Non-PRO English to Spanish Law/Patents Law (general) UK Land Registry register of title

Dear all,

In a UK register of title from the Land Registry, I have found this paragraph, which I have trouble understanding.

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The land has the benefit of the following rights granted by but is subject to the following rights reserved by a conveyance of the land in this title dated 22 February 1960 made between (1) Percy (2) The Bank (3) Arthur:

"Together also with the rights easements and appurtenances to the said piece of land belonging or appertaining subject to but with the benefit of the rights of way drainage and other easements thereby granted or excepted and reserved"
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How should I understand "rights granted by but is subject to..."? Is this a standard formulaic paragraph where there is info missing after "granted by" not relevant in this case? Or should "granted by" be read together as a multiword verb?

Thanks for any help you may give!