Common use of Release of Construction Covenants Clause in Contracts

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 Construction Covenants shall not constitute evidence of compliance with or satisfaction of any obligation of the Developer to any holder of any mortgage, or any insurer of a mortgage securing money loaned to finance the Improvements, or any part thereof. The Release of Construction Covenants is not a notice of completion as referred to in Section 3093 of the California Civil Code. To the extent that portions of the Improvements are constructed in distinct phases, upon Developer’s request, Agency may issue partial Releases of Construction Covenants as each phase of development is completed. Agency shall not unreasonably withhold issuance of a partial Release of Construction Covenants.

Release of Construction Covenants. Within ten three (103) 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 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 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 Agency Parcels 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 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 Construction Covenants shall not constitute evidence of compliance with or satisfaction of any obligation of the Developer to any holder of any mortgage, or any insurer of a mortgage securing money loaned to finance the Developer Improvements, or any part thereof. The Release of Construction Covenants is not a notice of completion as referred to in Section 3093 of the California Civil Code. To the extent that portions of the Developer Improvements are constructed in distinct phases, upon Developer’s request, Agency may issue partial Releases of Construction Covenants as each phase of development is completed. Agency shall not unreasonably withhold issuance of a partial Release of Construction Covenants.

Release of Construction Covenants. Within ten (10) days Promptly after completion of receipt by Agency of Notice from Developer that the construction of the Improvements has been completed each Affordable Unit in conformity with this Agreement, Agency the Authority shall furnish the Developer with a "Release of Construction Covenants" upon written request therefor by the Developer. The Authority shall not unreasonably withhold such Release of Construction Covenants. Agency The Release of Construction Covenants shall not unreasonably withhold be substantially in the form of the "Release of Construction Covenants" (Attachment No. 11). The Release of Construction Covenants shall be a conclusive determination of satisfactory completion of the construction of the Improvements Project and the Release of Construction Covenants shall so state. Any Except as provided in the Declaration, any party then owning or thereafter purchasing, leasing or otherwise acquiring any interest in the Agency Parcels 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 Agreement6, et seq. Agency shall not unreasonably withhold a Release of Construction Covenants. If Agency Ifthe Authority refuses or fails to furnish the Release of Construction Covenants, after written request from the Developer, Agency the Authority shall, within ten thirty (1030) days of written request therefor, provide the Developer with a written statement of the reasons Agency the Authority refused or failed to furnish the Release of Construction Covenants. The statement shall also contain Agencythe Authority'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 Authority shall have failed to provide such written statement within such ten said thirty (1030) day period, and on the Developer condition that the City has issued a certificate of occupancy or equivalent document for the Project, the Project shall not thereafter be deemed entitled to approved by the Authority and the Authority shall promptly issue the Release of Construction Covenants. The Release of Construction Covenants shall not constitute evidence of compliance with or satisfaction of any obligation of the Developer to any holder of any mortgage, or any insurer of a mortgage securing money loaned to finance the ImprovementsProject, or any part thereof. The Release of Construction Covenants is not a notice of completion as referred to in Section 3093 of the California Civil Code. To the extent that portions of the Improvements are constructed in distinct phases, upon Developer’s request, Agency may issue partial Releases of Construction Covenants as each phase of development is completed. Agency shall not unreasonably withhold issuance of a partial Release of Construction Covenants.

Release of Construction Covenants. Within ten (10) days Promptly after completion of receipt by Agency of Notice from Developer that the construction of the Improvements has been completed Project by Developer in conformity with this Agreement, Agency CDC shall furnish the Developer with the a Release of Construction Covenants upon written request therefor by Developer. CDC shall not unreasonably withhold or delay such Release of Construction Covenants. Agency shall not unreasonably withhold the Release of Construction Covenants. The Such Release of Construction Covenants shall be a conclusive determination of satisfactory completion of the construction of the Improvements required by this Agreement 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 The Release of Construction CovenantsCovenants 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 Agency CDC refuses or fails to furnish the a Release of Construction Covenants, Covenants for the Project after written request from the Developer, Agency CDC shall, within ten (10) days of written request therefor, provide the Developer with a written statement of the reasons Agency CDC refused or failed to furnish the requested Release of Construction Covenants. The statement shall also contain Agency's CDC’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 of materials for landscaping or materials or otherwise constitutes other minor unfinished work for which a cost can be specified“punch list” items, Agency will CDC shall issue its Release of Construction Covenants upon the posting of cash, a bond bond, or cash other security acceptable to CDC, in CDC’s sole discretion, by the Developer with Agency CDC 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 completed, and Developer will pay for and shall thereafter complete the same. If the reason for such refusal includes other uncompleted obligations “punch list” work within sixty (60) days of Developer under this Agreement which can otherwise be provided for to the reasonable satisfaction issuance 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 A Release of Construction Covenants shall not constitute evidence of compliance with or satisfaction of any obligation of the Developer to any holder of any mortgage, mortgage or any insurer of a mortgage securing money loaned to finance the Improvementsimprovements, or any part thereofof 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. The A Release of Construction Covenants is not a notice of completion as referred to in Section 3093 of the California Civil Code. To the extent that portions of the Improvements are constructed in distinct phases, upon Developer’s request, Agency may issue partial Releases of Construction Covenants as each phase of development is completed. Agency shall not unreasonably withhold issuance of a partial Release of Construction CovenantsCode Section 3093.

