Deed of covenant
Deed of covenantThis is a document which confirms that the buyer of a property will comply with the rules and conditions affecting the property which can be found in the Title Deed or Lease.
Deed of covenantA legal document which records the obligation of one individual to pay a specified sum to another for a specified number of years.The individual making the payment deducts tax at the basic rate and thus pays a net amount on which tax relief is obtained. If the recipient is a registered charity the payer can obtain tax relief up to his/her higher rate whilst the charity can claim back the amount deducted.In other words, it is a tax effective way for individuals to give to charity.
CC and Rs (Covenants, Conditions and Restrictions)CC and Rs (Covenants, Conditions and Restrictions)
Limitations placed on the use and enjoyment of real property. These are found most often in condominiums and planned unit developments.
Breach of covenantBreach of covenant
The failure to obey a legal agreement. Breach of warranty A seller's inability to pass clear title to a buyer.
Negative covenantNegative covenant
A bond covenant that limits or prohibits certain actions unless the bondholders agree.
Restrictive covenantsRestrictive covenants
Provisions that place constraints on the operations of borrowers, such as restrictions on working capital, fixed assets, future borrowing, and payment of dividends.
Positive covenant (of a bond)Positive covenant (of a bond)
A bond covenant that specifies certain actions the firm must take. Also called an affirmative covenant.