A covenant agreement contract is a written promise in an indenture or formal debt agreement between individuals who promised to do or not do certain activities. An indenture agreement is a legally binding document or contract that establishes terms and conditions between two or more parties.AGREEMENT AND FIXTURE FILING dated as of May 31, 2007 (together with any. To oversee and account for Program funding in a manner satisfactory to City and Federal Government. 2. There were forms to fill out that required her to know how property records work. Model Negotiated Covenants.