This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the “standard” lease form.
Indiana Express Covenants
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State:
Multi-State
Control #:
US-OG-792
Format:
Word;
Rich Text
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How to fill out Express Covenants?
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FAQ
There are two types of restrictive covenants: affirmative and negative. An affirmative covenant obligates a person to act. For example, a covenant that requires the homeowner to keep the trees trimmed in the yard is an affirmative covenant. A negative covenant prohibits a person to act.
Requirements in US law The original parties to the agreement must have intended that successors be bound by the agreement. A subsequent owner must have had actual notice, inquiry notice, or constructive notice (record) of the covenant at the time of purchase. The covenant must touch or concern the land.
Restrictive covenants can be placed on older properties too. The age of the covenant doesn't necessarily affect its validity. However in some cases, very old covenants are considered unenforceable.
The implied covenant is a tool of contract interpretation meant to ensure that the parties' reasonable expectations are fulfilled. The implied covenant prevents a party to a contract from violating the ?spirit? of the contract, even if the contract does not expressly prohibit the party's actions.
Alexander recognized three implied covenants that lessees are bound by: (1) the implied covenant to develop the premises, (2) the implied covenant to protect the leasehold, and (3) the implied covenant to manage and administer the lease.
A covenant must exist in writing, either as a specific instrument or in a deed. Real covenants affect the landowner's property rights and ?run with the land,? meaning that future owners of the property are bound by the covenant. Real covenants have two components: A burden and a benefit.
Implied covenants differ from express covenants in that they are not formally written and recorded in the county records. Implied covenants arise through the actions, promises and statements of a land developer, coupled with the reasonable expectations of the purchasers of such land.
One key difference between an easement and a restrictive covenant is that an easement benefits a specific person or entity, while a restrictive covenant benefits the community or neighborhood as a whole.
