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VI. TITLE TO PROPERTY
I (a) Title to Property. Legal title to the ~oint !
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~enture's property~ whether real, personal, or fixtures, ;
~hall be taken in the name of RAYMOND E. SAPP and JANET S. ~
APP, his wife; WALTER KRONE and JOANNA C. KRONE, his wife;
~nd JACOB F. VANDERMATEN, as trustees for the jflint venturers, ~
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(~nd shall be held for their benefit.
il. (b) Interest in Property. The beneficial interest~of
ijeach par~y in such property, unless changed pursuant to the
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;Iterms of this contract, shall be an equal one-third interest.
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VII. DIVISION OF PROFITS
(a) Division or Share.af Profits. Any profits of the
;~oint ventures shall be divided among the parties in the
,'tEollowirig percentages:
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' A one-third equal interest to each par`ty.
' (b) Computation of Profits. The following procedure
:~hall be used for the purpose of computing profits, as
~~etween _he parties.
(1) Expenses of conducting the joint venture shall
;tnutually agree, the following:
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• Legal services, accounting services, brokerage fees and
~commissions paid to third parties, insurance, supplies and
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i ;~equipments, rentals, salaries to third persons and development
~ ;expenses. , ~
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` (2) The parties hereto contributing money at the
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~ f~agreed value set forth in paragraph I hereof, shall, after
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~ ~~xpenses of the venture have been paid, be entitle3 to a -
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A 'I~return of such contribution in computing the amount attributable
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~ ~~to profits.. '
~ (3) After contributions in money have been returned, `
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~ ~~the amount remaining shall be income or profit available for
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~;distribution to the parties. ~
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