Common use of Release of Construction Covenants Clause in Contracts

Release of Construction Covenants. Promptly after completion of construction of the Project by Developer in conformity with this Agreement, CDC shall furnish Developer with a Release of Construction Covenants upon written request therefor by Developer. CDC shall not unreasonably withhold or delay such Release of Construction Covenants. Such Release of Construction Covenants shall be a conclusive determination of satisfactory completion of the construction required by this Agreement and the Release of Construction Covenants shall so state. The Release of Construction Covenants shall be substantially in the form attached hereto as Attachment No. 10 or such other similar form as to permit it to be recorded in the Recorder’s Office of Los Angeles County, California. If CDC refuses or fails to furnish a Release of Construction Covenants for the Project after written request from Developer, CDC shall, within ten (10) days of written request therefor, provide Developer with a written statement of the reasons CDC refused or failed to furnish the requested Release of Construction Covenants. The statement shall also contain CDC’s opinion of the actions Developer must take to obtain the Release of Construction Covenants. If the reason for such refusal is confined to the immediate unavailability of specific items of materials for landscaping or other minor “punch list” items, CDC shall issue its Release of Construction Covenants upon the posting of cash, a bond, or other security acceptable to CDC, in CDC’s sole discretion, by Developer with CDC in an amount representing the fair value of the work not yet completed, and Developer shall thereafter complete the “punch list” work within sixty (60) days of issuance of the Release of Construction Covenants. A Release of Construction Covenants shall not constitute evidence of compliance with or satisfaction of any obligation of Developer to any holder of any mortgage or any insurer of a mortgage securing money loaned to finance the improvements, or any part of this Agreement, or a release of any obligations under this Agreement or the Affordable Housing Regulatory Agreement which survive issuance of the Release of Construction Covenants. A Release of Construction Covenants is not a notice of completion as referred to in the California Civil Code Section 3093.

Release of Construction Covenants. Promptly after completion of construction of the Project by Developer in conformity with this Agreement, CDC as evidenced by City's issuance of a Certificate of Occupancy, City shall furnish issue to Developer with a Release of Construction Covenants upon written request therefor by DeveloperCovenants. CDC City shall not unreasonably unreasonable withhold or delay such Release of Construction Covenants. Such The Release of Construction Covenants shall be be, and shall so state, a conclusive determination of satisfactory completion of construction of the construction required by this Agreement and the Release of Construction Covenants shall so stateProject. The Release of Construction Covenants shall be substantially in the form attached hereto as Attachment No. 10 8 or such other similar form as to permit it to be recorded in the Recorder’s Office of Los Angeles County, CaliforniaOfficial Records. If CDC refuses or fails After the date Developer is entitled to furnish a Release of Construction Covenants for the Project after written request from Developer, CDC shall, within ten (10) days of written request therefor, provide Developer with a written statement of the reasons CDC refused or failed to furnish the requested Release of Construction Covenants. The statement shall also contain CDC’s opinion of the actions Developer must take to obtain the Release of Construction Covenants. If the reason for such refusal is confined to the immediate unavailability of specific items of materials for landscaping or other minor “punch list” items, CDC shall issue its Release of Construction Covenants upon the posting of cash, a bond, or other security acceptable to CDC, in CDC’s sole discretion, by Developer with CDC in an amount representing the fair value of the work not yet completed, and Developer shall thereafter complete the “punch list” work within sixty (60) days of issuance of the Release of Construction Covenants. A Release , and notwithstanding any other provision of Construction Covenants this Agreement to the contrary, any party then owning or thereafter purchasing, leasing or otherwise acquiring any interest in the Site shall not constitute evidence of compliance with or satisfaction (because of any obligation of Developer to any holder of any mortgage or any insurer of a mortgage securing money loaned to finance the improvementssuch ownership, purchase, lease, or acquisition) incur any part of obligation or liability under this Agreement, or a release of any obligations under this Agreement or except that such party shall be bound by the Affordable Housing Regulatory Agreement which covenants herein that survive the issuance of the Release of Construction CovenantsCovenants and the covenants set forth in the City Regulatory Agreement. A The Release of Construction Covenants is not a notice of completion as referred to in the California Civil Code Section 30938182. If City refuses or fails to furnish a Release of Construction Covenants after written request from Developer, City shall, within fifteen (15) days after the written request, provide Developer a written statement of the specific reasons City refused or failed to furnish a 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. Promptly after Upon the completion of all construction required to be completed by Developer on the Site and in no event later than the date on which the City allows occupancy of the Project by Developer in conformity with this Agreementcompleted building(s) on the Site to occur, CDC City shall furnish Developer with a Release of Construction Covenants in the form attached hereto as Attachment E upon written request therefor by Developer. CDC shall not unreasonably withhold or delay such Release of Construction Covenants. Such Release of Construction Covenants shall be a conclusive determination of satisfactory completion of the construction required by this Agreement and the Release of Construction Covenants shall so state. The