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.

Release of Construction Covenants. Within three ten (310) 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 Site 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.