assignment agreement: that certain assignment of easements and rights-of-way to be executed by the parties in the form of exhibit c. business day: any day other than saturday, sunday, or any day on which banks located in richmond, virginia are authorized or obligated to close. ownership share: the undivided, tenant-in-common interest of a party in the joint property, which initially shall be fifty percent (50%) with respect to dominion and fifty percent (50%) with respect to trailco, as such interest may be adjusted pursuant to section 12.2(a)(ii). required consents: consents from the grantors of the new rights-of-way and the existing rights-of-way and from the original grantors of the rec rights-of-way that are required pursuant to the terms of such rights-of-way or applicable law in order for dominion to assign such rights-of-way to trailco in accordance with the terms of the assignment agreement. in making such election, each party agrees and shall state that the income derived by it from the operation of the transmission line or otherwise in connection with the joint property or this agreement can be adequately determined without the computation of partnership taxable income. subject to the terms and conditions of this agreement (including trailco’s rights pursuant to section 12.2(b)), dominion shall operate and maintain the transmission line in accordance with the pjm agreements and applicable law. dominion shall register with nerc as the “transmission owner” of the transmission line and shall fulfill the obligations of a nerc “transmission owner” with respect to the transmission line. the liability of each party hereunder or with respect to the project shall be several and not joint or collective. no transfer by a party of any or all of its interest in any joint property shall relieve a transferring party of any liabilities it may have to the non-transferring party arising from events occurring prior to such transfer.

protect your investment by understanding your rights and by putting the proper agreement in writing. in such cases, having a land co-ownership agreement in place can help decrease the potential for future conflicts. such a document serves to outline each party’s use, rights, and responsibilities with respect to their joint ownership of the shared land. a joint tenancy, on the other hand, comes with right of survivorship, which means when one joint tenant dies, their interest in the land is passed on to the other joint tenants. like a joint tenancy, a tenancy in entirety also has a right of survivorship, but if one spouse wishes to terminate the agreement or sell their interest, they must obtain the consent of the other spouse. whenever you have shared ownership, a land co-ownership agreement not only sets out each party’s ownership interest and how title to the property is held, it also puts into writing how rights and obligations are to be shared among the co-owners. co-owners often share rights and duties in accordance with their ownership interest in the property, but in some cases, parties may negotiate a different way to split a specific right or obligation.