Release of Construction Covenants. Within ten (10) days of receipt by Agency of Notice from Developer that the construction Promptly after completion of the Required Improvements has been completed or any portion thereof in conformity with this AgreementAgreement other than the Developer’s on-going operations, Agency maintenance and monitoring requirements as set forth in the Operations, Maintenance and Monitoring Plan, if any, which shall furnish be recorded as a covenant against the Site, the City shall deliver to the Developer with the and/or its permitted successors or assigns a “Release of Construction Covenants,” substantially in the form of Attachment No. Agency 6 hereto which is incorporated herein by reference, with respect to the Required Improvements or such portion thereof completed, executed and acknowledged by City. Such Release of Construction Covenants as to the Required Improvements shall serve to release the Guaranty under Section 205.1(j). The City shall not unreasonably withhold the such Release of Construction Covenants. The Release of Construction Covenants shall be a conclusive determination of satisfactory completion of the construction of the Required Improvements or such portion thereof, and the Release of Construction Covenants shall so state. Any Following the issuance of a Release of Construction Covenants or Partial Release of Construction Covenants as to the Required Improvements or any portion or any pad located therein, as applicable, any party then owning or thereafter owning, purchasing, leasing or otherwise acquiring any interest in the Agency Parcels Site and/or Required Improvements 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 Required Improvements to which the Release of Construction Covenants has been issued including, without limitation, the obligations under Section 302 hereof except for those continuing covenants and restrictions as set forth described in Section 500 406 of this Agreement. Agency shall not unreasonably withhold a Release of Construction Covenants. If Agency the City refuses or fails to furnish the a Release of Construction CovenantsCovenants or Partial Release of Construction Covenants in accordance with the preceding paragraph, and after written request from the Developer, Agency the City shall, within ten fifteen (1015) days after receipt of such written request therefor, provide the Developer with a written statement of the reasons Agency the City refused or failed to furnish the Release of Construction Covenants or Partial Release of Construction Covenants. The statement shall also contain Agency's the City’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 the City shall have failed to provide such written statement within such ten fifteen (1015) day period, the Developer shall not be deemed entitled to the Release of Construction Covenants unless the Developer, upon expiration of such fifteen (15) day period provides City with a written demand that the City furnish such Release of Construction Covenants as to the Required Improvements or partial Release of Construction Covenants as to any portion of the Required Improvements upon which construction has been completed, or provide a written statement as to the basis for denial thereof (a “Developer Notice”), which Developer Notice sets forth the terms of this Section 310 in full, and the City fails to either furnish such Release of Construction Covenants or Partial Release of Construction Covenants, provide a written explanation of the denial thereof, with fifteen (15) days following City’s receipt of the Developer Notice, in which case the Developer shall be entitled to a Release of Construction Covenants or Partial Release of Construction Covenants as to such Pad or portion of the Required Improvements which is the subject of the Developer Notice. The Release of Construction Covenants shall not constitute evidence of compliance with or satisfaction of any obligation of the Developer to any holder of any mortgage, or any insurer of a mortgage securing money loaned to finance the Required Improvements, or any part thereof. The Release of Construction Covenants is not a notice of completion as referred to in Section 3093 8182 of the California Civil Code. To the extent that portions of the Improvements are constructed in distinct phases, upon Developer’s request, Agency may issue partial Releases of Construction Covenants as each phase of development is completed. Agency shall not unreasonably withhold issuance of a partial Release of Construction Covenants.

