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 Orange
Category:
State:
Multi-State
County:
Orange
Control #:
US-00405BG
Format:
Word;
Rich Text
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FAQ
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.
An indemnity clause is a contractual clause providing that one party is responsible for any losses or damages arising from a certain event or set of circumstances. In effect, the indemnity clause shifts the risk of that event occurring from the indemnified party to the indemnifying party.
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.
How to Write an Indemnity Agreement Consider the Indemnity Laws in Your Area. Draft the Indemnification Clause. Outline the Indemnification Period and Scope of Coverage. State the Indemnification Exceptions. Specify How the Indemnitee Notifies the Indemnitor About Claims. Write the Settlement and Consent Clause.
Heading to court Or you can go to the Upper Tribunal (Lands Chamber) and ask them to consider modifying or discharging the covenant. The Tribunal will examine whether it is in the public interest, review the covenant's rationale and validity, and assess whether there are grounds to develop or modify the land use.
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.
In its widest sense, "indemnity" means protection against, or compensation for, a loss or liability. Some indemnity claims arise by operation of law.
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.
A typical example is an insurance company wherein the insurer or indemnitor agrees to compensate the insured or indemnitee for any damages or losses he/she may incur during a period of time.
The seller agrees to indemnify and hold harmless the buyer, its affiliates, and their respective officers, directors, employees, agents, successors, and assigns (collectively, the “Indemnified Parties”) from and against any and all losses, damages, liabilities, deficiencies, claims, actions, judgments, settlements, ...