A construction, operation and reciprocal easement agreement (COREA) is created for a mixed use projects, for example, a building which can be a residential apartment, have space for commercial business and may also serve as an office. These agreements can also be created when there are more than one developers and each have their own goal, responsibility and ideas of construction. The original developer thus wants to have the provision where he develops the whole building but can have the option of selling the units separately.
A COREA should make sure that shared or common components of the project are specifically mentioned in the agreement so that the maintenance responsibilities can be clear. There will also be exclusive components where the contents and improvements will benefit only a particular section of the building or its owner only. There should also be mention of points related to easements, revisions, support and encroachment, access and amenities related to the building.
Construction, Operation and Reciprocal Easement Agreement
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