Restrictive Covenants In A Debt Contract In Suffolk
Category:
State:
Multi-State
County:
Suffolk
Control #:
US-00404BG
Format:
Word;
Rich Text
Instant download
Description
The Agreement Creating Restrictive Covenants outlines the covenants, conditions, and restrictions governing the residential subdivision located in Suffolk County. It serves to maintain property values and ensure the neighborhood remains a desirable residential area. The document states that all lot owners automatically become members of the Homeowners Association and must adhere to its rules and regulations. Upon the sale of property, ownership in the Association terminates, ensuring that new owners are notified. The Association holds the authority to amend the Agreement with the consent of 75% of the lot owners, signifying the need for community agreement on significant changes. Additionally, the Agreement includes provisions regarding compliance with local laws and the longevity of the Covenants, which expire after a specified number of years unless terminated earlier by a majority of owners. This document is useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it establishes clear guidelines for property use and community governance, facilitating legal clarity and owner responsibilities.
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