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r Tenancy -In- Common Agreement; Glover/Vang Page 2 of 3 201600415 proportion to his or her interest in the tenancy advance and pay such share. The amount so advanced and paid shall constitute a debt due and owing by the defaulting Party and shall be paid upon demand, with interest from the date of payment until repaid at the highest rate allowed by law. In addition to any remedies provided herein, the non - defaulting Party may file an action for partition of the Property. 4) Survivorship. Each Party hereto does hereby agree, and each shall provide by his or her Last Will and Testament, Codicil to Last Will and Testament or other effective means to dispose of the Property upon death, that if he or she dies survived by the other Party, the survivor of them may live upon the Property so long as the surviving Party desires. So long as the surviving Party resides upon the Property, he or she shall be solely liable for all costs of maintenance, homeowners insurance, property taxes and assessments, utilities, and capital improvements. Upon (i) the death of the surviving Party, (ii) a default of payment of maintenance, homeowners insurance, property taxes and assessments, utilities, and capital improvements of the Property by the surviving Party, or (iii) when the surviving Party vacates the Property with the intent to establish a residence elsewhere, the Property shall be sold and the gross proceeds from the sale thereof less expenses of sale shall be divided into two equal shares. One such share shall be payable the surviving Party or, if deceased, to his or her estate and the other such share shall be payable to the estate of the previously deceased Party. Upon failure of the interested parties to agree upon the terms of sale, any party may proceed with an action for partition of the Property. 5) Restrictions on Voluntary Transfers. No Party shall, except with the written consent of the other Party, sell, transfer, mortgage, encumber or assign all or any portion of his or her interest in the tenancy or enter into any agreement as a result of which any person, firm or corporation shall thereby acquire any interest in the tenancy. 6) Heirs, Successors and Assigns. The terms, conditions, and covenants hereof shall extend to, be binding upon, and inure to the benefit of the Parties hereto and their respective heirs, personal representatives, successors and assigns.