The construction, operation and reciprocal easement agreement sets forth the terms and scope for the development and usage of commercial properties which are owned by more than one owner. Generally such agreements come into play when more than one owners of a property desire to develop their property as a commercial centre.
The scenario where more than one owner shows interest in developing their property as a commercial complex, one or more owner can act as developer and other owners as major retailers in that complex. This agreement takes care of all the parties involved and establishes basic terms for the operation pertaining to the construction, operation, development, maintenance, management and division by creating the easements.
Each party in the agreement possess the access rights to the other parties’ properties in that complex but to the certain extent to ensure the benefit of each party. After the construction and development of such commercial complexes they operate as an integrated retail project.
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