Release of Construction Covenants shall be substantially in the form attached hereto as Attachment No. 10 or such other similar form executed and notarized so as to permit it to be recorded in the Recorder’s 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. A Release of Construction Covenants shall be, Californiaand 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. If CDC City refuses or fails to furnish a Release of Construction Covenants for the Project within thirty (30) days after written request from Developer, CDC shall, within ten (10) days of written request therefor, City shall provide Developer with a written statement of the reasons CDC City refused or failed to furnish the requested a Release of Construction Covenants. The statement shall also contain CDCCity’s opinion of the actions 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 of or materials for landscaping landscaping, or other minor so-called “punch list” items, CDC shall City will issue its Release of Construction Covenants upon the posting of cash, a bond, or other security acceptable to CDC, in CDC’s sole discretion, by Developer with CDC bond in an amount representing one hundred fifty percent (150%) of the fair value of the work not yet completed, and Developer shall thereafter complete the “punch list” work within sixty (60) days of issuance of the Release of Construction Covenantscompleted or other assurance reasonably satisfactory to City. A Release of Construction Covenants shall not constitute evidence of compliance with or satisfaction of any obligation of Developer to any holder of any mortgage a mortgage, or any insurer of a mortgage securing money loaned to finance the improvements, or any part of this Agreement, or a release of any obligations under this Agreement or the Affordable Housing Regulatory Agreement which survive issuance of the Release of Construction Covenantsthereof. A Such Release of Construction Covenants is not a notice of completion as referred to in the California Civil Code Section 3093. Nothing herein shall prevent or affect Developer’s right to obtain a certificate of occupancy from the City before the Release of Construction Covenants is issued. O. (§ 715) Estoppels. At the request of Developer or any holder of a mortgage or deed of trust, 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. Promptly after completion Completion of construction of the Project by Developer Improvements with respect to each Development Parcel in conformity with this AgreementLease, CDC the Landlord shall furnish Developer with deliver to the Tenant a Release of Construction Covenants upon written request therefor Covenants, executed and acknowledged by DeveloperLandlord. CDC The Landlord shall not unreasonably withhold or delay such Release of Construction Covenants. Such The Release of Construction Covenants shall be a conclusive determination of satisfactory completion of the construction required by this Agreement Improvements with respect to each Development Parcel, and the Release of Construction Covenants shall so state. The Following the issuance of a Release of Construction Covenants shall be substantially as to the Improvements with respect to each Development Parcel, any party then or thereafter owning, purchasing, leasing or otherwise acquiring any interest in the form attached hereto as Attachment No. 10 applicable Development Parcel shall not (because of such ownership, purchase, lease or such other similar form acquisition) incur any obligation or liability under this Lease as to permit it the applicable Development Parcel to be recorded in which the Recorder’s Office Release of Los Angeles County, CaliforniaConstruction Covenants has been issued except for those continuing covenants described this Lease. If CDC the Landlord refuses or fails to furnish a Release of Construction Covenants for in accordance with the Project preceding paragraph, and after written request from Developerthe Tenant, CDC the Landlord shall, within ten fifteen (1015) days after receipt of such written request therefor, provide Developer the Tenant with a written statement of the reasons CDC the Landlord refused or failed to furnish the requested Release of Construction Covenants. The statement shall also contain CDCthe Landlord’s opinion of the actions Developer the Tenant must take to obtain the Release of Construction Covenants. If Even if the reason for Landlord shall have failed to provide such refusal is confined written statement within such fifteen (15) day period, the Tenant shall not be deemed entitled to the immediate unavailability of specific items of materials for landscaping or other minor “punch list” items, CDC shall issue its Release of Construction Covenants unless the Tenant, upon expiration of such fifteen (15) day period provides Landlord with a written demand that the posting of cash, a bond, or other security acceptable to CDC, in CDC’s sole discretion, by Developer with CDC in an amount representing the fair value of the work not yet completed, and Developer shall thereafter complete the “punch list” work within sixty (60) days of issuance of the Landlord furnish such Release of Construction CovenantsCovenants as to Improvements with respect to each Development Parcel, or provide a written statement as to the basis for denial thereof (a “Tenant Notice”), which Tenant Notice sets forth the terms of this Section 7.9 in full, and the Landlord fails to either furnish such Release of Construction Covenants or provide a written explanation of the denial thereof, within fifteen (15) days following Xxxxxxxx’s receipt of the Tenant Notice, in which case the Tenant shall be entitled to a Release of Construction Covenants which is the subject of the Tenant Notice. A The Release of Construction Covenants shall not constitute evidence of compliance with or satisfaction of any obligation of Developer the Tenant to any holder of any mortgage mortgage, or any insurer of a mortgage securing money loaned to finance the improvements, or any part of this Agreement, or a release of any obligations under this Agreement or the Affordable Housing Regulatory Agreement which survive issuance of the Release of Construction CovenantsImprovements with respect to each Development Parcel. A The Release of Construction Covenants is not a notice of completion as referred to in the California Civil Code Section 30938182.

