Common use of Duration of Restrictions Clause in Contracts

Duration of Restrictions. Each of the conditions, covenants, restrictions, reservations and easements herein contained shall continue and be binding upon Declarants and upon its successors and assigns and upon each of them, and all parties and persons claiming under Declarations for a term of fifty (50) years from the date this Declaration is recorded, after which time it shall automatically extend for successive periods of five (5) years unless an instrument has been recorded signed by all the then Owners of all of the Building Sites, agreeing to terminate this Declaration.