A clause in a co-ownership deed providing for distribution of sale proceeds 'in the event the Land is sold to any third party' may, on its proper construction, apply only while the land remains in co-ownership and not after one co-owner has acquired the other's share. The surrounding circumstances known to the parties — including the relationship between the parties, the purchase price relative to market value, and the contemplated disposition of the property — are admissible to construe an ambiguous provision. The question whether extrinsic evidence is admissible at the outset (without first establishing ambiguity) was left open.
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