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SAMPLE CONTRACT GRANTING THE RIGHT OF USUFRUCT
Made at: .....................................
Dated: ...........................................
This contract is made between:
Mr./Mrs./Miss ............................................................ residing at No........, Soi......... .............. ............, ...................... .................................... ................. Road, Tambon......... ............................., District of...... ........................ ................., Province............................., hereinafter called the “Covenantor”
and
Mr./Mrs./Miss ................................................ .........., residing at No.........., Soi................ ...................., ................... ........... ...... Road, Tambon................. ..........., District of.............................. Province of ........................................, hereinafter called “Covenantee”.
Whereas the Covenantor is the lawful owner of ...................., hereinafter called the “Property”;
Parties to this contract agree to the following terms and conditions:
1. The Covenantor agrees to grant the Covenantee the usufruct of the Property, with possession, use and enjoyment of the said Property, as well as the right of management of the Property.
2. Such usufruct rights shall remain enforce for a period of.............years.
3. In case of death of the Covenantee prior to expiration of the rights of usufruct granted herein, this contract shall be deemed extinguished, and shall not be transferable by way of inheritance.
4. In using the usufruct, the Covenantee shall take as much care of the Property as a person of ordinary prudence would take of his own property.
5. The Covenantee shall not transfer the usufruct to any other persons or unrelated outsiders, except with the Covenantor’s prior written consent.
6. The Covenantee shall not use the Property for any unlawful purposes.
7. The Covenantee shall keep the substance of the Property unaltered; and shall undertake ordinary maintenance and petty repairs.
8. The Covenantee shall bear all expenses for the management of the Property; pay taxes and duties; and be responsible for all interest payments on debts charged upon it.
9. The Covenantee shall insure the Property against loss for the benefit of the Covenantor throughout the period of this contract; the insurance premium of which shall be borne by the Covenantee.
10. In case of breach of contract by one party, the other party has the right to terminate the contract.
This contract is made in duplicate. The parties to the contract having read and understood the entire substance of the contract hereby sign their names in the presence of witnesses.
Signed ................................ Covenantor
( ................................)
Signed ................................ Covenantee
(................................ )
Signed ................................ Witness
(................................ )
Signed ................................ Witness
(................................
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