If you are planning on buying a home, condominium, townhouse, or other property, you must take note of whether any restrictive covenants will affect your ability to use your new residence.
New Mexico Agreement Creating Restrictive Covenants
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Restrictive covenants are primarily governed by state law, and their enforceability can vary significantly from state to state. In a majority of states, restrictive covenants will be enforced, provided they are reasonable in duration and geographic scope.
Non-compete agreements are against the Mexican Constitution and can be difficult, if not impossible, to enforce in the country.
Restrictive covenants may contain 4 different types of promises: (1) a promise not to compete with one's former employer; (2) a promise not to solicit or accept business from customers of the former employer; (3) a promise not to recruit or hire away employees of the former employer; and (4) the promise not to use or ...
A restrictive covenant is a condition that restricts, limits, prohibits, or prevents the actions of someone named in an enforceable agreement. In bond obligations, restrictive covenants limit the amount issuers can pay in dividends to investors.
The Upper Tribunal can discharge or modify the restrictive covenants if: The restriction is deemed obsolete as a result of 'changes in the character of the property or the neighbourhood or other circumstances' (LPA s. 84(1)(a)).
These clauses allow employers to restrict an employee's ability to move onto working with a competitor immediately after leaving your business and taking valuable information from your company over to that new employer, such as client or customer lists, or certain trade secrets that your business relies upon to succeed ...
Restrictive covenants are common in real estate deeds and leases, where they restrict how owners and tenants can use a property.
For example, covenants that impose racial or religious restrictions after the sale of a property are unenforceable. Shelley v. Kraemer, 334 U.S. 1 (1948).