COMMUNITY PROPERTY AND LIABILITIES Sample Clauses

COMMUNITY PROPERTY AND LIABILITIES. The only property which shall be characterized as community property of Hus- band and Wife shall be property which • Husband and Wife agree in writing to be community property, • the title to which property is acquired in the names of Husband and Wife "as community property" or as "community property with rights of sur- vivorship," or • any personal property or bank accounts which are acquired in the joint names of Husband and Wife as "joint tenants." Any property other than personal property or bank accounts which is acquired in the joint names of Husband and Wife as "joint tenants" shall be the separate property of Husband and Wife in the proportions which they agree in writing or, if they do not so agree, in the proportions in which each contributes to the property. Any property which is acquired in the names of Husband and Wife as "tenants in common" shall be the separate property of Husband and Wife in the proportions specified in the document of title, and if no ownership proportions are specified, then the property shall be considered owned in the proportions in which each contributes to the property. In the event property owned by either spouse is transferred to a trust of which either Husband or Wife is sole Trustee and/or beneficiary, or Husband and Wife are Co?Trustees and/or beneficiaries, the property shall retain the character in which it was immediately prior to the transfer to the trust, unless otherwise agreed, in writing, by Husband and Wife. If any property is acquired by Husband and Wife as community property pursuant to the foregoing provisions, then all of the rents, issues, profits, ap- preciation, and other enhancements of value attributable to such community property shall remain community property, and all proceeds of and all property which is purchased with the proceeds of a sale of or loan secured by community property shall be community property. All liabilities which are incurred in the acquisition of any assets which are considered to be community property pursuant to the foregoing provisions, and any other liabilities which Husband and Wife agree in writing to be community liabilities, shall be discharged from the community property of Husband and Wife. If community liabilities are discharged with the separate property of either spouse, then the separate property of the spouse which paid the community liability shall be entitled to reimbursement from the community property of Husband and Wife.
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Related to COMMUNITY PROPERTY AND LIABILITIES

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  • RESPONSIBILITY FOR CLAIMS AND LIABILITY It is hereby stipulated and agreed between the parties that, with respect to any claim or action brought by a third party and arising out of the activities described in this IGA or stems from any matter arising out of any actual or alleged infringement of any patent, trademark, copyright, or service xxxx, or other actual or alleged unfair competition disparagement of product or service, or other tort or any type whatsoever, or any actual or alleged violation of trade regulations, each party shall only be liable for payment of that portion of any and all liability, costs, expenses, demands, settlements, or judgments resulting from the negligence actions or omissions of its own agents, officers, and employees. Either Party may self-fund its obligations under this IGA. However, nothing herein shall be construed as a waiver of any Party’s sovereign immunity or the immunities available to the officials, officers and employees of the Parties. To the extent allowed by law, the CITY shall ensure that any contractor retained or selected by the CITY to provide services related to the UTILITIES RELOCATOIN work contemplated in this IGA shall agree to indemnify and hold harmless the COUTNY as well as its commissioners, officers, officials, employees, and agents, from and against any and all loss and/or expense which it or any of them may suffer or pay as a result of claims or suits due to, because of, or arising out of any and all such injuries, deaths and/or damage, arising out of the UTILITIES RELOCATION work irrespective of the COUNTY’s negligence (except that no Party shall be indemnified for their own sole negligence). Any contractor retained by the CITY, if requested, shall assume and defend at the contractor’s own expense, any suit, action or other legal proceedings arising therefrom in which the COUNTY, and/or its commissioners, officers, officials, employees, and agents, are named as a party, and the contractor hereby agrees to satisfy, pay, and cause to be discharged of record any judgment which may be rendered against the COUNTY and/or its commissioners, officers, officials, employees, and agents, arising therefrom. The CITY shall ensure that the provisions of this Article are included in all contracts and subcontracts.

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