It probbly will take a (retired) lawyer to answer factually. Logic tells me the new 'developer' would have to honor to covenants as would the landowner. If you sell a house that you have leased or rented to someone else, and the term of that lease in not over before the sale is completed, the new owner has to honor the existing lease. Of course, leases expire whereas convenants do not so there is the rub.
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