Release of Construction Covenants. Following Completion of the Improvements on the Property in accordance with the DDA, City shall record a Release of Construction Covenants on the Property in accordance with Section 324 of the DDA. Following City’s recording of the Release of Construction Covenants, the covenants contained in Paragraph 1 herein, relating only to the development and construction of the Improvements, shall terminate and be of no further force and effect with respect to the Property.
Release of Construction Covenants. This RELEASE OF CONSTRUCTION COVENANTS (the “Release”) is made by the CITY OF ANAHEIM, a California municipal corporation and Charter City (the “City”), in favor of XXXXXX ANAHEIM, LLC, a Delaware limited liability company (the “Developer”), as of the date set forth below.
Release of Construction Covenants. Within three (3) days of receipt by Agency of Notice from Developer that the construction of the Developer Improvements has been completed in conformity with this Agreement, Agency shall furnish Developer with the Release of Construction Covenants. Agency shall not unreasonably withhold the Release of Construction Covenants. The Release of Construction Covenants shall be a conclusive determination of satisfactory completion of the construction of the Developer Improvements and the Release of Construction Covenants shall so state. Any party then owning or thereafter purchasing, leasing or otherwise acquiring any interest in the Site shall not (because of such ownership, purchase, lease or acquisition) incur any obligation or liability under this Agreement except for those continuing covenants and restrictions as set forth in Section 500 of this Agreement. Agency shall not unreasonably withhold the issuance of a Release of Construction Covenants. If Agency refuses or fails to furnish the Release of Construction Covenants, after written request from Developer, Agency shall, within ten (10) days of written request therefor, provide Developer with a written statement of the reasons Agency refused or failed to furnish the Release of Construction Covenants. The statement shall also contain Agency's opinion of the actions Developer must take to obtain the Release of Construction Covenants. If the reason for such refusal is confined to the immediate unavailability of specific items or materials or otherwise constitutes minor unfinished work for which a cost can be specified, Agency will issue its Release of Construction Covenants upon the posting of a bond or cash security by Developer with Agency in an amount representing one hundred fifty percent (150%) of the fair value of the work not yet completed or other evidence reasonably satisfactory to Agency assuring Agency that Developer will pay for and complete the same. If the reason for such refusal includes other uncompleted obligations of Developer under this Agreement which can otherwise be provided for to the reasonable satisfaction of Agency, Agency will issue its Release of Construction Covenants upon Agency’s approval of such measures as will reasonably satisfy Agency that such obligations will be completed. Even if Agency shall have failed to provide such written statement within such ten (10) day period, Developer shall not be deemed entitled to the Release of Construction Covenants. The Release of Constr...
Release of Construction Covenants. Promptly after Completion of the Project as required by this Agreement, Agency shall deliver to Developer a Release of Construction Covenants, upon written request therefor by Developer. Agency shall not unreasonably withhold any such Release of Construction Covenants. Such Release of Construction Covenants shall be, and shall so state, conclusive determination of satisfactory completion of the Scope of Development (Attachment No. 3) required by this Agreement and the release of Developer’s construction obligations under this Agreement.
Release of Construction Covenants. Promptly after completion of construction of the Project by Developer in conformity with this Agreement, CDC shall furnish Developer with a Release of Construction Covenants upon written request therefor by Developer. CDC shall not unreasonably withhold or delay such Release of Construction Covenants. Such Release of Construction Covenants shall be a conclusive determination of satisfactory completion of the construction required by this Agreement and the Release of Construction Covenants shall so state. The Release of Construction Covenants shall be substantially in the form attached hereto as Attachment No. 10 or such other similar form as to permit it to be recorded in the Recorder’s Office of Los Angeles County, California. If CDC refuses or fails to furnish a Release of Construction Covenants for the Project after written request from Developer, CDC shall, within ten (10) days of written request therefor, provide Developer with a written statement of the reasons CDC refused or failed to furnish the requested Release of Construction Covenants. The statement shall also contain CDC’s opinion of the actions Developer must take to obtain the Release of Construction Covenants. If the reason for such refusal is confined to the immediate unavailability of specific items of materials for landscaping or other minor “punch list” items, CDC shall issue its Release of Construction Covenants upon the posting of cash, a bond, or other security acceptable to CDC, in CDC’s sole discretion, by Developer with CDC in an amount representing the fair value of the work not yet completed, and Developer shall thereafter complete the “punch list” work within sixty (60) days of issuance of the Release of Construction Covenants. A Release of Construction Covenants shall not constitute evidence of compliance with or satisfaction of any obligation of Developer to any holder of any mortgage or any insurer of a mortgage securing money loaned to finance the improvements, or any part of this Agreement, or a release of any obligations under this Agreement or the Affordable Housing Regulatory Agreement which survive issuance of the Release of Construction Covenants. A Release of Construction Covenants is not a notice of completion as referred to in the California Civil Code Section 3093.
