Effect and Duration of Covenants. It is intended and agreed that the agreements and covenants set forth in this Article shall be covenants running with the land and that they shall, in any event, and without regard to technical classification or designation, legal or otherwise, and except only as otherwise specifically provided in this Agreement, be binding, to the fullest extent permitted by law and equity, for the benefit and in favor of, and enforceable by, the Township, their successors and assigns, against the Redeveloper, its successors and assigns and every successor in interest therein, and any party in possession or occupancy of the Phase 1 Project or any part thereof. The covenants shall cease and terminate when a Certificate of Completion for such improvements has been issued, provided however, that the covenants in Sections 7.1(A), (B), and (L) shall remain in effect without limitation as to time.
Effect and Duration of Covenants. The covenants established in this Agreement shall run with the land, without regard to technical classification and designation, and shall be for the benefit and in favor of and enforceable against the original Developer and successors in interest by the Agency or the City. Unless set forth otherwise, the covenants described in this Part 4 shall commence upon the Closing and shall remain in effect for the duration of the Redevelopment Plan.
Effect and Duration of Covenants. After issuance of a Certificate of Completion of improvements constructed an the Site, all of the terms, covenants, agreements and conditions set forth in this Agreement pertaining thereto shall cease and terminate excepting only the following provisions which shall survive as follows in accordance with their provisions.
Effect and Duration of Covenants. Except as otherwise expressly provided in this Agreement, the indemnities, covenants, conditions, restrictions, warranties and representations (“Covenants”) established in this Agreement shall without regard to technical classification or designation, be binding upon and inure to the benefit of the successors, transferees and assigns of each of the Parties hereto, whether by merger, consolidation, sale, transfer, liquidation or otherwise and as to the Covenants of Owner, shall run with the land solely during the term of this Agreement, unless specifically noted below. Each of the Covenants is for the benefit of real property under the jurisdiction of the City and owned by City within the boundaries of the City. City is a beneficiary of the terms and provisions of this Agreement and of the restrictions and Covenants running with the land, for and in its own right and for the purpose of protecting the interests of the community in whose favor and for whose benefit the Covenants running with the land have been provided. The Covenants in favor of the City shall run without regard to whether City has been, remains or is an owner of any land or interest therein in the Site, and shall be effective as both Covenants and equitable servitudes against the Site as noted in this Section. Should the Hotel be Completed, the Covenants contained in Sections 501, 601 and 602 shall remain in effect for the Operating Period. The Covenants described in Section 603 shall remain in effect in perpetuity. The Covenants described in Section 502 shall remain in effect until the applicable statute of limitation expires with respect to the Prevailing Wage Statutes; provided, however, that if the Operating Period never commences and no Incentive Payments are made, the Covenants in Section 502 shall terminate, be null and void and be of no further force and effect.
Effect and Duration of Covenants. It is intended and agreed that the covenants and restrictions set forth in Section 3.02 shall be covenants running with the land. All covenants in Section 3.02, in any event, and without regard to technical classification or designation, legal or otherwise, and except only as otherwise specifically provided in this Redevelopment Agreement, shall be binding, to the fullest extent permitted by law and equity, for the benefit and in favor of, and enforceable by the Township and its successors and assigns, and any successor in interest to the Property, or any part thereof, against Redeveloper, its successors and assigns and every successor in interest therein, and any party in possession or occupancy of the Property or any part thereof. Notwithstanding the foregoing, the agreements and covenants set for in Section
Effect and Duration of Covenants. The covenants established in this Part 4 shall run with the land, without regard to technical classification and designation, and shall be for the benefit and in favor of and enforceable against the original Developer and successors in interest by the City or Civic SD. Unless set forth otherwise, the covenants described in this Part 4 shall commence upon the Closing and shall be set forth in the Agreement Affecting Real Property (Attachment No. 6) and shall remain in effect during the Covenant Period. SECTION 406 Agreement Affecting Real Property Concurrently with the Closing, Developer and City shall execute and cause the recordation of an Agreement Affecting Real Property (Attachment No. 6) and the Notice of Affordability Restrictions (Attachment No. 20), which shall be senior to any security instruments recorded for any Construction Loan, Senior Loan, and/or Junior Loan.
