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The covenant may be negative or affirmative. A negative covenant is one in which property owners are unable to perform a specific activity, such as block a scenic view. An affirmative covenant is one in which property owners must actively perform a specific activity, such as keeping the lawn tidy or paying homeowner's association dues for the ...
Negative covenants may be continuous or incurrence-based. Violations of negative covenants are rare compared to violations of affirmative covenants. With most debt (including corporate debt, mortgages and bank loans) a covenant is included in the debt contract which states that the total amount owed becomes immediately payable on the first ...
The legal provision in the loan agreement providing for the loan to be "called" is the "acceleration clause": once the buyer defaults, all future payments due under the loan are "accelerated" and deemed to be due and payable immediately. [1] Covenants may also be waived, either temporarily or permanently, usually at the sole discretion of the ...
An equitable servitude is a term used in the law of real property to describe a nonpossessory interest in land that operates much like a covenant running with the land. [1] In England and Wales the term is defunct and in Scotland it has very long been a sub-type of the Scottish legal version of servitudes, which are what English law calls easements.
A common example of an affirmative covenant that "touches and concerns" the land is a transfer fee payable to a community association. These have routinely been found to touch and concern the burdened land because the affirmative obligation to pay money has a reasonable nexus to a benefit conferred upon the burdened land.
In this type of privity, the covenants may be positive or negative and, unless very inequitable, are generally held to be binding. After the case, instead of the first narrow privity of estate, any restrictive covenant chiefly needed to satisfy four lesser requirements to bind the successors in title:
4 tips for investing in zero-coupon bonds. Consider your financial goals. The biggest thing to remember about zero-coupon bonds is that they’re intended to be long-term investments that don’t ...
A positive covenant is a kind of agreement relating to land, where the covenant requires positive expenditure by the person bound, in order to fulfil its terms. Unlike a restrictive covenant, a covenant to perform a positive act does not "run with the land" and therefore does not bind the covenantor’s successors in title.