Common use of Effect and Duration of Redeveloper Covenants Clause in Contracts

Effect and Duration of Redeveloper Covenants. It is intended and agreed that the agreements and covenants set forth in Section 4.1 of this Agreement 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 Redevelopment Entity, including its successors and assigns, against Redeveloper, including its successors and assigns and every successor in interest therein, and any party in possession or occupancy of the Project or any part thereof; provided, however, that such agreements and covenants shall be binding on Redeveloper, as the original redeveloper itself, each successor in interest to such redeveloper and each party in possession or occupancy, respectively, only for such period as Redeveloper, as the original redeveloper or such successor or such party shall be in possession or occupancy of the Project Site, the Project, or any part thereof. Notwithstanding the foregoing, the agreements and covenants set forth in Section 4.1 shall cease and terminate upon the issuance of a Certificate of Completion for the Project, provided however, that the covenants in Section 4.1(1) shall remain in effect without limitation as to time.

Effect and Duration of Redeveloper Covenants. It is intended and agreed that the agreements and covenants set forth in Section Section 4.1 of this Agreement 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 Redevelopment Entity, including its successors and assigns, against Redeveloper, including its successors and assigns and every successor in interest therein, and any party in possession or occupancy of the Project or any part thereof; provided, however, that such agreements and covenants shall be binding on Redeveloper, as the original redeveloper itself, each successor in interest to such redeveloper and each party in possession or occupancy, respectively, only for such period as Redeveloper, as the original redeveloper or such successor or such party shall be in possession or occupancy of the Project Site, the Project, or any part thereof. Notwithstanding the foregoing, the agreements and covenants set forth in Section 4.1 shall cease and terminate upon the issuance of a Certificate of Completion for the Project, provided however, that the covenants in Section 4.1(1) shall remain in effect without limitation as to time.