Delivery; Secured Amount. As set forth in the DRDAP, Developer shall be required to provide with each Sub-Phase Application a form of Corporate Guaranty or other form of Adequate Security for all ofonly upon transfer of real property pursuant to this DDA by the Agency to Developer for which no final Subdivision Map has been approved and recorded and no improvement security has been provided to the City pursuant to the CP/HPS Subdivision Code. In the event Developer is required to provide Adequate Security pursuant to this Section, Developer shall provide Adequate Security for Developer’s obligations with respect to that Sub-Major Phase (or portion thereof) (the “Sub-Major Phase Security”), including (1) Developer’s obligation to Complete all of the Infrastructure and Associated Public Benefits associated with that Sub-Major Phase, including but not limited to all hard and soft costs, all Indemnification obligations relating to construction of such Infrastructure, and all work required to be performed by Developer to Complete such Infrastructure such as land assembly, mapping, and performance under the Land Acquisition Agreements (collectively, the “Sub-Major Phase Construction Obligations”) and (2) all of Developer’s other obligations under this DDA related to such Sub-Major Phase, including Developer’s Indemnification obligations under this DDA that arise out of such Sub-Phase and that expressly survive Completion of Infrastructure under the terms of this DDA (the “Sub-Major Phase Other Obligations”), but excluding: (i) the payment of Subsidies (which shall be secured as set forth in the Below-Market Rate Housing Plan); (ii) the payment, if applicable, of the Xxxxx Xxxxxxxx Liquidation Payments (which shall be secured as set forth in Section 6.2.3); and (iii) the payment of Agency Costs and Community Benefits Payments that are secured by the applicable Base Security. The Sub-Major Phase Security shall provide that the maximum liability of the obligor thereunder shall be equal to: (a) for the Sub-Major Phase Construction Obligations, one hundred percent (100%) of the estimated cost of Completion of the Infrastructure and Associated Public Benefits associated with the Sub-Major Phase as such cost is Approved by the Agency Director, with reference to any construction contracts entered into by Developer on or before the date of issuance of the Sub-Major Phase Security (the “Sub-Major Phase Construction Secured Amount”); and (b) subject to Section 26.4.2, for the Sub-Major Phase Other ...
