In a deed, a grantee may agree to do something or refrain from doing certain acts. This agreement will become a binding contract between the grantor and the grantee. An example would be an agreement to maintain fences on the property or that the property will only be used for residential purposes. This kind of covenant is binding, not only between the grantor and the grantee, but also runs with the land. This means that anyone acquiring the land from the grantee is also bound by the covenant of the grantee. A covenant that provides that the grantee will refrain from certain conduct is called a restrictive or protective covenant. For example, there may be a covenant that no mobile home shall be placed on the property.
A restrictive or protective covenant may limit the kind of structure that can be placed on the property and may also restrict the use that can be made of the land. For example, when a tract of land is developed for individual lots and homes to be built, it is common to use the same restrictive covenants in all of the deeds in order to cause uniform restrictions and patterns on the property. For example, the developer may provide that no home may be built under a certain number of square feet. Any person acquiring a lot within the tract will be bound by the restrictions if they are placed in the deed or a prior recorded deed. Also, these restrictive covenants may be placed in a document at the outset of the development entitled "Restrictive Covenants," and list all the restrictive covenants that will apply to the tracts of land being developed. Any subsequent deed can then refer back to the book and page number where these restrictive covenants are recorded. Any person owning one of the lots in the tract may bring suit against another lot owner to enforce the restrictive covenants. However, restrictive covenants may be abandoned or not enforceable by estoppel if the restrictive covenants are violated openly for a sufficient period of time in order for a Court to declare that the restriction has been abandoned.
The following form shows one way in which Restrictive or Protective Covenants may be amended.
A Protective Covenant For Indemnity In Bronx
Category:
State:
Multi-State
County:
Bronx
Control #:
US-00405BG
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Word;
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FAQ
To ensure the next owner absolves the original covenantor of liability if a positive covenant is breached, an indemnity covenant is used. Moreover, to maintain the 'chain of indemnity' throughout each subsequent sale, indemnity covenants are used within each transaction.
Indemnification comes into play in service agreements, too. In that context, they can be used to guard against things like breaches of warranties or breach of contract. Drafting and negotiating an effective indemnification provision benefits both parties.
New York's General Obligations Law §5-322.1 prohibits enforcement of an indemnification agreement for damage arising “out of bodily injuries to persons or damage to property contributed to, caused by, or resulting from the negligence of the promisee, his agents or employees, or indemnitee, whether such negligence be in ...
When is an indemnity covenant needed in a transfer? A transfer should include an indemnity covenant where, following completion, the seller will remain liable, or potentially liable, under covenants affecting the property.
When is an indemnity covenant needed in a transfer? A transfer should include an indemnity covenant where, following completion, the seller will remain liable, or potentially liable, under covenants affecting the property.
(c) Where indemnification is sought by judicial action, the court may allow a person such reasonable expenses, including attorneys' fees, during the pendency of the litigation as are necessary in connection with his defense therein, if the court shall find that the defendant has by his pleadings or during the course of ...
In the UK, indemnity covenants are agreements between two parties in which one party, the indemnifier, agrees to compensate the other party, the indemnified party, for any losses or damages that may occur as a result of a specific event or occurrence.
Yes. You may have bought the indemnity insurance but it is tied to the property. This means you can hand it over to new owners who will continue to be protected by it. However, if the property value increases, then you may have an additional premium to increase the cover.
An indemnity insurance policy covers a legal defect with the property that either can't be resolved or would be very costly and/or time consuming to do so. So, instead of trying to fix the problem, you simply take out the insurance to protect you against an expensive bill in the future.
