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restrictive covenant |
Also found in: Medical, Legal, Financial, Wikipedia | 0.03 sec. |
restrictive covenantIn property law, an agreement acknowledged in a deed or lease that restricts the free use or occupancy of property, such as by forbidding commercial use or certain types of structures. The restrictive covenant is as old as the law of property, being well-established in Roman law. The term is also used in business law to refer to an agreement whereby one party promises not to engage in the same business or a similar business in a particular area for a period of time. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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The proposed amendments, which were revised and reissued on July 18, 2005, were developed in response to the court decisions on the treatment of restrictive covenants in Fortino (1) and Manrell. Obtaining financing from a lender looking only to the real estate as collateral allows the business to expand and borrow freely without any restrictive covenants. 6 out of 10 believe more restrictive covenants are in the loan documents to protect lenders. |
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