1) n. a promise in a written contract or a deed of real property. The term is used
only for certain types of promises such as a covenant of warranty, which is a promise
to guarantee the title (clear ownership) to property, a promise agreeing to joint
use of an easement for access to real property, or a covenant not to compete, which
is commonly included in promises made by a seller of a business for a certain period
of time. Mutual covenants among members of a homeowners association are promises
to respect the rules of conduct or restrictions on use of property to insure peaceful
use, limitations on intrusive construction, etc. , which are usually part of the
recorded covenants, conditions and restrictions which govern a development or condominium
project. Covenants which run with the land, such as permanent easement of access
or restrictions on use, are binding on future title holders of the property. Covenants
can be concurrent (mutual promises to be performed at the same time), dependent
(one promise need be performed if the other party performs his/hers), or independent
(a promise to be honored without reference to any other promise). Until 1949 many
deeds contained restrictive covenants which limited transfer of the property to
the Caucasian race. These blatantly racist covenants were then declared unconstitutional.
2) v. to promise.
See also contract covenant not to compete deed restrictive covenant
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