Actually, a Master Deed (in South Carolina) is recorded in conjunction with a condominium development.    It establishes the percentage of common ownership and fees associated with the building. 

A Restricitive Covenant (filed as Restrictions, or Restrictive Covenants, or Declaration of Restrictions) is a private agreement, sometimes found in a deed or lease, and often recorded in a separate document, that restricts the use or occupancy of the real property by specifying lot sizes, building lines, architectural styles, and the usese to which the property may be put.  See Black's Law Dictionary under covenant.  This document may also establish common areas, fees associated with maintenance, and a governing body (ie Homeowner's Association).

Hope this is helpful.