GLOSSARY TERM
	Deed of Mutual Covenant (DMC)
	DESCRIPTION
	An approved DMC has, since 1986, been a condition to the grant of a Government lease. It is executed by the developer and first purchaser(s) of ownership interests ('shares') in a multi-unit development, and intended to govern the binding rights and liabilities of all co-owners as between themselves. Every subsequent purchaser of an ownership interest in the property takes subject to and with the benefit of the DMC.