Release of Construction Covenants. Within ten three (103) 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 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 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 Agency Parcels 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 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 ’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 Construction Covenants shall not constitute evidence of compliance with or satisfaction of any obligation of the Developer to any holder of any mortgage, or any insurer of a mortgage securing money loaned to finance the Developer Improvements, or any part thereof. The Release of Construction Covenants is not a notice of completion as referred to in Section 3093 of the California Civil Code. To the extent that portions of the Developer Improvements are constructed in distinct phases, upon Developer’s request, Agency may issue partial Releases of Construction Covenants as each phase of development is completed. Agency shall not unreasonably withhold issuance of a partial Release of Construction Covenants.

Release of Construction Covenants. Within ten (10) days of receipt by Agency of Notice from Developer that the construction Promptly after completion of the Participant Improvements has been completed or any portion thereof in conformity with this Agreement, other than the Participant's on-going operations, maintenance and monitoring requirements as set forth in the Operations, Maintenance and Monitoring Plan, which shall be recorded as a covenant against the Site, the Agency shall furnish deliver to the Developer with the Participant and/or its permitted successors or assigns a “Release of Construction Covenants,” substantially in the form of Attachment No. 13 hereto which is incorporated herein by reference, with respect to the Participant Improvements, executed and acknowledged by Agency. The Agency shall not unreasonably withhold the such Release of Construction Covenants. The Release of Construction Covenants shall be a conclusive determination of satisfactory completion of the construction of the Participant Improvements or such portion thereof, and the Release of Construction Covenants shall so state. Any Following the issuance of a Release of Construction Covenants as to the Participant Improvements, any party then owning or thereafter owning, purchasing, leasing or otherwise acquiring any interest in the Agency Parcels Participant Property 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 described in Section 500 503 of this Agreement. Agency shall not unreasonably withhold a Release of Construction Covenants. If the Agency refuses or fails to furnish the a Release of Construction CovenantsCovenants in accordance with the preceding paragraph, and after written request from the DeveloperParticipant, the Agency shall, within ten fifteen (1015) days after receipt of such written request therefortherefore, provide the Developer Participant with a written statement of the reasons the Agency refused or failed to furnish the Release of Construction Covenants. The statement shall also contain the Agency's opinion of the actions the Developer Participant 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 the Agency shall have failed to provide such written statement within such ten fifteen (1015) day period, the Developer Participant shall not be deemed entitled to the Release of Construction Covenants unless the Participant, upon expiration of such fifteen (15) day period, provides Agency with a written demand that the Agency furnish such Release of Construction Covenants as to the Participant Improvements or provide a written statement as to the basis for denial thereof (a “Participant Notice”), which Participant Notice sets forth the terms of this Section 410 in full, and the Agency fails to either furnish such Release of Construction Covenants or provide a written explanation of the denial thereof, within fifteen (15) days following Agency's receipt of the Participant Notice, in which case the Participant shall be entitled to a Release of Construction Covenants. The Release of Construction Covenants shall not constitute evidence of compliance with or satisfaction of any obligation of the Developer Participant to any holder of any mortgage, or any insurer of a mortgage securing money loaned to finance the Participant Improvements, or any part thereof. The Release of Construction Covenants is not a notice of completion as referred to in Section 3093 of the California Civil Code. To the extent that portions of the Improvements are constructed in distinct phases, upon Developer’s request, Agency may issue partial Releases of Construction Covenants as each phase of development is completed. Agency shall not unreasonably withhold issuance of a partial Release of Construction Covenants.

Release of Construction Covenants. Within ten three (103) days of receipt by Agency of Notice from Developer that the construction of the Developer Improvements has been 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 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 Agency Parcels 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 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 Construction Covenants shall not constitute evidence of compliance with or satisfaction of any obligation of the Developer to any holder of any mortgage, or any insurer of a mortgage securing money loaned to finance the Developer Improvements, or any part thereof. The Release of Construction Covenants is not a notice of completion as referred to in Section 3093 of the California Civil Code. To the extent that portions of the Developer Improvements are constructed in distinct phases, upon Developer’s request, Agency may issue partial Releases of Construction Covenants as each phase of development is completed. Agency shall not unreasonably withhold issuance of a partial Release of Construction Covenants.

