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The parties further agree that the covenants in subsection VII(A)(1) shall remain in effect <br />from the date of the Deed until December 31, 2015. The covenants in subsection VII(A)(2) shall <br />remain in effect without limitation as to time but shall bind the Developer, each successor in interest <br />to the Property, and each party in possession only for the time that the party or successor shall have <br />title to, an interest in, or possession of the Property. <br />The terms "uses specified in the Plan" and "land use" shall include the land and all buildings, <br />housing and other requirements or restrictions of the Plan pertaining to such land uses and <br />improvements to the Property. <br />C. Beneficiaries of Covenants. The parties also agree that the Commission and its <br />successors and assigns shall be deemed beneficiaries of the covenants in this Section. <br />The Deed shall state that the covenants shall run in favor of the Commission for the entire <br />period the covenants shall be in force and effect, regardless of whether the Commission has at any <br />time been, or is the owner of any land or interest in any land in favor of which such covenants relate. <br />If the above covenants are breached, the Commission shall have all of the rights and remedies <br />to which they or any other beneficiary of the covenant may be entitled. <br />SECTION VIII. PROHIBITIONS AGAINST ASSIGNMENT AND TRANSFER <br />A. Representations as to Development. The Developer represents and agrees that its <br />purchase of the Property and its other undertakings under this Agreement are and will be used for <br />development of the Property and not for speculation in land holding. The Developer further <br />recognizes that: <br />1. in view of the importance of the development of the Property to the general <br />welfare of the City, <br />2. the substantial financial and other public assistance that has been made <br />available by law and by the federal and local governments for the purpose of <br />making such development possible, and <br />3. the fact that a transfer in ownership of the Developer is for practical purposes <br />a transfer or disposition of the Property then owned by the Developer; <br />the qualifications and identity of the Developer and its members, shareholders, and/or partners are of <br />particular concern to the City and the Commission. The Developer further recognizes that it is due to <br />such qualifications and identity that the Commission is entering into this Agreement with the <br />Developer, and in so doing is further willing to accept and rely on the obligations of the Developer <br />for the faithful performance of all undertakings and covenants. <br />IsB. Prohibition Against Transfer of Interest. The Developer agrees that any transactions <br />