Sample Life Estate Language

Sample Life Estate Language

______shall reserve unto himself a life estate in a portion of the subject Property including the residence, other buildings and improvements (approximately __ acre) which is more fully described on attached Exhibit A (the “Life Estate Property”), for and during his natural life, provided that such life estate shall terminate upon his death or vacation of the Life Estate Property. For purposes of Section 4, vacation of the Life Estate Property shall include, without limitation, failure to abide by the terms and conditions of this Section or failure to permanently reside in the residence. Buyer understands that ______may spend portions of the year away from the residence but that these periods shall not constitute a vacation of the Life Estate Property. ______shall continue to use the Life Estate Property in the same manner as it is being used as of the Effective Date. He shall, during the term of such life estate, at his cost and expense, maintain fire and extended insurance coverage on the improvements in the reserved estate and personal liability coverage with a minimum $1,000,000.00 (One Million Dollar) limit and shall name Buyer as an Additional Named Insured. He shall provide an insurance certificate evidencing the required insurance acceptable to Buyer prior to Closing. He shall, during the term of such life estate, reimburse Buyer for any and all property taxes, required to be paid by Buyer, for the use and occupancy of the Life Estate Property. ______agrees that such life estate is vested in him alone and may not be assigned or otherwise transferred in any manner without the written consent of the Buyer. The Life Estate Property is granted to the Buyer, its successors and assigns forever, to Have and to Hold with all the rights, easements, and appurtenances thereunto belonging, and all the rents, issues, and profits thereof, from and after the death of ______, subject, however, to all legal highways and subject to the exceptions, reservations, and conditions herein contained.

Metro Parks agrees that ______and/or his family shall have no less than 30 (thirty) days after his vacation of the Life Estate Property, to remove ______’s personal property from the Life Estate Property.