Restrictive Covenants In Shareholders Agreements In Philadelphia
Category:
State:
Multi-State
County:
Philadelphia
Control #:
US-00404BG
Format:
Word;
Rich Text
Instant download
Description
The Agreement Creating Restrictive Covenants outlines the covenants, conditions, and restrictions for a specific residential subdivision in Philadelphia. It aims to maintain fair property values and ensure the subdivision remains a desirable residential area. The document mandates that all lot owners become members of the Homeowner's Association and adhere to its rules, which may evolve over time. Owners must inform the Association of any changes in ownership or address, and a supermajority of 75% of lot owners can amend or terminate the Agreement. Additionally, it establishes that the Association can enforce the terms and collect legal costs from violators. This form is crucial for attorneys, partners, and owners seeking to navigate property agreements and ensure compliance with local regulations. Paralegals and legal assistants can utilize it to assist clients in understanding their rights and obligations, ensuring proper documentation and compliance are maintained, which is essential for effective property management.
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