Release of Construction Covenants. Within ten (10) days Promptly after completion of receipt all construction and development required by Agency of Notice from this Agreement to be completed by the Developer that upon the construction of the Improvements has been completed Site in conformity with this Agreement, the Agency shall furnish the Developer with Developer, upon written request, a Release of Construction Covenants substantially in the form of Attachment No. 6 hereto (the "Release of Construction Covenants"). The Agency shall not unreasonably withhold the any such Release of Construction Covenants. The Release of Construction Covenants shall be a conclusive determination of satisfactory completion of the construction of required by this Agreement upon the Improvements Site and the Release of Construction Covenants shall so state. Any After recordation of the Release of Construction Covenants, any party then owning or thereafter purchasing, leasing or otherwise acquiring any interest in the Agency Parcels therein shall not (because of such ownership, purchase, lease or acquisition) ), incur any obligation or liability under this Agreement except for those continuing that such party shall be bound by (i) any covenants and restrictions as set forth contained in the Agency Grant Deed (Attachment No. 5), lease, mortgage, deed of trust, contract, other instrument or transfer, or other documents establishing covenants on the Site in accordance with the provisions of Section 500 4.01 of this Agreement. Agency , (ii) the provisions of Section 7.03 of this Agreement, which shall not unreasonably withhold a be applicable according to its terms, and (iii) any terms, covenants or conditions in this Agreement that pursuant to the terms of this Agreement survive after the close of Escrow, the completion of the Conveyance, or the issuance of the Release of Construction Covenants. A Release of Construction Covenants shall be in such form as to permit it to be recorded in the Recorder's Office of Los Angeles County. If the Agency refuses or fails to furnish the a Release of Construction CovenantsCovenants for the Site, or part thereof, after written request from the Developer, the Agency shall, within ten thirty (1030) days of written request therefor, provide the Developer with a written statement of the reasons the Agency refused or failed to furnish the a Release of Construction Covenants. The statement shall also contain Agency's opinion of the actions action of the Developer must take to obtain the a Release of Construction Covenants. If the reason for such refusal is confined to the immediate unavailability availability of specific items or of materials or otherwise constitutes minor unfinished work for which a cost can be specifiedlandscaping, the Agency will issue its Release of Construction Covenants upon the posting of a bond or cash security by the Developer with the Agency in an amount representing one hundred fifty percent (150%) of the a 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 samecompleted. If the reason Developer submits its request for such refusal includes other uncompleted obligations of Developer under this Agreement which can otherwise be provided for a Release Construction Covenants by certified mail to the reasonable satisfaction of Agency, 's Executive Director and the request refers to the 30-day time period for Agency will issue its to respond or the Release of Construction Covenants upon Agency’s approval of such measures as will reasonably satisfy would be "deemed approved" then, in the event the Agency that such obligations will be completed. Even if Agency shall have has failed to provide such written statement statement, within such ten said thirty (1030) day period, the Developer shall not be deemed entitled to the Release of Construction CovenantsCovenants shall be deemed approved and issued pursuant to this Section (Section 3.19), and the restrictions regarding the change in ownership, management and control of the Developer shall terminate and be of no further force and effect pursuant to Section 1.05 of this Agreement. The Such Release of Construction Covenants shall not constitute evidence of compliance with or satisfaction of any obligation of the Developer to any holder of any mortgage, or any insurer of a mortgage securing money loaned to finance the Improvementsimprovements, or any part thereof. The Such Release of Construction Covenants is not a notice of completion as referred to in Section 3093 of the California Civil Code. To the extent that portions of the Improvements are constructed in distinct phases, upon Developer’s request, Agency may issue partial Releases of Construction Covenants as each phase of development is completed. Agency shall not unreasonably withhold issuance of a partial Release of Construction CovenantsCode Section 3093.

