13 Nov 2018
STONEHILL TRUSTEE LIMITED v NEW ZEALAND INDUSTRIAL PARK LIMITED [2018] NZHC 2938
- Citation
- [2018] NZHC 2938
- Court
- High Court
The covenants were modified (effectively extinguished as to the Stonehill property) because there had been material changes since their creation — substantial sale and rezoning of benefited land, merger and subdivision of burdened and benefited land, and dramatic change in neighbourhood and land use — such that the covenants were of little or no practical value, continuation would unreasonably impede use of the burdened land beyond original foreseeability, and extinguishment would not substantially injure NZIPL; the court therefore exercised its discretion to modify/extinguish the covenants a…