TAILIEUCHUNG - Gale Encyclopedia Of American Law 3Rd Edition Volume 3 P29

Gale Encyclopedia of American Law Volume 3 P29 fully illuminates today's leading cases, major statutes, legal terms and concepts, notable persons involved with the law, important documents and more. Legal issues are fully discussed in easy-to-understand language, including such high-profile topics as the Americans with Disabilities Act, capital punishment, domestic violence, gay and lesbian rights, physician-assisted suicide and thousands more. | 268 COVENANT protecting the grantee against all unlawful claims of others including the grantor and third parties who might attempt to effect an actual or constructive eviction of the grantee. The sixth covenant which is the covenant for further assurances is not widely used in the United States. it is an agreement by the grantor to perform any further necessary acts within his or her ability to perfect the grantee s title. The first three covenants of title ordinarily do not run with the land because they become personal choses in action rights to initiate a lawsuit if breached upon delivery of the deed. The others are covenants appurtenant or run with the land and are enforceable by all grantees of the land. In order to recover on the basis of a breach of a covenant of title financial loss must actually be sustained by the covenantee since such covenants are contracts of indemnity. In most jurisdictions the maximum amount of damages recoverable for such a breach is the purchase price of the land plus interest. Purposes Land use planning is often effected through the use of covenants. covenants facilitate the creation of particular types of neighborhoods as part of a neighborhood plan. A housing developer might for example buy up vacant land to divide into building lots. A low price is paid for the undeveloped land which the A sample covenant not to sue ILLUSTRATION BY GGS CREATIVE RESOURCES. REPRODUCED BY PERMISSION OF GALE A PART OF CENGAGE LEARNING. Covenant Not to Sue COVENANT NOT TO SUE For good and valuable consideration the receipt of which Is hereby acknowledged the undersigned being the holder of an actual asserted or potential claim against arising from do hereby covenant that I shall not commence or maintain any suit thereon against said party whether at law or in equity provided nothing in this agreement constitutes a release of this or any other party thereto. This covenant shall be binding upon and inure to the benefit of the parties their successors

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