Common use of Effect and Duration of Covenants Clause in Contracts

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. SECTION 407 Monitoring‌

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 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. SECTION 407 Monitoring‌.

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. 2021), which shall be senior to any security instruments recorded for any Construction Loan, Senior Loan, and/or Junior Loan. SECTION 407 Monitoring‌