The Covenant and Agreement in Queens establishes a framework for maintaining property values and ensuring a desirable residential environment in the specified subdivision. It is created by the Homeowner's Association and outlines the covenants, conditions, and restrictions that property owners must adhere to. Key features include the requirement for all property owners to become members of the Association and the provision that 75% approval is needed from owners for amendments or additional powers. The document also specifies the procedure for notifying the Association upon property transfer and the necessity for the Association to comply with all relevant laws. The agreement has a time limit and can be terminated by a majority of the owners. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it provides a clear set of guidelines and responsibilities that facilitate property management and dispute resolution within the subdivision.