80A - JOINT PH - TRANSIT ZONING CODE, FINAL EIR, SPECIFIC PLAN ETC. - ORIGINAL PACKET PROVIDED TO COUNCIL

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(c) provide the Agency with other assurance which the Agency deers, in its reasonable discretion, to be satisfactory for the payment of such lien or bonded stop notice and for the ffill and continuous protection of Agency from the ff t of such lien or bonded stop notice. 313. Release of Conshatiction Covenants. Promptly after completion of ally Phase of the Developer Improvements ents ire conformity with this Agreement, the Agency shall furnish the Developer with a "Release of Construction Covenants" for such Please, substantially tially ire the form of Attachment No. 6 hereto whieh is incorporated herein by reference. The Agency shall not unreasonably withhold any such Release of Construction Covenants. The Release of Construction Covenants shall be a conclusive determination of satisfactory completion of the applicable Phase 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 SLICII Please of the Site shall not (because of such ownership, purchase, lease or acquisition incur any obligation or liability under this Agreement except for these continuing covenants as set forth in Section 400 of this Agreement as they relate to such Phase. If the Agency refuses or fails to fumish a Release of Construction Covenants, after written request fro the Developer, the Agency shall, within thirty days of written request therefor, provide the Developer with a written statement of the reasons the Agency refused or failed to furnish such Release of ConstrUCtion Covenants. The tatement shall also contain the Agency's opinion of the actions the Developer must take to obtain such Release of Construction Covenants. If the Agency shall have failed to provide such written statement within such thirty 3 day period, the Developer shall renew its request and if the Agency fails to furnish either such Release of Construction Covenants or a written statement of reasons that such Release of Construction Covenants will not be provided within an additional period of ten (10) clays after renewal of the request by Developer, the Developer's construction covenants shall conclusively be deemed satisfied with respect to such Phase as if the Agency had issued the Release of Construction Covenants. A 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 loalied to finance the Developer Improvements, ents, 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. 314. Agency Financial Assistance. 314.1 Agency Loans. Based on the Budget, Agency hereby agrees to loan to the Developer, subject to the terms and conditions set forth within this Agreement and the documents and instruments executed by the Developer in connection with this transaction, the amount of Teti Million, Eight Hundred Thousand Dollars ,800,000) for Phase R- (the "Phase R-1 Agency Loan") and Pour Million, Seven Hundred Seventy Thousand Dollars ($4,'7'70, 000) for Phase R-2 (the "Phase -2 Agency Loan" ) and One Million, Five Hundred Thousand Dollars ($1,500,000) for Phase PS (the "Phase PS Agency Loan"). The Phase R-1 Agency Loan, the Phase R-2 Agency Loan, and the Phase PS Agency Loan shall be adjusted upward and/or downward if and to the extent the Total Development Costs set forth in the Revised Budget varies from the Total Development Cost set forth in the Budget. The Phase R- I o DOCSOC/1400673vl3/200272-0001