Ownership of Horse: Donor represents and warrants the Donor is the sole lawful and registered owner of Horse, owns Horse free of any liens and encumbrances, and has all requisite rights and powers to enter into this Agreement.
Registration: If the horse is registered with a breed association, Donor shall promptly deliver to the Recipient the Horses’ original registration papers. Donor shall take any steps and sign any documents reasonably necessary to transfer ownership and registration of Horse to Recipient.
Horse’s Care and Expenses: From the date of execution of this Agreement, Recipient shall be solely responsible for Horse’s care and expenses. Recipient shall use all reasonable care in caring for Horse, including but not limited to providing a safe, clean, dry environment for Horse as well as regular and adequate food and water, veterinary care, hoof care, grooming and exercise. Recipient represents and warrants the Recipient and Recipient’s employees and agents have the requisite knowledge and capability to provide this standard of care.
Tax Matters: Recipient is a Minnesota Non-Profit Corporation that qualifies as a charitable organization. The EIN number is 45-4234611. As such, Donor’s donation of Horse to Recipient may be tax deductible for Donor. Recipient strongly recommends that Donor seek professional advice from a certified public accountant or other qualified tax advisor regarding the potential tax benefits, if any, of donating a Horse to Recipient. All appraisals are the sole responsibility of Donor.
Risks of Loss and Indemnification: Immediately upon execution of this Agreement, Recipient assumes all risk of loss of or injury to Horse.
Donors Right of First Refusal: Donor shall be entitled to a right of first refusal. Right of first refusal shall mean that Donor may opt to purchase Horse or otherwise accept ownership of Horse in the event that Recipient sells horse to a third party or Recipient gives away or otherwise transfers ownership in Horse to a third party.