Release of Construction Covenants. Promptly after Completion of Construction with respect to any Subdivision and/or the entire Project, as applicable, City shall deliver to Developer a “Release of Construction Covenants,” substantially in the form of Attachment No. 4 hereto which is incorporated herein by reference, with respect to the applicable Subdivision or Project, as applicable, executed and acknowledged by City. City shall not unreasonably withhold, condition or delay such Release of Construction Covenants. The Release of Construction Covenants shall be a conclusive determination of satisfactory completion of the Subdivision and/or the Project, as applicable, and the Release of Construction Covenants shall so state. Following the issuance of a Release of Construction Covenants with respect to any Subdivision and/or the Entire Project, as applicable, any party then or thereafter owning, purchasing, leasing or otherwise acquiring any interest in any such Subdivision or the Project shall not (because of such ownership, purchase or acquisition) incur any obligation or liability under this Agreement or any agreement executed in connection herewith. Furthermore, and notwithstanding anything to the contrary contained in this Agreement or any documents executed in connection herewith (including without limitation the Grant Deeds), (a) the terms, covenants and conditions of this Agreement and any documents executed in connection herewith shall not apply to:
Release of Construction Covenants. Within three (3) days of receipt by Agency of Notice from Developer that the construction of the Developer Improvements has been completed in conformity with this Agreement, Agency shall furnish Developer with the Release of Construction Covenants. Agency shall not unreasonably withhold the Release of Construction Covenants. The Release of Construction Covenants shall be a conclusive determination of satisfactory completion of the construction of the Developer Improvements and the Release of Construction Covenants shall so state. Any party then owning or thereafter purchasing, leasing or otherwise acquiring any interest in the Site shall not (because of such ownership, purchase, lease or acquisition) incur any obligation or liability under this Agreement except for those continuing covenants and restrictions as set forth in Section 500 of this Agreement.
Release of Construction Covenants. Following Completion of the Project on the Property in accordance with the DDA, Agency shall record a Release of Construction Covenants on the Property in accordance with Section 324 of the DDA. Following the Agency’s recording of the Release of Construction Covenants, the covenants contained in Paragraph 1 herein, relating only to the development and construction of the Improvements, shall terminate and be of no further force and effect with respect to the Property.
Release of Construction Covenants. Promptly after the completion of the development of Phase I in conformity with this Agreement (as reasonably determined by Authority Executive Director or her designee) and as determined completed by the City’s building official, upon the written request of Developer, Authority shall furnish Developer with a Release of Construction Covenants for Phase I (substantially in the form attached hereto as Attachment No. 14, and incorporated herein) which evidences and determines the satisfactory completion of the construction and development of Phase I in accordance with this Agreement. The issuance and recordation of the Release of Construction Covenants with respect to Phase I shall not supersede, cancel, amend or limit the continued effectiveness of any obligations relating to the maintenance, operation, uses, payment of monies, or any other obligations, except for the obligation to complete the development of Phase I as of the time of the issuance of the Release of Construction Covenants for Phase I. Upon receipt of a request for the issuance of a Release of Construction Covenants for Phase I, the Authority shall, within thirty (30) days, either issue the Release of Construction Covenants as requested or provide a detailed written explanation of the remaining work which must be performed or other requirements for the issuance of such Release of Construction Covenants. If Authority fails to issue a Release of Construction Covenants without providing such detailed written explanation as to what actions Developer must take to obtain such Release of Construction Covenants within such thirty (30) day period, Developer shall be deemed to be entitled to such Release of Construction Covenants, and Authority shall, within three (3) days of demand by Developer, issues such Release of Construction Covenants to Developer.
Release of Construction Covenants. Promptly after Completion of the Improvements as required by this Agreement, City shall deliver to Owner a Release of Construction Covenants, upon written request therefor by Owner. City shall not unreasonably withhold any such Release of Construction Covenants. Such Release of Construction Covenants shall be, and shall so state, conclusive determination of satisfactory completion of the Scope of Development required by this Agreement.
