Covenants; Equitable Servitudes Sample Clauses
The "Covenants; Equitable Servitudes" clause establishes binding promises or restrictions that run with the land, obligating current and future owners to adhere to certain conditions or refrain from specific actions. In practice, this clause may require property owners to maintain landscaping, prohibit certain types of construction, or restrict uses such as commercial activities in a residential area. Its core function is to preserve the character and value of a property or community by ensuring consistent obligations and benefits across successive owners, thereby preventing disputes and maintaining uniform standards.
Covenants; Equitable Servitudes. (a) OHA and Declarant hereby declare their express intent that throughout the Use Restriction Period the covenants, restrictions, charges and easements set forth herein, including the Use Restrictions, will be deemed covenants running with the Property and will create equitable servitudes running with the Property, and will pass to and be binding upon OHA’s and Declarant's successors in title including any purchaser, grantee or lessee of any portion of the Project and any other person or entity having any right, title or interest therein and upon the respective heirs, executors, administrators, devisees, successors and assigns of any purchaser, grantee or lessee of any portion of the Project and any other person or entity having any right, title or interest therein.
(b) Each and every contract, deed or other instrument hereafter executed covering or conveying the Project or any portion thereof or interest therein (other than a residential rental agreement or residential lease for a Housing Unit) will contain an express provision making such conveyance subject to the covenants, restrictions, charges and easements contained herein; provided, however, that any such contract, deed or other instrument will conclusively be held to have been executed, delivered and accepted subject to such covenants, regardless of whether or not such covenants are set forth or incorporated by reference in such contract, deed or other instrument.
(c) Any and all legal requirements for the provisions of this Declaration to constitute restrictive covenants running with the Property and applying to the Project as a whole, or to create equitable servitudes with respect to same in favor of OHA, are deemed satisfied in full.
(d) The consent of any recorded prior lien holder on the Project, including the Property, is not required in connection with recording this Declaration, or if required, such consent has been or will be obtained by Declarant.
Covenants; Equitable Servitudes