Agreements: The property's co-owners are allowed to enter into a limited co-ownership agreement that may run with the land
. The agreement must allow the co-owners to have the right to approve hiring a manager, selling or leasing the property and incurring debt secured by a blanket lien.
Instead, taking possession creates an implied agreement only that the successor lessee is assuming those fundamental covenants and obligations which "run with the land" or "touch and concern the land." The successor's taking possession does not make it liable in damages for other lease obligations which are merely "contractual."
Similarly, when a lease calls for the lessee to maintain insurance, make repairs, or pay taxes, these obligations are also deemed to run with the land and will remain in effect.
* Since contamination of real property is the owner's personal legal obligation and does not run with the land
as does a lien or mortgage, the discounted sales price was given to cure the contamination problem, with the property's fair market value always equaling the value of contaminated property.