Common use of Binding Covenant Clause in Contracts

Binding Covenant. The Owners hereby grant this Environmental Covenant to the NDEP, and declare that the Mohave Site Property, as described in Exhibit “A” hereto, shall herein after be bound by, held, sold, and conveyed subject to the following requirements set forth in paragraphs 1 through 15 herein, which shall run with the Mohave Site Property in perpetuity and shall be binding on the Owners and all parties having any right, title or interest in the Mohave Site Property, or any part thereof, its heirs, successors and assigns, and any persons using the land, as described herein. As used in this Environmental Covenant, the term “the Owners” means any record owner or owners of the Mohave Site Property and, if any, any other person or entity otherwise legally authorized to make decisions regarding the transfer of the Mohave Site Property or placement of encumbrances on the Mohave Site Property, other than by exercise of eminent domain.