Release of Construction Covenants. Within ten (10) days of receipt by Agency of Notice from Developer that the construction of the Improvements has been completed in conformity with this Agreement, Agency shall furnish the 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 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 Agency Parcels 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 a Release of Construction Covenants. If Agency refuses or fails to furnish the Release of Construction Covenants, after written request from the Developer, Agency shall, within ten (10) days of written request therefor, provide the 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 the 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 the 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 the 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, the Developer shall not be deemed entitled to the Release of Construction Covenants. The Release of Constr...
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 CITY OF ANAHEIM, a California municipal corporation and Charter City (the “City”), in favor of , a (the “Developer”), as of the date set forth below.
Release of Construction Covenants a. Promptly after Completion of the Improvements as required by this Agreement, Agency shall deliver to the Developer a Release of Construction Covenants, upon written request from the Developer. The 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 construction covenants herein.
Release of Construction Covenants. Promptly after completion of each Component in conformity with this Agreement or the Ground Lease, as applicable, the City shall deliver to the Developer of the Applicable Component, a “Release of Construction Covenants,” substantially in the form of Attachment No. 5 hereto which is incorporated herein by reference, with respect to each completed Component, executed and acknowledged by City. The City shall not unreasonably withhold such Release of Construction Covenants. The Release of Construction Covenants shall be a conclusive determination of satisfactory completion of the Applicable Component, and the Release of Construction Covenants shall so state. Following the issuance of a Release of Construction Covenants as to the Applicable Component, any party then or thereafter owning, purchasing, leasing or otherwise acquiring any interest in the Site and/or the Applicable Component shall not (because of such ownership, purchase, lease or acquisition) incur any obligation or liability under this Agreement as to any portion of the Site and/or the Applicable Component to which the Release of Construction Covenants has been issued including, without limitation, the obligations under Section 302 hereof except for those continuing covenants described in Section 406 of this Agreement. If the City refuses or fails to furnish a Release of Construction Covenants in accordance with the preceding paragraph, and after written request from the Developer, the City shall, within fifteen
Release of Construction Covenants. Promptly after the completion of the development of the Project 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 the Project (substantially in the form attached hereto as Attachment No. 7, and incorporated herein) which evidences and determines the satisfactory completion of the construction and development of the Project in accordance with this Agreement. The issuance and recordation of the Release of Construction Covenants with respect to the Project 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 the Project as of the time of the issuance of the Release of Construction Covenants for the Project. Upon receipt of a request for the issuance of a Release of Construction Covenants for the Project, the Authority shall, within forty-five (45) days, either issue the Release of Construction Covenants as requested or provide a 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 written explanation as to what actions Developer must take to obtain such Release of Construction Covenants, within an additional forty-five (45) days of the original and complete request by Developer, Developer shall be deemed to be entitled to a Release of Construction Covenants.
Release of Construction Covenants a. Promptly after Completion, and upon Owner’s written request, the City shall deliver to Owner a Release of Construction Covenants. The 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 development and construction of the Improvements required by 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. This RELEASE OF CONSTRUCTION COVENANTS (the “Release”) is hereby made as of this day of , 200_, by the CITY OF GARDEN GROVE, a municipal corporation (the “City”), in favor of TAMERLANE ASSOCIATES, LLC, a California limited liability company (the “Owner”).
Release of Construction Covenants. City to furnish Developer with a Release of Construction Covenants. Prior to Closing and on or before February 2, 2021. Prior to Closing and on or before February 2, 2021. On or before March 2, 2021. On or before the earlier to occur of: (i) the first anniversary of the Closing or
