REAdy to Draft and Amend REAs? Pointers for New Developments and Redevelopments
We all know that good fences make good neighbors. Do you know what else makes good neighbors? A detailed agreement that outlines their respective rights and responsibilities. That's where reciprocal easement agreements come in.
Sometimes referred to as REAs (or construction, operations, and reciprocal easement agreements, or declarations of covenants, conditions, and restrictions), these documents have been a favored tool of shopping center and other developers for decades. As old and new shopping centers morph into different kinds of developments, however, REAs must evolve with them. The REA that your grandpa drafted for this new-fangled thing called a shopping mall does not work for today's mixed-use development featuring office, hotel, residential, and retail uses. This article provides some background about REAs and includes tips for drafting new REAs and amending old ones to include sufficient protection for all owners and operators in a development, while also allowing them to develop the next big thing on all parcels of a development.
©2019 by the American Bar Association. Reprinted with permission. All rights reserved. This information or any portion thereof may not be copied or disseminated in any form or by any means or stored in an electronic database or retrieval system without the express written consent of the American Bar Association.
This publication is provided for your convenience and does not constitute legal advice. This publication is protected by copyright.