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I am planning to purchase a commercial strip center that has an additional acre of land that the seller wants to keep in order to build a warehouse for his business importing and selling office equipment. As a condition of purchasing the strip mall, I want to prevent him or any future owner of the land from developing the vacant land into a competing strip center. He would be allowed to build his warehouse but not any commercial property that could compete with the exisiting strip center for tenants. Would this be legal and enforcable to him or any future buyer of this land? How long would a non-compete be enforcable for? Thank you.
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