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 Middlesex
Category:
State:
Multi-State
County:
Middlesex
Control #:
US-00405BG
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Word;
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FAQ
Although they are generally referred to collectively as restrictive, or restrictive and protective, covenants, there are two types of such covenants: (i) restrictions on the use of the property, and (ii) affirmative obligations imposed on the owner of the properties.
The two categories of covenants are a conditional covenant, in which each party promises to uphold certain terms lest the covenant is broken, and an unconditional covenant, in which the covenant cannot be broken.
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.
In December 1966, the UN General Assembly adopted two international treaties that would further shape international human rights: the International Covenant on Economic Social and Cultural Rights (ICESCR), and the International Covenant on Civil and Political Rights (ICCPR).
Which of the following are common protective covenants? the firm must pledge assets to other lenders. the firm cannot merge with any other firm. the firm must limit dividends to equity holders. the firm must maintain working capital at or above a specified level.
An indemnity policy can be purchased from specialist legal insurers to cover various types of risks or property defects. It protects the purchaser from a reduction in value as a result of the potential issue.
Protective covenants, also known as restrictive covenants, are legal obligations embedded in the deed of a property. These covenants are agreements between property owners that impose certain restrictions or requirements on the use of the land.
For example, an indemnity covenant in a contract for the sale of a property may require the seller to compensate the buyer for any losses suffered as a result of a defect in the property.
The Indemnity bond should be signed by two witnesses and two sureties (name, address and signature). 12. Affidavit should be verified in presence of a First Class Magistrate or a Notary Public. In the event of verification in the presence of Notary Public, the Affidavit should contain the notarial stamp.
(6) The above-named applicant hereby further agrees that this Indemnity Bond shall remain in full force and effect during the period of the aforesaid pilgrimage and for a period of one year thereafter and that shall continue to be enforceable till all the dues of the Government and all claims raised by the Government ...