covenant modification
[ˈkʌvənənt ˌmɑːdɪfɪˈkeɪʃən]
nounpl: covenant modifications
modificação de pacto / alteração de convênio
1. A formal amendment or alteration to an existing covenant, which is a binding agreement or contract between parties, typically in legal, real estate, or business contexts
The covenant modification allowed the property owner to use the land for commercial purposes, whereas the original agreement restricted it to residential use only.
A modificação de pacto permitiu que o proprietário usasse o terreno para fins comerciais, enquanto o acordo original restringia seu uso apenas residencial.
2. In real estate law, a change to restrictive covenants that bind property owners to certain conditions or limitations
The homeowners association requested a covenant modification to permit solar panel installations on rooftops.
A associação de proprietários solicitou uma modificação de convênio para permitir a instalação de painéis solares nos telhados.
3. In corporate or financial contexts, an amendment to loan covenants that define borrowing restrictions and obligations
The bank agreed to a covenant modification that relaxed the debt-to-equity ratio requirements during the economic downturn.
O banco concordou com uma modificação de pacto que flexibilizou os requisitos de índice de endividamento durante a recessão econômica.
This term is primarily used in formal legal, real estate, and financial contexts in both Brazil and the USA. In Brazil, such modifications typically require formal documentation and may involve government agencies or notary publics (cartórios). In the USA, covenant modifications in real estate are often handled through homeowners associations or require court approval, reflecting the strong emphasis on property rights in American law.
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