A more thorough explanation:

An executed covenant is a legal agreement that has been fully performed by all parties involved. It is a covenant that has been completed and cannot be changed or altered.

For example, if a landlord and tenant sign a lease agreement, and both parties fulfill their obligations under the lease, then the lease becomes an executed covenant. The terms of the lease cannot be changed or altered once it has been fully executed.

Another example of an executed covenant is a mortgage agreement. Once the borrower has paid off the mortgage in full, the mortgage becomes an executed covenant. The terms of the mortgage cannot be changed or altered once it has been fully executed.

These examples illustrate the definition of an executed covenant because they both involve legal agreements that have been fully performed by all parties involved. Once an agreement has been fully executed, it becomes a binding contract that cannot be changed or altered.