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Understanding Reciprocal Easement Agreements
Typically, reciprocal easement agreements (REAs) are used when a property is owned by more than one person or entity, and the persons or entities wish to develop the property as an integrated shopping center.
In the case where more than one owner is interested in developing a shopping center, the most common scenario is that one of the owners acts as the developer and the other owner is a major retailer (for example, Target or Wal-Mart) in that shopping center. Often, the developer will lease a portion of the property to the major retailer, in which case an REA is not necessary, since the lease will provide for construction and operation of the shopping center. If, however, the major retailer desires to purchase a portion of the property, it will be necessary for the developer and the major retailer to enter into an REA. If not, there will be no contractual agreement between the developer and the major retailer governing such things as the construction of the shopping center, the architectural compatibility of the buildings, and the use of the common area. Without an REA, the developer or the major retailer could build whatever and whenever it wishes and could conceivably prevent the other party from using its parcel for parking, access or utility lines.
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