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restrictive covenant |
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Restrictive Covenant A clause in a loan agreement requiring the borrower to perform certain actions and/or disallowing the borrower from performing other actions. A restrictive covenant is intended to protect the lender in the event that a borrower is unable to service the debt. For example, a restrictive covenant may forbid the borrower from acquiring more than a certain amount of debt or from using certain assets as collateral for other loans. A restrictive covenant requiring a borrower's action is called a positive covenant while one forbidding an action is called a negative covenant. A restrictive covenant is also called simply a covenant. restrictive covenant A deed restriction. See covenant.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 ordinance will give the city a mechanism to enforce covenants, conditions and restrictions, or CCRs, that are already included in home sale agreements, he said. |
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