Protective Covenants for Office Park
Description Lot Own May
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FAQ
In respect of covenants, for them to be enforceable, both the benefit and burden must run in common law or both must run in equity. So if the benefit runs in common law but the burden only runs in equity (or vice versa) the covenant will not be enforceable.
What happens if I breach a restrictive covenant? If you own a property and unknowingly (or otherwise) breach a restrictive covenant then you could be forced to undo any offending work (such as having to pull down an extension), pay a fee (often running into thousands of pounds) or even face legal action.
Covenants, Conditions & Restrictions (CC&Rs), sometimes referred to as bylaws, are rules and property limitations of a planned community neighborhood.
Protective covenant. A part of an indenture or loan agreement that limits certain actions a company may take during the term of the loan to protect the lender's interests.
While bylaws are generally mutually agreed upon governing rules for an organization or business, covenants are usually long-term promises to do something or refrain from action that may last for several generations.
Ignoring a restrictive covenant If you choose to ignore a restrictive covenant, you could potentially face a claim in damages for the breach in addition to any injunctions granted.
The restrictions and affirmative obligations included in a set of restrictive covenants may be enforced by (i) any individual owner or (ii) in a condominium or planned community, the owners association.However, most enforcement of restrictive covenants is now carried out by the appropriate owners association.
A developer designing a new estate will commonly require buyers to enter into restrictive covenants; however, in practice such covenants are not generally enforced against any one other than an original covenantor.
The Declaration of CC&Rs is the legal document that lays out the guidelines for the planned community. The CC&Rs are usually recorded in the land records in the county where the property is located and are legally binding.