Common use of Effect and Duration of Covenants Clause in Contracts

Effect and Duration of Covenants. The covenants of Developer in Article III (Development of the Project) shall remain in effect until the City receives a Certificate of Completion. Within thirty (30) days of receipt of the Certificate of Completion, the City Manager shall execute and cause to be recorded a Release of Covenant. 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 City, its successors and assigns. The City is 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 City without regard to whether the City has been, remains, or is an owner of any interest in the Property.