Covenant Binding on Burdened Property Clause Samples
The "Covenant Binding on Burdened Property" clause establishes that certain obligations or restrictions attached to a property will continue to apply to the property itself, regardless of changes in ownership. In practice, this means that if the property is sold or transferred, the new owner is legally required to comply with the same covenants as the previous owner, such as restrictions on land use or requirements to maintain certain features. This clause ensures continuity and enforceability of obligations, preventing future owners from disregarding agreed-upon restrictions and thereby protecting the interests of the party benefiting from the covenant.
Covenant Binding on Burdened Property. The Benefited Property Owner and the Burdened Property Owner agree that the terms and conditions of this Agreement are covenants that run with the Burdened Property and are for the benefit of the Benefited Property and can only be released by the Town of ▇▇▇▇▇▇.
Covenant Binding on Burdened Property. The Benefited Property Owner and the Burdened Property Owner agree that the terms and conditions of this Agreement are covenants that run with the Burdened Property and are for the benefit of the Benefited Property and can only be released by the Benefitted Property Owner and the Burdened Property Owner with the concurrence of the City of Moab. The Burdened Property consisting of Parcel ▇▇-▇▇▇▇-▇▇▇▇ ▇▇▇ ▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇, ▇▇ ▇▇▇▇▇ shall only be burdened insofar as parking is required, on the eastly most portion of said parcel, see exhibit B, and only to the extent necessary to complete required parking spaces not otherwise provided by this or other agreements. The City of Moab shall not, by virtue of this Agreement, have any ownership interest in, or lien upon, either the Burdened or Benefitted Property.