Effect and Duration of Covenants. The covenants established in this Agreement and any amendments hereto approved by the City and the Borrower shall, without regard to technical classification and designation, be binding for the benefit and in favor of the City and their successors and assigns. The requirements of this Agreement shall remain in effect for so long as the City Loan remains unpaid, but not less than the longer of: (a) sixty-five (65) years from the date on which a Certificate of Completion, duly issued by the City, has been recorded in the Official Records of Santa Xxxxxxx County; or (b) sixty-five (65) years from the recordation of this Agreement Containing Covenants in the Official Records of Santa Xxxxxxx County, except that the prohibitions against discrimination shall remain in effect in perpetuity.
Effect and Duration of Covenants. The covenants of Developer in Article IV (Development of the Project) shall remain in effect for six (6) months for each Phase following the issuance of a Certificate of Completion from the City for such Phase, which will not be unreasonably withheld. Except as otherwise specifically provided in this Agreement, subject to force majeure, all other covenants contained in this Agreement shall remain in effect until the expiration or earlier termination of this Agreement; provided, however, that the permitted uses set forth in Sections 4.2.1 and 4.2.2 and the limitations on residential uses set forth in PL 113-291 and the Memorandum of Agreement between the City and the Bureau of Land Management executed on January 3, 2018 shall survive the expiration or earlier termination of this Agreement. The termination of the effectiveness of such covenants shall not relieve Developer from any obligation or liability which accrued under such covenants while they were in effect. The covenants established in this Agreement shall be binding for the benefit and in favor of the Parties and their respective successors and assigns. The Parties are the beneficiaries of the terms and provisions of this Agreement and of the covenants running with the land for and in their own right and for the purposes of protecting the development of the Property and the interests of the community and other parties, public or private, in whose favor and for whose benefit this Agreement and the covenants running with the land have been provided. This Agreement and the covenants shall run in favor of each Party without regard to whether such Party has been, remains or is an owner of any interest in the Property.
Effect and Duration of Covenants. Except as otherwise provided in this Agreement (including, without limitation, Sections 312, 314 and 320), the covenants contained in this Agreement and the deed shall remain in effect until the termination date of the Redevelopment Plan as such Redevelopment Plan may be amended pursuant to the provisions of Section 701. Under Section 1100.2 of the Redevelopment Plan, the Redevelopment Plan terminates 30 years from the date the County Auditor certifies to the Director of Finance, pursuant to Health and Safety Code Section 53492.9, as the date of the final day of the first fiscal year in which One Hundred Thousand Dollars ($100,000) or more of tax increment funds from the Redevelopment Project Area are or have been paid to the Agency. When the date of termination of the Redevelopment Plan is established, the Agency shall issue a recordable instrument setting forth such date for purpose of this section and the Redevelopment Plan, and such date shall be inserted in all deeds and other instruments referring to such date. The covenants against discrimination shall remain in effect in perpetuity. Further, environmental covenants or indemnifications by the Army and/or FORA for their grantees, transferees and successors and assigns shall also remain in place in perpetuity. The covenants established in this Agreement and the grant deed shall, without regard to technical classification and designation, be binding for the benefit and in favor of the Agency, its successors and assigns, the Developer and any successor in interest to the Site or any part thereof. The Agency and the Developer are each deemed the beneficiary of the terms and provisions of this Agreement and of the covenants running with the land for and in its own rights and for the purposes of protecting the interests of the community and other parties, public or private, in whose favor and for whose benefit this Agreement and the covenants running with the land have been provided. This Agreement and the covenants shall run in favor of the Agency and the Developer without regard to whether the Agency or the Developer has been, remains or is an owner of any land or interest therein in the Site, any parcel or subparcel, or in the Redevelopment Project Area. The Agency and the Developer shall have the right, if this Agreement or the covenants are breached, to exercise all rights and remedies and to maintain any actions or suits at law or in equity or other proper proceedings to enforce the curing of such br...
Effect and Duration of Covenants. The covenants of Developer in Article III (Development of the Project) shall remain in effect for six (6) months following the issuance of a Certificate of Completion from the Agency, which will not be unreasonably withheld. Except as otherwise specifically provided in this Agreement, all other covenants contained in this Agreement shall remain in effect until the tenth anniversary of the Effective Date. The termination of the effectiveness of such covenants shall not relieve Developer from any obligation or liability which accrued under such covenants while they were in effect. The covenants established in this Agreement shall be binding for the benefit and in favor of the Agency, its successors and assigns. The Agency is the beneficiary of the terms and provisions of this Agreement and of the covenants running with the land for and in its own right and for the purposes of protecting the interests of the community and other parties, public or private, in whose favor and for whose benefit this Agreement and the covenants running with the land have been provided. This Agreement and the covenants shall run in favor of the Agency without regard to whether the Agency has been, remains or is an owner of any interest in the Properties.