Release of Construction Covenants. Within ten (10) days Promptly after completion of receipt by Agency of Notice from Developer that the construction of the Improvements has been completed Project by Developer in conformity with this Agreement, Agency as evidenced by City's issuance of a Certificate of Occupancy, City shall furnish the issue to Developer with the a Release of Construction Covenants. Agency City shall not unreasonably unreasonable withhold the such Release of Construction Covenants. The Release of Construction Covenants shall be be, and shall so state, a conclusive determination of satisfactory completion of the construction of the Improvements and the Project. The Release of Construction Covenants shall so statebe in the form attached hereto as Attachment No. Any 8 or such other similar form as to permit it to be recorded in the Official Records. After the date Developer is entitled to issuance of the Release of Construction Covenants, and notwithstanding any other provision of this Agreement to the contrary, any party then owning or thereafter purchasing, leasing or otherwise acquiring any interest in the Agency Parcels Site shall not (because of any such ownership, purchase, lease lease, or acquisition) incur any obligation or liability under this Agreement Agreement, except for those continuing that such party shall be bound by the covenants and restrictions as set forth in Section 500 herein that survive the issuance 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 Covenants and the Developer, Agency shall, within ten (10) days of written request therefor, provide covenants set forth in 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 Construction Covenants shall not constitute evidence of compliance with or satisfaction of any obligation of the Developer to any holder of any mortgage, or any insurer of a mortgage securing money loaned to finance the Improvements, or any part thereofCity Regulatory Agreement. The Release of Construction Covenants is not a notice of completion as referred to in Section 3093 of the California Civil CodeCode Section 8182. To the extent that portions of the Improvements are constructed in distinct phases, upon Developer’s request, Agency may issue partial Releases If City refuses or fails to furnish a Release of Construction Covenants as each phase after written request from Developer, City shall, within fifteen (15) days after the written request, provide Developer a written statement of development is completed. Agency shall not unreasonably withhold issuance of the specific reasons City refused or failed to furnish a partial Release of Construction Covenants. The statement shall also contain City's opinion of the action(s) Developer must take to obtain a Release of Construction Covenants. If City refuses or fails to furnish the Release of Construction Covenants for the reason that specific minor non-life safety items or materials are not available or landscaping or other punch-list items are not complete, City shall issue the Release of Construction Covenants upon the posting by Developer with City of a cash deposit, bond, or irrevocable letter of credit (in a form acceptable to City), at Developer's option, in an amount representing one hundred percent (100%) of the fair value of the work not yet completed.

Release of Construction Covenants. Within ten (10) days of receipt by Agency of Notice from Developer that the construction Promptly after completion of the Applicable Improvements has been completed or any portion thereof in conformity with this AgreementAgreement other than the Developer’s on-going operations, maintenance and monitoring requirements as set forth in the Operations, Maintenance and Monitoring Plan which shall be recorded as a covenant against the Site, the Agency shall furnish deliver to the Developer with the and/or its permitted successors or assigns a “Release of Construction Covenants,” substantially in the form of Attachment No. 6 hereto which is incorporated herein by reference, with respect to the Applicable Improvements or such portion thereof completed, executed and acknowledged by Agency. Such Release of Construction Covenants as to the Applicable Improvements shall serve to release the Guaranty under Section 205.1(j). The Agency shall not unreasonably withhold the such Release of Construction Covenants. The Release of Construction Covenants shall be a conclusive determination of satisfactory completion of the construction of the Applicable Improvements or such portion thereof, and the Release of Construction Covenants shall so state. Any Following the issuance of a Release of Construction Covenants or Partial Release of Construction Covenants as to the Applicable Improvements or any portion or any pad located therein, as applicable, any party then owning or thereafter owning, purchasing, leasing or otherwise acquiring any interest in the Agency Parcels Applicable Parcel and/or Applicable Improvements shall not (because of such ownership, purchase, lease or acquisition) incur any obligation or liability under this Agreement as to any portion of the Applicable Parcel and/or Applicable Improvements to which the Release of Construction Covenants has been issued including, without limitation, the obligations under Section 302 hereof except for those continuing covenants and restrictions as set forth described in Section 500 406 of this Agreement. Agency shall not unreasonably withhold a Release of Construction Covenants. If the Agency refuses or fails to furnish the a Release of Construction CovenantsCovenants or Partial Release of Construction Covenants in accordance with the preceding paragraph, and after written request from the Developer, the Agency shall, within ten fifteen (1015) days after receipt of such written request therefor, provide the Developer with a written statement of the reasons the Agency refused or failed to furnish the Release of Construction Covenants or Partial Release of Construction Covenants. The statement shall also contain the Agency's ’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 the Agency shall have failed to provide such written statement within such ten fifteen (1015) day period, the Developer shall not be deemed entitled to the Release of Construction Covenants unless the Developer, upon expiration of such fifteen (15) day period provides Agency with a written demand that the Agency furnish such Release of Construction Covenants as to the Applicable Improvements or partial Release of Construction Covenants as to any portion of the Applicable Improvements upon which construction has been completed, or provide a written statement as to the basis for denial thereof (a “Developer Notice”), which Developer Notice sets forth the terms of this Section 310 in full, and the Agency fails to either furnish such Release of Construction Covenants or Partial Release of Construction Covenants, provide a written explanation of the denial thereof, with fifteen (15) days following Agency’s receipt of the Developer Notice, in which case the Developer shall be entitled to a Release of Construction Covenants or Partial Release of Construction Covenants as to such Pad or portion of the Applicable Improvements which is the subject of the Developer Notice. The Release of Construction Covenants shall not constitute evidence of compliance with or satisfaction of any obligation of the Developer to any holder of any mortgage, or any insurer of a mortgage securing money loaned to finance the Applicable Improvements, or any part thereof. The Release of Construction Covenants is not a notice of completion as referred to in Section 3093 of the California Civil Code. To the extent that portions of the Improvements are constructed in distinct phases, upon Developer’s request, Agency may issue partial Releases of Construction Covenants as each phase of development is completed. Agency shall not unreasonably withhold issuance of a partial Release of Construction Covenants.

