The construction, Operation and Reciprocal Agreement is created for mixed use projects and it sets forth the terms and scope for development and usage of commercial properties that are owned by more than one owner.
For example, a building which can be a residential apartment can serve an office and can also have space for commercial business. Thus the construction, Operation and Reciprocal Agreement comes into play when there is more than one owner for a property and they desire to develop their property as a commercial center, and each party have their own ideas and responsibilities of construction.
The construction, Operation and Reciprocal Agreement takes care of all the parties involved and establishes basic terms for the processes related to construction, development and maintenance.
Each party involved in the agreement has access rights to the other parties’ properties but only to a certain extent. The agreement contains points related to easements, support, revision, access and amenities.