Common use of Covenants Run with the Land Clause in Contracts

Covenants Run with the Land. The Property shall be held, sold, conveyed, hypothecated, encumbered, used, occupied and improved subject to the covenants, conditions, and restrictions set forth herein. The covenants, conditions, restrictions, reservations, equitable servitudes, liens and charges set forth in this Agreement shall run with the Property and shall be binding upon Owner and all persons having any right, title or interest in the Property, or any part thereof, their heirs, and successive owners and assigns, shall inure to the benefit of City and its successors and assigns, and may be enforced by City and its successors and assigns. The covenants established in this Agreement shall, without regard to technical classification and designation, be binding for the benefit and in favor of City and its successors and assigns, and the parties hereto expressly agree that this Agreement and the covenants herein shall run in favor of City, without regard to whether City is or remains an owner of any land or interest therein to which such covenants relate. However, all such covenants and restrictions shall be deemed to run in favor of all real property owned by City which real property shall be deemed the benefited property of such covenants and this Agreement shall create equitable servitudes and covenants appurtenant to all real property owned by City and running with the Property in accordance with the provisions of Civil Code Section 1468. Furthermore, all of the covenants, conditions, and restrictions contained herein shall also constitute easements in gross running in favor of City. City is deemed 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. Owner hereby declares its understanding and intent that the burden of the covenants set forth herein touch and concern the land and that the Owner's interest in the Property is rendered less valuable thereby. Owner hereby further declares its understanding and intent that the benefit of such covenants touch and concern the land by enhancing and increasing the enjoyment and use of the Property by the citizens of City and by furthering the health, safety, and welfare of the residents of City. Owner hereby further declares its understanding that the covenants set forth in this Agreement are required by the State Density Bonus Law and Chapter 2-3 of the Irvine Zoning Code to run with the land and the Property and Project for the duration of the Total Density Bonus Agreement Term.

Covenants Run with the Land. The Property shall be heldThis Covenant is designed to create equitable servitudes and covenants running with the Affordable Unit, sold, conveyed, hypothecated, encumbered, used, occupied and improved subject to in accordance with the covenants, conditionsprovisions of Civil Code Section 1468, and restrictions set forth hereinthe State Density Bonus Law and Chapter 2-3 of the Irvine Zoning Code. The covenants, conditions, restrictions, reservations, equitable servitudes, liens and charges set forth in this Agreement herein shall run with the Property Affordable Unit and shall be binding upon Owner and all persons having any right, title or interest in the Propertyleasehold interest in the Affordable Unit, or any part thereof, their heirs, and successive owners and assigns, ; shall inure to the benefit of the City and its successors and assigns, shall be binding upon Homeowner, and its successors and assigns; and may be enforced by City and its successors and assigns. The Homeowner hereby declares its understanding and intent that the burden of the covenants established set forth herein touch and concern the land and that the Homeowner's interest in this Agreement shallthe Affordable Unit is rendered less valuable thereby. Homeowner hereby further declares its understanding and intent that the benefit of such covenants touch and concern the land by enhancing and increasing the enjoyment and use of the Affordable Unit by Homeowner, and by furthering public purposes for City. In amplification and not in restriction of the provisions hereinabove, it is intended and agreed that City is deemed a beneficiary of the agreements and covenants provided herein both for and in its own right and also for the purposes of protecting the interests of the community. All covenants without regard to technical classification and designation, or designation shall be binding for the benefit and in favor of City and its successors and assigns, and the parties hereto expressly agree that this Agreement and the such covenants herein shall run in favor of CityCity for the entire period during which such covenants shall be in force and effect, without regard to whether City is or remains an owner of any land or interest therein to which such covenants relate. However, all such covenants and restrictions shall be deemed to run in favor of all real property owned by the City which real property shall be deemed the benefited property of such covenants and this Agreement shall create equitable servitudes and covenants appurtenant to all real property owned by City and running with the Property in accordance with the provisions of Civil Code Section 1468covenants. Furthermore, all of the covenants, conditions, and restrictions contained herein shall also constitute easements in gross running in favor of the City. City is deemed shall have 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 privateright, in whose favor the event of any breach of any such agreement or covenant, to exercise all the rights and for whose benefit this Agreement remedies, and to maintain any action at law or suit in equity or other proper proceedings to enforce the covenants running with the land have been provided. Owner hereby declares its understanding and intent that the burden of the covenants set forth herein touch and concern the land and that the Owner's interest in the Property is rendered less valuable thereby. Owner hereby further declares its understanding and intent that the benefit curing of such covenants touch and concern the land by enhancing and increasing the enjoyment and use breach of the Property by the citizens of City and by furthering the health, safety, and welfare of the residents of City. Owner hereby further declares its understanding that the covenants set forth in this Agreement are required by the State Density Bonus Law and Chapter 2-3 of the Irvine Zoning Code to run with the land and the Property and Project for the duration of the Total Density Bonus Agreement Termagreement or covenant.

Covenants Run with the Land. The Property Upon Participant’s acquisition of each Home, the Home shall be held, sold, conveyed, hypothecated, encumbered, used, occupied and improved subject to the covenants, conditions, and restrictions set forth herein. The covenants, conditions, restrictions, reservations, equitable servitudes, liens and charges set forth in this Agreement shall run with the Property Homes and shall be binding upon Owner Participant and all persons having any right, title or interest in the PropertyHomes, or any part thereof, their heirs, and successive owners and assigns, shall inure to the benefit of the City Party and its successors and assigns, and may be enforced by the City Party and its successors and assigns. The covenants established in this Agreement shall, without regard to technical classification and designation, be binding for the benefit and in favor of the City Party and its successors and assigns, and the parties hereto expressly agree that this Agreement and the covenants herein shall run in favor of Citythe City Party, without regard to whether the City Party is or remains an owner of any land or interest therein to which such covenants relate. However, all such covenants and restrictions shall be deemed to run in favor of all real property owned by the City Party which real property shall be deemed the benefited property of such covenants and this Agreement shall create equitable servitudes and covenants appurtenant to all real property owned by the City Party and running with the Property Home in accordance with the provisions of Civil Code Section 1468. Furthermore, all of the covenants, conditions, and restrictions contained herein shall also constitute easements in gross running in favor of Citythe City Party. The City Party is deemed 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. Owner Participant hereby declares its understanding and intent that the burden of the covenants set forth herein touch and concern the land and that the Owner's Participant’s interest in the Property Home is rendered less valuable thereby. Owner Participant hereby further declares its understanding and intent that the benefit of such covenants touch and concern the land by enhancing and increasing the enjoyment and use of the Property Home by the citizens residents of the City Party and by furthering the health, safety, and welfare of the residents of Citythe City Party. Owner hereby further declares its understanding that In connection with the covenants set forth foregoing, a Memorandum shall be recorded against each Home upon the Acquisition Closing Date for the Home. The Memorandum shall be removed as an encumbrance upon title to the Home upon the sale of the Home to the Eligible Homebuyer in accordance with this Agreement are required by and the State Density Bonus Law and Chapter 2-3 payment of the Irvine Zoning Code Resale Price proceeds to run with the land and the Property and Project for the duration of the Total Density Bonus Agreement TermCity Party pursuant to Section 5.5.1.