Release of Construction Covenants. Within ten three (103) 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 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 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 Agency Parcels 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 500 600 of this Agreement. 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 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 Construction Covenants shall not constitute evidence of compliance with or satisfaction of any obligation of the Developer to any holder of any mortgage, or any insurer of a mortgage securing money loaned to finance the Developer Improvements, or any part thereof. The Release of Construction Covenants is not a notice of completion as referred to in Section 3093 of the California Civil Code. To the extent that portions of the Developer Improvements are constructed in distinct phases, upon Developer’s request, Agency may issue partial Releases of Construction Covenants as each phase of development is completed. Agency shall not unreasonably withhold issuance of a partial Release of Construction Covenants.

Release of Construction Covenants. Within ten (10) days of receipt by Agency of Notice from Developer that the construction Promptly after completion of the Improvements has been completed or any portion thereof in conformity with this AgreementAgreement other than the Developer’s on-going operations, Agency maintenance and monitoring requirements as set forth in the Operations, Maintenance and Monitoring Plan, if any, which shall furnish be recorded as a covenant against the Site, the City shall deliver to the Developer with the and/or its permitted successors or assigns a “Release of Construction Covenants,” substantially in the form of Attachment No. Agency 6 hereto which is incorporated herein by reference, with respect to the Improvements or such portion thereof completed, executed and acknowledged by City. Such Release of Construction Covenants as to the Improvements shall serve to release the Guaranty under Section 205.1(j). The City shall not unreasonably withhold the such Release of Construction Covenants. The Release of Construction Covenants shall be a conclusive determination of satisfactory completion of the construction of the Improvements or such portion thereof, and the Release of Construction Covenants shall so state. Any Following the issuance of a Release of Construction Covenants or Partial Release of Construction Covenants as to the Improvements or any portion or any pad located therein, as applicable, any party then owning or thereafter owning, purchasing, leasing or otherwise acquiring any interest in the Agency Parcels Site and/or Improvements 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 Improvements to which the Release of Construction Covenants has been issued including, without limitation, the obligations under Section 302 hereof except for those continuing covenants and restrictions as set forth described in Section 500 406 of this Agreement. Agency shall not unreasonably withhold a Release of Construction Covenants. If Agency the City refuses or fails to furnish the a Release of Construction CovenantsCovenants or Partial Release of Construction Covenants in accordance with the preceding paragraph, and after written request from the Developer, Agency the City shall, within ten fifteen (1015) days after receipt of such written request therefor, provide the Developer with a written statement of the reasons Agency the City refused or failed to furnish the Release of Construction Covenants or Partial Release of Construction Covenants. The statement shall also contain Agency's the City’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 the City shall have failed to provide such written statement within such ten fifteen (1015) day period, the Developer shall not be deemed entitled to the Release of Construction Covenants unless the Developer, upon expiration of such fifteen (15) day period provides City with a written demand that the City furnish such Release of Construction Covenants as to the Improvements or partial Release of Construction Covenants as to any portion of the Improvements upon which construction has been completed, or provide a written statement as to the basis for denial thereof (a “Developer Notice”), which Developer Notice sets forth the terms of this Section 310 in full, and the City fails to either furnish such Release of Construction Covenants or Partial Release of Construction Covenants, provide a written explanation of the denial thereof, with fifteen (15) days following City’s receipt of the Developer Notice, in which case the Developer shall be entitled to a Release of Construction Covenants or Partial Release of Construction Covenants as to such Pad or portion of the Improvements which is the subject of the Developer Notice. The Release of Construction Covenants shall not constitute evidence of compliance with or satisfaction of any obligation of the Developer to any holder of any mortgage, or any insurer of a mortgage securing money loaned to finance the Improvements, or any part thereof. The Release of Construction Covenants is not a notice of completion as referred to in Section 3093 8182 of the California Civil Code. To the extent that portions of the Improvements are constructed in distinct phases, upon Developer’s request, Agency may issue partial Releases of Construction Covenants as each phase of development is completed. Agency shall not unreasonably withhold issuance of a partial Release of Construction Covenants.

