Common use of Release of Construction Covenants Clause in Contracts

Release of Construction Covenants. Promptly after Completion of Construction with respect to any Subdivision and/or the entire Project, as applicable, City shall deliver to Developer a “Release of Construction Covenants,” substantially in the form of Attachment No. 4 hereto which is incorporated herein by reference, with respect to the applicable Subdivision or Project, as applicable, executed and acknowledged by City. City shall not unreasonably withhold, condition or delay such Release of Construction Covenants. The Release of Construction Covenants shall be a conclusive determination of satisfactory completion of the Subdivision 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 applicable, any party then or thereafter owning, purchasing, leasing or otherwise acquiring any interest in any such Subdivision or the Project shall not (because of such ownership, purchase or acquisition) incur any obligation or liability under this Agreement or any agreement executed in connection herewith. Furthermore, and notwithstanding anything to the contrary contained in this Agreement or any documents executed in connection herewith (including without limitation the Grant Deeds), (a) the terms, covenants and conditions of this Agreement and any documents executed in connection herewith shall not apply to:

Release of Construction Covenants. Promptly after Completion completion of Construction each Component in conformity with respect to any Subdivision and/or this Agreement or the entire ProjectGround 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. 4 5 hereto which is incorporated herein by reference, with respect to the applicable Subdivision or Project, as applicableeach completed Component, executed and acknowledged by City. The City shall not unreasonably withhold, condition or delay withhold such Release of Construction Covenants. The Release of Construction Covenants shall be a conclusive determination of satisfactory completion of the Subdivision and/or the Project, as applicableApplicable Component, and the Release of Construction Covenants shall so state. Following the issuance of a Release of Construction Covenants with respect as to any Subdivision and/or the Entire Project, as applicableApplicable Component, any party then or thereafter owning, purchasing, leasing or otherwise acquiring any interest in any such Subdivision or the Project Site and/or the Applicable Component shall not (because of such ownership, purchase 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 any agreement executed fails to furnish a Release of Construction Covenants in connection herewith. Furthermoreaccordance with the preceding paragraph, and notwithstanding anything to after written request from the contrary contained in this Agreement or any documents executed in connection herewith (including without limitation Developer, the Grant Deeds)City shall, (a) the terms, covenants and conditions of this Agreement and any documents executed in connection herewith shall not apply to:within fifteen