Release of Construction Covenants. Promptly after completion of construction of the Project by Developer in conformity with this Agreement, CDC Agency shall furnish Developer with a Release of Construction Covenants upon written request therefor by Developer. CDC Agency shall not unreasonably withhold or delay such Release of Construction Covenants. Such Release of Construction Covenants shall be a conclusive determination of satisfactory completion of the construction required by this Agreement and the Release of Construction Covenants shall so state. The Release of Construction Covenants shall be substantially in the form attached hereto as Attachment No. 10 No.12 or such other similar form as to permit it to be recorded in the Recorder’s Office of Los Angeles County, CaliforniaOfficial Records. If CDC Agency refuses or fails to furnish a Release of Construction Covenants for the Project after written request from Developer, CDC Agency shall, within ten fifteen (1015) days of written request therefor, provide Developer with a written statement of the reasons CDC Agency refused or failed to furnish the requested Release of Construction Covenants. The statement shall also contain CDCAgency’s opinion of the actions Developer must take to obtain the Release of Construction Covenants. If the reason for such refusal is confined to the immediate unavailability of specific items of materials for landscaping or other minor “punch list” items, CDC Agency shall issue its Release of Construction Covenants upon the posting of cash, a bond, or other security acceptable to CDC, Agency in CDCAgency’s sole discretion, discretion by Developer with CDC Agency in an amount representing the fair value of the work not yet completed, and Developer shall thereafter complete the “punch list” work within sixty (60) days of issuance of the Release of Construction Covenants. A Release of Construction Covenants shall not constitute evidence of compliance with or satisfaction of any obligation of Developer to any holder of any mortgage or any insurer of a mortgage securing money loaned to finance the improvements, or any part of this Agreement, or a release of any obligations under this Agreement or the Affordable Housing Regulatory Agreement which survive survives issuance of the Release of Construction Covenants. A Release of Construction Covenants is not a notice of completion as referred to in the California Civil Code Section 3093.3093.‌

Release of Construction Covenants. Promptly after completion of construction of the Project by Developer each Affordable Unit in conformity with this Agreement, CDC the Authority shall furnish the Developer with a "Release of Construction Covenants Covenants" upon written request therefor by the Developer. CDC The Authority shall not unreasonably withhold or delay such Release of Construction Covenants. Such The Release of Construction Covenants shall 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 required by this Agreement Project and the Release of Construction Covenants shall so state. The Release of Construction Covenants shall be substantially Except as provided in the form attached hereto as Attachment No. 10 Declaration, any party then owning or such other similar form as to permit it to be recorded thereafter purchasing, leasing or otherwise acquiring any interest in the Recorder’s Office Site shall not (because of Los Angeles Countysuch ownership, Californiapurchase, lease or acquisition) incur any obligation or liability under this Agreement except for those continuing covenants as set forth in Section 6, et seq. If CDC Ifthe Authority refuses or fails to furnish a the Release of Construction Covenants for the Project Covenants, after written request from the Developer, CDC the Authority shall, within ten thirty (1030) days of written request therefor, provide the Developer with a written statement of the reasons CDC the Authority refused or failed to furnish the requested Release of Construction Covenants. The statement shall also contain CDC’s the Authority's opinion of the actions the Developer must take to obtain the Release of Construction Covenants. If the reason for Authority shall have failed to provide such refusal is confined to the immediate unavailability of specific items of materials for landscaping or other minor “punch list” items, CDC shall issue its Release of Construction Covenants upon the posting of cash, a bond, or other security acceptable to CDC, in CDC’s sole discretion, by Developer with CDC in an amount representing the fair value of the work not yet completedwritten statement within said thirty (30) day period, and Developer on the condition that the City has issued a certificate of occupancy or equivalent document for the Project, the Project shall thereafter complete be deemed approved by the “punch list” work within sixty (60) days of issuance of Authority and the Authority shall promptly issue the Release of Construction Covenants. A 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 mortgage, or any insurer of a mortgage securing money loaned to finance the improvementsProject, or any part of this Agreement, or a release of any obligations under this Agreement or the Affordable Housing Regulatory Agreement which survive issuance of the Release of Construction Covenantsthereof. A The Release of Construction Covenants is not a notice of completion as referred to in Section 3093 of the California Civil Code Section 3093Code.