Land Use Restriction Agreement

Company Letterhead

{{company_name}}

{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

LAND USE RESTRICTION AGREEMENT

This Land Use Restriction Agreement (hereinafter referred to as the “Agreement”) is made and entered into on this {{day}} day of {{month}}, {{year}},

BY AND BETWEEN:

{{owner_company_name}}, a company duly incorporated and existing under the laws of {{country}}, with its principal place of business at {{owner_company_address}} (hereinafter referred to as “the Owner”);

AND

{{financier_company_name}}, a company duly incorporated and existing under the laws of {{country}}, with its principal place of business at {{financier_company_address}} (hereinafter referred to as “the Financier”).

RECITALS

WHEREAS, the Owner is the registered and lawful owner of the property described as {{property_description}} (hereinafter referred to as “the Property”), held under Title Deed Number {{title_deed_number}}.

WHEREAS, the Financier has provided financing to the Owner in the amount of {{loan_amount}} ({{loan_amount_words}}) for the purpose of {{purpose_of_financing}}.

WHEREAS, as a condition of the aforementioned financing, the Owner has agreed to implement certain restrictions on the use of the Property to protect the Financier’s interest and to ensure the sustainability of the project for which the financing was granted.

NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

1. DEFINITIONS

Unless the context otherwise requires, the following terms shall have the meanings ascribed to them hereunder:

1.1 “Agreement” means this Land Use Restriction Agreement.

1.2 “Property” means the land described as {{property_description}}.

1.3 “Restricted Uses” means the land uses expressly prohibited or restricted as set out in Clause 3 of this Agreement.

GRANT OF RESTRICTION

The Owner hereby covenants and agrees that the Property shall be subject to the restrictions on use as set forth in this Agreement, which restrictions shall run with the land and be binding upon the Owner and its successors-in-title and assigns for the duration of this Agreement.

NATURE AND SCOPE OF RESTRICTIONS

The following restrictions shall apply to the Property:

3.1 The Property shall not be used for {{prohibited_use_1}}.

3.2 The Property shall not be used for {{prohibited_use_2}} without the prior written consent of the Financier.

3.3 Any development on the Property shall be in strict accordance with {{approved_development_plan_reference}} and any material deviation shall require the prior written consent of the Financier.

3.4 The Owner shall not subdivide, partition, or otherwise alter the boundaries of the Property without the prior written consent of the Financier.

DURATION

These restrictions shall commence on the date of this Agreement and shall remain in full force and effect until such time as {{duration_condition_or_date}}, unless otherwise terminated by mutual written agreement of the parties.

ENFORCEMENT

In the event of any breach of these restrictions by the Owner, the Financier shall have the right to seek all available legal and equitable remedies, including specific performance and injunctive relief, to enforce the terms of this Agreement.

GOVERNING LAW AND DISPUTE RESOLUTION

This Agreement shall be governed by and construed in accordance with the laws of {{country}}.

Any dispute, controversy or claim arising out of or relating to this Agreement, or the breach, termination or invalidity thereof, shall be settled by arbitration in accordance with the rules of {{arbitration_body}}.

GENERAL PROVISIONS

7.1 This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior discussions, negotiations, and agreements.

7.2 No amendment or modification of this Agreement shall be valid unless in writing and signed by both parties.

7.3 If any provision of this Agreement is found to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.

SIGNATURE BLOCK

IN WITNESS WHEREOF, the parties have executed this Agreement on the date first above written.

_____________________________

For: {{owner_company_name}}

Name: {{owner_authorised_signatory_name}}

Designation: {{owner_authorised_signatory_designation}}

_____________________________

For: {{financier_company_name}}

Name: {{financier_authorised_signatory_name}}

Designation: {{financier_authorised_signatory_designation}}

WITNESSES:

1. _________________________ 2. _________________________

Name: {{witness_1_name}} Name: {{witness_2_name}}

ID No: {{witness_1_id}} ID No: {{witness_2_id}}