Common use of Release of Construction Covenants Clause in Contracts

Release of Construction Covenants. Promptly after completion of each Component in conformity with this Agreement or the Ground Lease, as applicable, the City shall deliver to the Developer of the Applicable Component, a “Release of Construction Covenants,” substantially in the form of Attachment No. 5 hereto which is incorporated herein by reference, with respect to each completed Component, executed and acknowledged by City. The City shall not unreasonably withhold such Release of Construction Covenants. The Release of Construction Covenants shall be a conclusive determination of satisfactory completion of the Applicable Component, and the Release of Construction Covenants shall so state. Following the issuance of a Release of Construction Covenants as to the Applicable Component, any party then or thereafter owning, purchasing, leasing or otherwise acquiring any interest in the Site and/or the Applicable Component shall not (because of such ownership, purchase, lease or acquisition) incur any obligation or liability under this Agreement as to any portion of the Site and/or the Applicable Component to which the Release of Construction Covenants has been issued including, without limitation, the obligations under Section 302 hereof except for those continuing covenants described in Section 406 of this Agreement. If the City refuses or fails to furnish a Release of Construction Covenants in accordance with the preceding paragraph, and after written request from the Developer, the City shall, within fifteen

Release of Construction Covenants. Promptly after completion Completion of each Component in conformity Construction with this Agreement or respect to any Subdivision and/or the Ground Leaseentire Project, as applicable, the City shall deliver to the Developer of the Applicable Component, a “Release of Construction Covenants,” substantially in the form of Attachment No. 5 4 hereto which is incorporated herein by reference, with respect to each completed Componentthe applicable Subdivision or Project, as applicable, executed and acknowledged by City. The City shall not unreasonably withhold withhold, condition or delay such Release of Construction Covenants. The Release of Construction Covenants shall be a conclusive determination of satisfactory completion of the Applicable ComponentSubdivision and/or the Project, as applicable, and the Release of Construction Covenants shall so state. Following the issuance of a Release of Construction Covenants with respect to any Subdivision and/or the Entire Project, as to the Applicable Componentapplicable, any party then or thereafter owning, purchasing, leasing or otherwise acquiring any interest in any such Subdivision or the Site and/or the Applicable Component Project shall not (because of such ownership, purchase, lease purchase or acquisition) incur any obligation or liability under this Agreement as or any agreement executed in connection herewith. Furthermore, and notwithstanding anything to the contrary contained in this Agreement or any portion of documents executed in connection herewith (including without limitation the Site and/or Grant Deeds), (a) the Applicable Component to which the Release of Construction Covenants has been issued includingterms, without limitation, the obligations under Section 302 hereof except for those continuing covenants described in Section 406 and conditions of this Agreement. If the City refuses or fails to furnish a Release of Construction Covenants Agreement and any documents executed in accordance with the preceding paragraph, and after written request from the Developer, the City shall, within fifteenconnection herewith shall not apply to: