to as the “Grantor”); and
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[USUFRUCTUARY NAME], an adult individual, residing at [USUFRUCTUARY ADDRESS] (hereinafter referred to as the “Usufructuary”).
Collectively referred to as the “Parties.”
RECITALS
WHEREAS, the Grantor is the rightful owner of the property described herein, and
WHEREAS, the Grantor agrees to establish a usufruct in favor of the Usufructuary under the terms and conditions set forth in this Deed, and
WHEREAS, the Usufructuary accepts the rights granted herein and agrees to the obligations imposed by this Deed.
NOW, THEREFORE, in consideration of the mutual covenants and conditions contained herein, the Parties agree as follows:
1. PROPERTY DESCRIPTION
The Grantor hereby establishes a usufruct in favor of the Usufructuary over the following described property:
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Property located at [PROPERTY ADDRESS], identified by [LEGAL DESCRIPTION], including but not limited to all fixtures, appurtenances, and improvements located thereon (hereinafter referred to as the “Property”).
2. RIGHTS OF THE USUFRUCTUARY
2.1 Right of Use and Enjoyment
The Usufructuary shall have the right to use and enjoy the Property, including the right to possess, occupy, and make use of the Property during the term of this Deed.
2.2 Right to Income
The Usufructuary shall have the right to receive any income, rents, or profits derived from the Property during the usufruct.
2.3 Right to Make Improvements
The Usufructuary may make reasonable improvements to the Property, provided that such improvements do not diminish the value of the Property. Any improvement costs shall be borne solely by the Usufructuary.
3. OBLIGATIONS OF THE USUFRUCTUARY
3.1 Maintenance and Repairs
The Usufructuary shall be responsible for the regular maintenance, upkeep, and ordinary repairs necessary to preserve the Property in good condition.
3.2 Payment of Taxes and Utilities
The Usufructuary shall be responsible for the payment of all property taxes, utility bills, and any other costs associated with the Property’s operation during the term of the usufruct.
3.3 No Deterioration
The Usufructuary shall not cause or permit any deterioration of the Property beyond normal wear and tear.
4. DURATION OF THE USUFRUCT
The usufruct granted by this Deed shall commence on the date of execution of this Deed and shall continue for a term of [YEARS/SPECIFIC END DATE] unless earlier terminated by mutual agreement of the Parties or by operation of law.
5. RIGHTS OF THE GRANTOR
5.1 Retained Ownership
The Grantor retains full ownership of the Property, subject to the rights granted to the Usufructuary under this Deed.
5.2 Inspection Rights
The Grantor reserves the right to inspect the Property at reasonable intervals to ensure that it is being maintained in accordance with the terms of this Deed.
5.3 Reversion of Rights
Upon the expiration or termination of the usufruct, all rights granted to the Usufructuary shall revert to the Grantor, and the Usufructuary shall surrender possession of the Property in good condition.
6. TERMINATION
The usufruct may be terminated under the following conditions:
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Expiration of the term.
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Destruction of the Property.
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Mutual agreement of the Parties.
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Death of the Usufructuary (if applicable).
Upon termination, the Usufructuary shall vacate and return the Property to the Grantor in good condition, reasonable wear and tear excepted.
7. INDEMNIFICATION
The Usufructuary agrees to indemnify, defend, and hold harmless the Grantor from any and all claims, liabilities, damages, or losses arising from the Usufructuary’s use of the Property, including but not limited to any personal injury or property damage claims.
8. MISCELLANEOUS PROVISIONS
8.1 Governing Law
This Deed shall be governed by and construed in accordance with the laws of the State of [STATE], without regard to its conflict of law principles.
8.2 Entire Agreement
This Deed constitutes the entire agreement between the Parties concerning the usufruct of the Property and supersedes any prior agreements or understandings.
8.3 Amendments
No amendment or modification of this Deed shall be valid unless it is in writing and signed by both Parties.
8.4 Severability
If any provision of this Deed is found to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.
IN WITNESS WHEREOF, the Parties have executed this Deed as of the day and year first above written.
[YOUR NAME]
Grantor
[USUFRUCTUARY NAME]
Usufructuary
Witnesses:
Name: _____________________
Address: ___________________
Name: _____________________
Address: ___________________
Notary Public:
Name: _____________________
My Commission Expires: _________
Date: ________________
