A construction, operation and reciprocal easement agreement is a business document that is drafted is cases of construction of commercial properties like shopping centers, shopping malls as well as office complexes. This agreement is also drafted when there is more than one owner of the property. The agreement provides all the owners of the properties the equal rights in the operations of the property. All the owners have access to the property.
The agreement states the following details:
- The access of the owners to the various facilities of the property like parking, utilities and encroachments. The agreement ensures that these facilities are shared by the owners without any conflict.
- The role of each owner in the construction process of the property. This also includes the financial contribution of each owner.
- The rights and obligations of the owners in regards to the land.
The percentage of taxes and property insurance required to be paid by each owner.
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