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3. every successor in interest to the Property; and 4. any party in possession or occupancy of the Property. The parties further agree that the covenants in Subsection VI(A)(1) shall remain in effect from the date of the Deed until December 31, 2022. The covenants in subsection VI(A)(2) shall remain in effect without limitation as to time but shall bind the Developer, each successor in interest to the Property, and each party in possession only for the time that the party or successor shall have title to, an interest in, or possession of the Property. The terms and uses specified in the Plan and land use shall include the land and all buildings, housing and other requirements or restrictions of the Plan pertaining to such land uses and improvements to the Property. C. Beneficiaries of Covenants. The parties also agree that the Commission, its successors and assigns and the City of South Bend, Indiana shall be deemed beneficiaries of the covenants in this Section. The Deed shall state that the covenants shall run in favor of the Commission for the entire period the covenants shall be in force and effect, regardless of whether the Commission has at any time been, or is the owner of any land or interest in any land in favor of which such covenants relate. If the above covenants are breached, the Commission shall have all of the rights and remedies to which they or any other beneficiary of the covenant may be entitled. SECTION VII. PROHIBITIONS AGAINST ASSIGNMENT AND TRANSFER. A. Representations as to Development. The Developer represents and agrees that its purchase of the Property and its other undertakings under this Contract are and will be used for development of the Property and not for speculation in land holding. The Developer further recognizes that: 1. in view of the importance of the development of the Property to the general welfare of the City, 2. the substantial financial and other public assistance that has been made available by law and by the federal and local governments for the purpose of making such development possible, and 3. the fact that a transfer in ownership of the Developer is, for practical purposes, a transfer or disposition of the Property then owned by the Developer; E