Release of Construction Covenants. Within ten (10) days Promptly after completion of receipt by Agency of Notice from Developer that the construction of the Improvements has been completed Project by Developer in conformity with this Agreement, Agency shall furnish the Developer with the a Release of Construction CovenantsCovenants upon written request therefor by Developer. Agency shall not unreasonably withhold the such Release of Construction Covenants. The Such Release of Construction Covenants shall be a conclusive determination of satisfactory completion of the construction of the Improvements required by this Agreement 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 The Release of Construction CovenantsCovenants shall be in the form attached hereto as Attachment No.12 or such other similar form as to permit it to be recorded in the Official Records. If Agency refuses or fails to furnish the a Release of Construction Covenants, Covenants for the Project after written request from the Developer, Agency shall, within ten fifteen (1015) days of written request therefor, provide the Developer with a written statement of the reasons Agency refused or failed to furnish the requested Release of Construction Covenants. The statement shall also contain Agency's ’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 of materials for landscaping or materials or otherwise constitutes other minor unfinished work for which a cost can be specified“punch list” items, Agency will shall issue its Release of Construction Covenants upon the posting of cash, a bond bond, or cash other security acceptable to Agency in Agency’s sole discretion 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 completed, and Developer will pay for and shall thereafter complete the same. If the reason for such refusal includes other uncompleted obligations “punch list” work within sixty (60) days of Developer under this Agreement which can otherwise be provided for to the reasonable satisfaction issuance 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 A Release of Construction Covenants shall not constitute evidence of compliance with or satisfaction of any obligation of the Developer to any holder of any mortgage, mortgage or any insurer of a mortgage securing money loaned to finance the Improvementsimprovements, or any part thereofof this Agreement, or a release of any obligations under this Agreement which survives issuance of the Release of Construction Covenants. The A Release of Construction Covenants is not a notice of completion as referred to in Section 3093 of the California Civil Code. To the extent that portions of the Improvements are constructed in distinct phases, upon Developer’s request, Agency may issue partial Releases of Construction Covenants as each phase of development is completed. Agency shall not unreasonably withhold issuance of a partial Release of Construction Covenants.Code Section 3093.‌

