What is a binding agreement on the grantee to perform or not perform certain acts regarding the use of a property called?

A binding agreement on the grantee to perform or not perform certain actions regarding the use of a property is referred to as a covenant. Covenants are legally enforceable promises that usually pertain to the use or limitations of the property, which can be included in the deed of the property or as part of a separate agreement. They are typically designed to ensure that the property is used in a specific manner and can affect future owners, thus creating an obligation that runs with the land.

In contrast, an easement is a right to use someone else's land for a specific purpose, but it does not create obligations regarding the property usage itself. A lease conveys the right to use property for a specific period in exchange for rent, while a license is a temporary, revocable permission to do something on someone else's land without any property rights being conferred. Thus, the defining characteristic of a covenant is its binding nature on the grantee to abide by certain agreements regarding property usage.