Starting with the Gen. 12 -
2 and I will make of thee a great nation, and I will bless thee, and make thy name great; and thou shalt be a blessing: 3 and I will bless them that bless thee, and curse him that curseth thee: and in thee shall all families of the earth be blessed.
This promise/covenant declares God's plan, a nation descended from Abraham, and using Abraham & his seed to bless all families on earth. That Covenant is repeated to Abraham after his sacrifice of Isaac, & to Isaac & Jacob. Paul in Galatians explains that the seed is one, Christ, through whom all believers are blessed.
A conditional covenant was made with the people of Israel in Exo. 19:
5 Now therefore, if ye will obey my voice indeed, and keep my covenant, then ye shall be a peculiar treasure unto me above all people: for all the earth is mine: 6 and ye shall be unto me a kingdom of priests, and an holy nation. These are the words which thou shalt speak unto the children of Israel.
That Covenant includes "IF" & demands obedience. Israel failed
en masse even while Moses was on the mount, when they made & worshipped the golden calf. God's covenant purposes did not, cannot, fail. He himself would provide the Lamb, the saving sacrifice for their sins, by the incarnation & saving work of the LORD Jesus Christ.
Peter takes up that Covenant promise & applies to the believers -
1 Peter 2:4 To whom coming, as unto a living stone, disallowed indeed of men, but chosen of God, and precious, 5 ye also, as lively stones, are built up a spiritual house, an holy priesthood, to offer up spiritual sacrifices, acceptable to God by Jesus Christ.
6 Wherefore also it is contained in the scripture, Behold, I lay in Sion a chief corner stone, elect, precious: and he that believeth on him shall not be confounded. 7 Unto you therefore which believe he is precious: but unto them which be disobedient, the stone which the builders disallowed, the same is made the head of the corner, 8 and a stone of stumbling, and a rock of offence, even to them which stumble at the word, being disobedient: whereunto also they were appointed.
9 But ye are a chosen generation, a royal priesthood, an holy nation, a peculiar people; that ye should shew forth the praises of him who hath called you out of darkness into his marvellous light: 10 which in time past were not a people, but are now the people of God: which had not obtained mercy, but now have obtained mercy.
The Covenant promises to David are fulfilled by Jesus at his resurrection & ascension. (Acts 2) We are a spiritual kingdom of believers; we are a spiritual temple & holy priesthood. The prophecies concerning David' kingdom & the priesthood are fulfilled in his redeemed people, aka the Church.
All will be perfectly fulfilled when Jesus returns in glory, for resurrection & judgment, & to establish the NH&NE.
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