What does it mean that the Option 1 covenant agreement “runs with the land”?
A covenant running with the land is an agreement that binds the landowner to do or refrain from doing certain things in relation to the land. If the covenant agreement runs with the land, its restrictions are applicable to the property regardless of who is the owner, which means that subsequent owners of the property will be required to follow the terms of the covenant agreement. The covenant is only required for homeowners choosing Option 1. If a homeowner does not fulfill the requirements of the covenant, they will be required to repay their award.
