to serve as a memorial or reminder of

The monument commemorates the signing of the Declaration of Independence.

to honor the memory of by some observance

to commemorate the dead by a moment of silence; to commemorate Bastille Day.

to make honorable mention of.

verb

dishonor , forget , neglect

verb

admire , celebrate , immortalize , keep , memorialize , monument , monumentalize , observe , pay tribute to , perpetuate , remember , salute , solemnize , award , cite , elegize , fete , hail , honor , signalize