Release of Construction Covenants. Within ten (10) days Upon the completion of receipt all construction required to be completed by Agency of Notice from Developer that on the construction Site and in no event later than the date on which the City allows occupancy of the Improvements has been completed in conformity with this Agreementbuilding(s) on the Site to occur, Agency City shall furnish the Developer with a Release of Construction Covenants in the form attached hereto as Attachment E upon written request therefor by Developer. The Release of Construction Covenants shall be executed and notarized so as to permit it to be recorded in the Office of the Recorder of Los Angeles County. The recordation of the CC&Rs described in Section 802 shall be a condition precedent to the Release of Construction Covenants. Agency A Release of Construction Covenants shall be, and shall state that it constitutes, conclusive determination of satisfactory completion of the construction and development of the improvements required by this Agreement upon the Site and of full compliance with the terms of this Agreement with respect to development of the Project. A partial Release of Construction Covenants applicable to less than the entire Project and Site shall not be permitted. After issuance of a Release of Construction Covenants, the City shall not have any rights or remedies under this Agreement, except as otherwise set forth in the Grant Deed and Covenant Agreement. City 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 City refuses or fails to furnish the a Release of Construction Covenants, Covenants within thirty (30) days after written request from the Developer, Agency shall, within ten (10) days of written request therefor, City shall provide the Developer with a written statement of the reasons Agency City refused or failed to furnish the a Release of Construction Covenants. The statement shall also contain Agency's City’s opinion of the actions the action Developer must take to obtain the a Release of Construction Covenants. If the reason for such refusal is confined to the immediate unavailability availability of specific items or materials for landscaping, or otherwise constitutes other minor unfinished work for which a cost can be specifiedso-called “punch list” items, Agency City 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 assurance reasonably satisfactory to Agency assuring Agency that the Developer will pay for and complete the sameCity. 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 A Release of Construction Covenants shall not constitute evidence of compliance with or satisfaction of any obligation of the Developer to any holder of any a mortgage, or any insurer of a mortgage securing money loaned to finance the Improvementsimprovements, or any part thereof. The Such Release of Construction Covenants is not a notice of completion as referred to in Section 3093 of the California Civil CodeCode Section 3093. To the extent that portions of the Improvements are constructed in distinct phases, upon Nothing herein shall prevent or affect Developer’s request, Agency may issue partial Releases right to obtain a certificate of occupancy from the City before the Release of Construction Covenants as each phase is issued. O. (§ 715) Estoppels. At the request of development is completed. Agency shall not unreasonably withhold issuance Developer or any holder of a partial Release mortgage or deed of Construction Covenantstrust, City shall, from time to time and upon the request of such holder, timely execute and deliver to Developer or such holder a written statement of City that no default or breach exists (or would exist with the passage of time, or giving of notice or both) by Developer under this Agreement, if such be the fact, and certifying as to whether or not Developer has at the date of such certification complied with any obligation of Developer hereunder as to which Developer or such holder may inquire. The form of any estoppel letter shall be prepared by the holder or Developer and shall be at no cost to City and subject to the approval of City.

Release of Construction Covenants. Within ten (10) days of receipt by Agency of Notice from Developer that the construction Promptly after Completion of the Improvements has been completed Improvements, as generally and specifically required by this Agreement and in conformity with this Agreementparticular the Scope of Development, Agency the City shall furnish the Developer Borrower with the a Release of Construction CovenantsCovenants upon written request therefor by Borrower. Agency The City shall not unreasonably withhold the such Release of Construction CovenantsCovenants and such Release of Construction Covenants shall be issued so long as Borrower has constructed and developed the Property in accordance with this Agreement and substantially in accordance with the construction drawings approved by the City for the Project. Such Release of Construction Covenants shall be, and shall so state, conclusive determination of satisfactory completion of all of the construction obligations required by this Agreement. The Release of Construction Covenants shall be in a form mutually, reasonably, and in good faith agreed upon by City and Borrower and shall be a conclusive determination of satisfactory completion of the Project and all construction of the Improvements and the Release of Construction Covenants shall so stateobligations required by this Agreement. Any party then owning or thereafter purchasing, leasing or otherwise acquiring any interest in the Agency Parcels Project shall not (because of such ownership, purchase, lease or acquisition) incur any construction 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 The Release of Construction CovenantsCovenants shall be in such form as to permit it to be recorded in the Recorder’s Office of Santa Xxxxx County. Certificates of Completion of construction for less than the completed Improvements and development of the entire Property shall not be recorded. If Agency the City refuses or fails to furnish the a Release of Construction Covenants, Covenants for the Property after written request from Borrower, the Developer, Agency City shall, within ten thirty (1030) days of the written request thereforrequest, provide the Developer Borrower with a written statement of the reasons Agency the City refused or failed to furnish the a Release of Construction Covenants. The statement shall also contain Agency's the City’s opinion of the actions the Developer action Borrower must take to obtain the a Release of Construction Covenants. If the reason for such refusal is confined to the immediate unavailability availability of specific items or materials or otherwise constitutes for landscaping, and/or minor unfinished work for which a cost can be specifieditems, Agency the City will issue its Release of Construction Covenants upon the posting of a bond or cash security by Borrower with the Developer with Agency City in an amount representing one hundred fifty percent (150%) of the a 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 Such Release of Construction Covenants shall not constitute evidence of compliance with or satisfaction of any obligation of Borrower to the Developer to any holder beneficiary of any mortgage, the Construction Loan Deed of Trust or any insurer of a mortgage securing money loaned to finance the Improvements, or any part thereofother Person. The Such Release of Construction Covenants is not a notice of completion as referred to in Section 3093 of the California Civil Code. To the extent that portions of the Improvements are constructed in distinct phases, upon Developer’s request, Agency may issue partial Releases of Construction Covenants as each phase of development is completed. Agency shall not unreasonably withhold issuance of a partial Release of Construction Covenants.