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WHAT EXACTLY IS A RECIPROCAL EASEMENT AGREEMENT?

A reciprocal easement agreement or, alternatively, a declaration of covenants, conditions and restrictions, is generally used when an owner of a large piece of real estate plans on developing all or substantial portions of it and transfers ownership of portions of the property to different individuals or entities.  By preparing and recording such an instrument prior to the property's development or conveyance, the original owner is able to maintain control over the subsequent development of the land.  These instruments are commonly used in the development of shopping center parcels or other large commercial properties where the original owner's goal is to have the property developed within a certain scheme.

Common provisions include cross-easements so that each of the separately owned parcels can be utilized by the other owners.  Also, typically included are clauses for parking, as well as restrictions on the size, height and distribution of the improvements and on the permitted uses of the land. 

Lastly, these instruments also govern the use and maintenance of the common areas since these areas will not be under the control of any single owner but are shared in common.



BACKGROUND OF AUTHOR

Mr. Petrony graduated with a Bachelor of Arts degree, summa cum laude, from Youngstown State University. Subsequently, he obtained a law degree from the Ohio State University College of Law.

Mr. Petrony practices law at The Law Offices of John F. Petrony, LLC in Poland, Ohio. He maintains a transactional practice with a primary emphasis in the fields of business law and real estate law. The business law portion of his practice is comprised, in large part, of the following areas:

  1. Business Sales and Acquisitions
  2. Mergers, Reorganizations and Conversions
  3. Commercial Transactions
  4. Limited Liability Company Law
  5. Corporate Law
  6. Business Formations
  7. Employment Law
  8. Franchise Law
  9. Internet Law
  10. Business Dissolutions
Mr. Petrony is a member of the following:

  • Ohio State Bar Association LLC Committee. This committee is responsible for drafting and amending Ohio’s LLC statute.
  • American Bar Association Committee on Partnerships and Unincorporated Business Organizations. This group participates in drafting model limited liability company and partnership legislation for use by the states.
  • Negotiated Acquisitions Committee of the American Bar Association. This committee, amongst other things, drafts model agreements for use in negotiating and documenting business acquisitions, mergers and reorganizations.
Lastly, Mr. Petrony frequently lectures on the topics of business law issues. He has presented seminars on behalf of a variety of local and national organizations, including, but not limited to, the National Business Institute and the Mahoning County Bar Association. Should you desire an in-house seminar on these issues to your group or organization, please let John know.

THE BUSINESS LAW ALERT IS INTENDED TO CONVEY GENERAL INFORMATION ABOUT BUSINESS LAW DEVELOPMENTS. THE ALERT IS NOT INTENDED TO BE, NOR SHOULD IT BE RELIED UPON AS, LEGAL ADVICE OR A LEGAL OPINION THAT CAN BE USED TO SOLVE INDIVIDUAL PROBLEMS IN ANY MANNER OR NATURE WHATSOEVER. MOREOVER, THE ALERT IS NOT AN OFFER OR SOLICITATION TO REPRESENT ITS RECIPIENTS, NOR IS IT INTENDED TO CREATE AN ATTORNEY/CLIENT RELATIONSHIP.

CIRCULAR 230 DISCLOSURE: IRS RULES OF PRACTICE REQUIRE US TO INFORM YOU THAT TO THE EXTENT THIS WRITTEN COMMUNICATION, INCLUDING ANY ATTACHMENTS, CONTAINS ANY FEDERAL TAX ADVICE, IT IS NOT INTENDED OR WRITTEN BY US TO BE USED, AND MAY NOT BE USED, BY ANYONE FOR THE PURPOSE OF AVOIDING FEDERAL TAX PENALTIES THAT MAY BE IMPOSED, AND IT MAY NOT BE USED TO SUPPORT THE PROMOTION OR MARKETING OR RECOMMENDATION OF ANY MATTER ADDRESSED HEREIN. ANYONE WHO READS THIS COMMUNICATION IS ADVISED TO SEEK ADVICE BASED ON THEIR PARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT TAX ADVISOR.

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