Common use of Developer Covenants Clause in Contracts

Developer Covenants. Developer intends, declares and covenants, on behalf of itself, all future owners of the project subject to the Rezone Request, and all parties that obtain any interest in any dwelling within the Project, that this Agreement and the covenants and restrictions set forth herein regulating the use and occupancy of the Active Employment Units shall be covenants running with the portion of land requesting rezone, and the land and improvements constituting the Active Employment Units, and, for the benefit of the City, shall encumber the Rezone Section and such Active Employment Units, and shall be binding upon the Developer, all subsequent owners of the Active Employment Units, and any other party with an interest in any portion of an Active Employment Unit or the Rezone Section prior to the creation of the Active Employment Units required hereunder. ▇▇▇▇▇▇▇▇▇ agrees, prior to the issuance of a building permit for the construction of the Project, or any phase thereof, to record a restrictive covenant agreement on each Active Employment Unit to be constructed (or to be constructed in the applicable phase) reflecting the use and occupancy restrictions applicable to such Active Employment Unit in form and substance acceptable to the City. The restrictive covenant agreement shall have a term of not less than fifty (50) years beginning on the date of recording an shall be in substantially the same form as set forth in Exhibit D.