Friday, April 22, 2005

Signing Your Rights Away

I live in a rural part of Iowa in a small town of around 10,000 people. It would be your ordinary average small Iowa town if it weren't for one fact; a large group of people into transcendental meditation and followers of Maharishi have made Fairfield their home. Basically, other than a few quirks, they are nice people and easy to live around but once in awhile I come across something of their doing that just makes me scratch my head and say, "Huh?"

Enter into evidence as exhibit X, a restrictive covenant agreement that the Maharishi following owners of a small farm acreage want to try to impose upon a fellow non-Maharishi following co-worker who was interested in purchasing the place a few months ago. This little farm consisted of fifteen acres of fenced in land with a house and two large outbuildings. Needless to say, this little farm, which has been on the market for over a year, is still on the market. I found this more than a little humorous and fully explained why, even though it is priced competitively, it hasn't sold. Keep in mind that this is a small farm four miles outside of town and not some exclusive gated community within city limits. Enjoy.

Restrictive Covenant Agreement

This Agreement is made this ________ day of __________200_, by and between the Fairfield Tree Farm Company ("FTF") and John Doe (the "Buyer").

WHEREAS, FTF owns the properties described in Exhibits A and B attached hereto and by this reference incorporated herein, and

WHEREAS, Buyer intends to purchase a portion of the property described in Exhibit A, as indicated on Exhibit C attached hereto and by this reference incorporated herein (the "Property"), and FTF, and its affiliates will benefit from the terms and provisions of this Agreement.

NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein, the parties agree that the Property shall be held, sold and conveyed subject to the following restrictions, covenants and conditions, which shall run with the real property and be binding upon all partiers having any right, title or interest in the Property or any part thereof, their heirs, successors and assigns, and shall inure to the benefit of FTF and its affiliates owning land in Jefferson County, Iowa, and their successors and assigns;

1. During the period from the date hereof, no pigs, hogs, cattle, poultry or other animals shall be bred, nourished, confined or otherwise kept on the Property or any part thereof for any purpose, other than for the personal/household use and/or consumption by the owner of the Property. In addition, there shall be no animals on the Property for commercial purposes or for use by a third-party. No animal waste or manure shall be collected, gathered, stored or held in any above or below ground structure, tank, or pit erected or existing on the Property. No animal waste or manure shall be spread above ground (in contact with the top surface of the ground) or in contact with the air or water on the Property.

2. During the period of the date hereof, no farming operations and/or practices shall be conducted on the Property except for organic farming operations and/or practices. No chemical and/or inorganic materials, substances, or practices shall be injected, sprayed, spread or placed, into or on the ground of the Property or into contact with air or water on the Property.

3. During the period of the date hereof, no foul and/or obnoxious odor and/or sound or noise that will or might disturb the peace, quiet and comfort of the landowners and homeowners in the vicinity of the Property, shall exist on the Property or be allowed to emanate from the Property.

4. During the period of the date hereof, no storage of junk, trash or any other matter shall occur on the Property that is visible from Pleasant Plain Road (as is presently exists) or visible to the landowners and homeowners in the vicinity of the Property.

5. During the period of the date hereof, no auto/equipment repair, building, dumping or wrecking business shall be conducted on the Property.

6. These covenants will run with the Property and will be binding upon all parties and persons succeeding to any ownership interest in the Property or any part thereof.

7. These covenants shall inure to the benefit of the owner of the real estate described in Exhibit A (as reduced by the sale of the Property to the Buyer) and Exhibit B, its affiliates owning the land in Jefferson County, Iowa, and their successors and assigns, and any such party shall have the right to enforce these covenants and restrictions by any available proceedings at law or in equity against the person or persons violating or attempting to violate any such covenant or restriction, and either to prevent such violation by injunctive relief or to recover damages for such violations.

8. The waiver of any violation or failure to enforce any such covenant, condition or restriction will not in any event operate as a waiver, impairment or abrogation of the covenant, restriction, or condition or the right to enforce the same in the event of future or other breach of the same or any other covenant, restriction, or condition by the same or any other person.

9. In any action to enforce any covenant, condition, or restriction, the prevailing party will be entitled to recover court costs and reasonable attorney fees.

10. These covenants will remain in force and effect for a period of twenty-one years from the date of recording. Upon the expiration of said twenty-one year period, these covenants may be renewed in accordance with Iowa law. For the purpose of giving effect to this paragraph regarding renewal of the covenants, the owner(s) of the Property, and their successors and assigns, shall be deemed to have appointed FTF and its affiliates and their successors and assigns, as their agent and attorney-in-fact for such purpose and shall execute all necessary documents and shall permit all necessary acts to be done to preserve and renew these covenants.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above writes.

THE FAIRFIELD TREE FARM COMPANY

By: ________________________________
Christopher J. Podoll,
President

________________________________
John Doe

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