I also read the other parts; this is what you put in bold though.
Again though, what does that mean in a practical sense? In action. In the world in reality. How does someone " accept, receive, and rest upon Christ alone for justification, sanctification, and eternal life, by virtue of the covenant of grace."
I really don't understand; I'm not trying to be cute or funny. I've heard these words from other Christians before and they sound very theologically impressive but I don't understand how they are manifested in daily life.
Jesus took my sin and I get his righteousness. I put my trust in Him alone.
No different than boarding a plane to Italy. I know that flying is the safest way to travel. I know that air travel is the fastest way to get there. That knowledge does me no good unless I actually get on the plane, that is put my faith in the plane. That it will get me where I want to go in a relatively timely manner and in one piece.
Does that help? :-)