Common use of Release of Construction Covenants Clause in Contracts

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 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 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 three (3) days of receipt by Agency of Notice from Developer that the construction Promptly after Completion of the Developer 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 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 Developer 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 Site 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 the issuance of 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 DeveloperBorrower, Agency the City shall, within ten thirty (1030) days of the written request thereforrequest, provide 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 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 Developer Borrower with Agency the 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 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 Such Release of Construction Covenants shall not constitute evidence of compliance with or satisfaction of any obligation of Developer Borrower to any holder the beneficiary of any mortgage, the Construction Loan Deed of Trust or any insurer of a mortgage securing money loaned to finance the Developer 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 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 three (3) days of receipt by Agency of Notice from Developer that the construction Promptly after completion of the Developer 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 Developer 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 Site 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 If the issuance of a Release of Construction Covenants. If 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 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 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 Developer 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 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 three (3) 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 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 500 600 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 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 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 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 three (3) days of receipt by Agency of Notice from Developer that the construction Promptly after completion of the Developer 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 Developer 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 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 If the issuance of a Release of Construction Covenants. If Agency 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 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 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 Developer 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 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 three (3) days Promptly after completion of receipt all construction and development required by Agency of Notice from Developer that the construction of this Agreement to be completed by the Developer Improvements has been‌ completed upon the Site in conformity with this Agreement, the Agency shall furnish Developer with the 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 Developer 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 Site 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 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 a 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 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, 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 Developer 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 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 CovenantsCode Section 3093.

Release of Construction Covenants. Within three (3) days of receipt by Agency of Notice from Developer that the construction Promptly after completion of the Developer 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 Developer 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 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 If the issuance of a Release of Construction Covenants. If Agency 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 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 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 Developer 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 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.