Ohner holds title in fee simple to a tract of 1,500 acres. He wishes to develop the entire tract as a golf course, country club, and residential subdivision. He contemplates forming a corporation to own and operate the golf course and country club; the stock in the corporation will be distributed to the owners of lots in the residential portions of the subdivision, but no obligation to issue the stock is to ripen until all the residential lots are sold. The price of the lots is intended to return enough money to compensate Ohner for the raw land, development costs (including the building of the golf course and the country club facilities), and developer's profit, if all of the lots are sold. Ohner's market analyses indicate that he must create a scheme of development that will offer prospective purchasers (and their lawyers) a very high order of assurance that several aspects will be clearly established: 1. Aside from the country club and golf course, there will be no land use other than for residential use and occupancy in the 1,500 acres. 2. The residents of the subdivision will have unambiguous rights of access to the club and golf course facilities. 3. Each lot owner must have an unambiguous right to transfer the lot to a purchaser with all original benefits. 4. Each lot owner must be obligated to pay annual dues to a pro rata share (based on the number of lots) of the club's annual operating deficit (whether or not such owner desires to make use of club and course facilities)."In the context of all aspects of the scheme, which of the following will offer the best chance of implementing the requirement that each lot owner pay annual dues to support the club and golf course?
Covenant. Easement. Mortgage. Personal contractual obligation by each purchaser