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What is Ascension Deed?

Ascension Deed An Ascension Deed is used to transfer property or assets to a new owner, often after the death of the original owner, specifying the legal transfer and conditions of the transfer.



Sample template:



ASCENSION DEED


This Ascension Deed (the "Deed") is made and entered into as of the [Date], by and between [Original Owner's Name], the legal and beneficial owner of the Property (hereinafter referred to as the "Original Owner"), and [New Owner's Name], the intended transferee of the Property (hereinafter referred to as the "New Owner").

1. DEFINITIONS AND INTERPRETATIONS

1.1. Property


As used herein, "Property" means the real property described in Exhibit "A" attached hereto, and all improvements, fixtures, and appurtenances thereon, and all rights, privileges, and easements appurtenant thereto, as well as any intangible assets specified in Exhibit "B" attached hereto.



2. PURPOSE AND CONSIDERATION

2.1. Ascension


Subject to the terms and conditions set forth herein and in compliance with any applicable laws, the Original Owner does hereby convey, transfer, and assign all rights, title, and interest in and to the Property to the New Owner, to have and to hold upon the death of the Original Owner.



2.2. Consideration


In consideration of the transfer of the Property, the New Owner shall perform the following:


(a) Compliance with all stipulations, terms, and conditions identified in the Original Owner's last will and testament or any other governing document;


(b) Payment, if any, of any taxes, levies, or other charges associated with the transfer or the Property;


(c) Compliance with any and all applicable laws, regulations, and requirements pertaining to the transfer and management of the Property, including but not limited to zoning laws and regulations, environmental regulations, and property maintenance;


(d) Completion of any additional requirements stipulated by the Original Owner, as specified in Exhibit "C" attached hereto;


(e) Assuming all obligations, liabilities, and responsibilities associated with the Property;



3. REPRESENTATIONS AND WARRANTIES

3.1. Original Owner's Representations


The Original Owner represents and warrants to the New Owner that, as of the effective date of this Deed:


(a) The Original Owner has the power, authority, and capacity to enter into this Deed and to perform its obligations hereunder;


(b) The Original Owner has acquired good and marketable title to the Property free and clear of any encumbrances, liens, or claims;


(c) The Property is not subject to any pending or threatened litigation or administrative proceedings;


(d) The Property does not contain hazardous materials or require environmental remediation under applicable law; and


(e) There are no leases, subleases, licenses, or other contractual rights affecting the Property.



3.2. New Owner's Representations


The New Owner represents and warrants to the Original Owner that, as of the effective date of this Deed:


(a) The New Owner has the power, authority, and capacity to enter into this Deed and to perform its obligations hereunder;


(b) The New Owner shall indemnify, defend, and hold harmless the Original Owner from and against any claims, demands, liabilities, or expenses, either directly or indirectly resulting from, or in connection with, the New Owner's acceptance, possession, or management of the Property;


(c) The New Owner shall ensure compliance with all applicable laws, rules, and regulations, and obtain any necessary permits, approvals, or licenses required in connection with the transfer or management of the Property;


(d) The New Owner has conducted any necessary due diligence and inspections with respect to the Property;


(e) The New Owner shall notify the appropriate authorities of the assets received, if required by law or directive;



4. GOVERNING LAW AND DISPUTE RESOLUTION

4.1. Governing Law


This Deed shall be governed by and construed in accordance with the laws of the United States and the State of [State Name].



4.2. Dispute Resolution


Any dispute or controversy arising under, out of, or in connection with, or in relation to this Deed or any amendment hereof or the breach thereof when such dispute cannot be resolved through good faith negotiations of both parties, shall be submitted for mediation under the auspices of the American Arbitration Association ("AAA") in accordance with the then-current rules of the AAA.



5. SEVERABILITY

If any provision of this Deed is held to be invalid, illegal, or unenforceable, such provision shall be deemed to be amended or severed to the extent necessary to make it valid, legal, and enforceable, while the remaining provisions of this Deed shall continue in full force and effect.



6. ENTIRE AGREEMENT

This Deed, together with any attachments or exhibits referenced herein, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes any and all prior agreements, understandings, and representations.



7. EXECUTION AND DELIVERY

This Deed may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of executed counterparts by electronic mail in Portable Document Format (PDF) or other means of electronic format capable of retaining, creating, or otherwise reproducing the PDF shall be effective as originals.



IN WITNESS WHEREOF, the parties hereto have executed this Ascension Deed as of the date first above written.

____________________________ ____________________________
[Original Owner's Name] [New Owner's Name]
Original Owner New Owner

STATE OF [STATE NAME]
COUNTY OF [COUNTY NAME]

On this [Date], before me, [Notary Public Name], notary public, personally appeared [Original Owner's Name] and [New Owner's Name], respectively known (or proven) to me to be the persons whose names are subscribed to the foregoing instrument, and acknowledged that they executed the same for the purposes therein contained.

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

____________________________
[Notary Public Name]
Notary Public for said County and State
My commission expires: [Expiration Date]

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Main Sections of an Ascension Deed


In this Ascension Deed, you will see the following sections:

  1. Definitions and Interpretations
  2. Purpose and Consideration
  3. Representations and Warranties
  4. Governing Law and Dispute Resolution
  5. Severability
  6. Entire Agreement
  7. Execution and Delivery


About each Section - Analysis and Summary:

  1. Definitions and Interpretations : This section defines the key terms used in the agreement, such as "Property," which includes the real property, improvements, fixtures, and appurtenances, as well as any intangible assets.

  2. Purpose and Consideration : This section outlines the purpose of the agreement, which is to transfer the property from the Original Owner to the New Owner upon the Original Owner's death. It also lists the responsibilities of the New Owner, such as complying with the Original Owner's will, paying taxes, and maintaining the property.

  3. Representations and Warranties : This section contains statements made by both the Original Owner and the New Owner about their authority to enter into the agreement and the condition of the property. These statements are meant to assure each party that the other is acting in good faith and has the necessary authority to complete the transaction.

  4. Governing Law and Dispute Resolution : This section specifies that the agreement is governed by the laws of a particular state and that any disputes that arise will be resolved through mediation under the American Arbitration Association's rules.

  5. Severability : This section states that if any part of the agreement is found to be invalid or unenforceable, the rest of the agreement will still remain in effect.

  6. Entire Agreement : This section clarifies that the Ascension Deed, along with any attachments or exhibits, represents the entire agreement between the parties and supersedes any previous agreements or understandings.

  7. Execution and Delivery : This section explains how the agreement can be signed and delivered, including the use of electronic signatures and delivery via email in PDF format.

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