Common use of Covenants Run with the Land Clause in Contracts

Covenants Run with the Land. This Covenant is designed to create equitable servitudes and covenants running with the Affordable Unit, in accordance with the provisions of Civil Code Section 1468, and the 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 herein shall run with the Affordable Unit and shall be binding upon all persons having any right, title or interest in the leasehold interest in the Affordable Unit, or any part thereof, their heirs, 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. Homeowner hereby declares its understanding and intent that the burden of the covenants set forth herein touch and concern the land and that the Homeowner's interest in the 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 or designation shall be binding for the benefit of City and such covenants shall run in favor of City 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. Furthermore, all of the covenants, conditions, and restrictions contained herein shall also constitute easements in gross running in favor of the City. City shall have the right, in the event of any breach of any such agreement or covenant, to exercise all the rights and remedies, and to maintain any action at law or suit in equity or other proper proceedings to enforce the curing of such breach of agreement or covenant.

Covenants Run with the Land. This Covenant is designed The Property shall be held, sold, conveyed, hypothecated, encumbered, used, occupied and improved subject to create equitable servitudes and covenants running with the Affordable Unitcovenants, in accordance with the provisions of Civil Code Section 1468conditions, and the State Density Bonus Law and Chapter 2-3 of the Irvine Zoning Coderestrictions set forth herein. The covenants, conditions, restrictions, reservations, equitable servitudes, liens and charges set forth herein in this Agreement shall run with the Affordable Unit Property and shall be binding upon Owner and all persons having any right, title or interest in the leasehold interest in the Affordable UnitProperty, 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. Homeowner hereby declares its understanding and intent that the burden of the The covenants set forth herein touch and concern the land and that the Homeowner's interest established in the 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 Homeownerthis Agreement shall, 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 or designation shall and designation, be binding for the benefit and in favor of City and such its successors and assigns, and the parties hereto expressly agree that this Agreement and the covenants herein shall run in favor of City for the entire period during which such covenants shall be in force and effectCity, 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 covenantscovenants 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 the City. City shall have is deemed the rightbeneficiary 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 event covenants running with the land have been provided. Owner hereby declares its understanding and intent that the burden of any breach 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 any such agreement or covenantcovenants 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, to exercise all the rights and remediessafety, 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 maintain any action at law or suit in equity or other proper proceedings to enforce run with the curing land and the Property and Project for the duration of such breach of agreement or covenantthe Total Density Bonus Agreement Term.

Covenants Run with the Land. This Covenant is designed Upon Participant’s acquisition of each Home, the Home shall be held, sold, conveyed, hypothecated, encumbered, used, occupied and improved subject to create equitable servitudes and covenants running with the Affordable Unitcovenants, in accordance with the provisions of Civil Code Section 1468conditions, and the State Density Bonus Law and Chapter 2-3 of the Irvine Zoning Coderestrictions set forth herein. The covenants, conditions, restrictions, reservations, equitable servitudes, liens and charges set forth herein in this Agreement shall run with the Affordable Unit Homes and shall be binding upon Participant and all persons having any right, title or interest in the leasehold interest in the Affordable UnitHomes, 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, shall be binding upon Homeowner, and its successors and assigns; and may be enforced by the City Party and its successors and assigns. Homeowner hereby declares its understanding and intent that the burden of the The covenants set forth herein touch and concern the land and that the Homeowner's interest established in the 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 Homeownerthis Agreement shall, 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 or designation shall and designation, be binding for the benefit and in favor of the City Party and such its successors and assigns, and the parties hereto expressly agree that this Agreement and the covenants herein shall run in favor of the City for the entire period during which such covenants shall be in force and effectParty, 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 covenantscovenants and this Agreement shall create equitable servitudes and covenants appurtenant to all real property owned by the City Party and running with the 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 the CityCity Party. The City shall have Party is deemed the rightbeneficiary 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 event covenants running with the land have been provided. Participant hereby declares its understanding and intent that the burden of any breach the covenants set forth herein touch and concern the land and that the Participant’s interest in the Home is rendered less valuable thereby. Participant hereby further declares its understanding and intent that the benefit of any such agreement or covenantcovenants touch and concern the land by enhancing and increasing the enjoyment and use of the Home by the residents of the City Party and by furthering the health, to exercise all the rights and remediessafety, and welfare of the residents of the City Party. In connection with the 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 maintain any action at law or suit the Home upon the sale of the Home to the Eligible Homebuyer in equity or other proper proceedings accordance with this Agreement and the payment of the Resale Price proceeds to enforce the curing of such breach of agreement or covenantCity Party pursuant to Section 5.5.1.