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De~elaper to he a true ar~d correct copy tl~ereaf, or shall have p~•o~ided to the Agency E~ec~~tive <br /> Directa~~ a caps of tl~e cox~structian. budget far• such Phase rf tl~e DeveloperF elects to act as the <br /> general contractor•la~rrer-builder. <br /> t~a~~a~~~, The De~elaper4 shall abtait~ at~d pt•o~ide for the benefit <br /> of the Ager~c~ a separate guara~~#~ far each Phase the ~`Cuaranty"} in ~ farr~ reasonably <br /> acceptable to tl~e Aet~cy l~~ec~~ti~e Director, p~~rsttar~t to ~~l~ich The belated ~ornpanies, L,P,, a <br /> New ~or•k litited par•tnersl~ip, guararrtar' of Phase -1 and Phase R-~ ~"Phase R-1 and <br /> Phase guar;antar}'~, and it~T ~etitu~'~~, Lt~~ ~ guara~~to~~ of Plrase ~ ar s~zch atl~er{ errtity as <br /> rr~a~ be appa•o~red b~ tl~e Agency l~ecuti~e Director, acting in her' sale and absal~~te drscretiar~ <br /> ~"Phase Guarantar•"} ~callecti~el~, the "uarantar~s}"}, shall ua~~at~t~ carr~pletion of tlae <br /> canstructiot~ of each applicable ~'l~ase a~• ~'hases ~~bstantially ~~itl~it~ tl~e tir~re limits set Earth <br /> l~erei~~ and in tl~e cl~edule of Perfarrrrar~ce, st~bstat~tially ire accardarice mirth tl~e scope of <br /> De~relaprnent, as the same rna~ be tnodrfied frar~r time to time in accorda~~ce ~~ith the ter~r~ of <br /> this Agreeme~~t, ~3~ free and clear of and n~ecl~a~~tcs lie~~s, tnate~~~alr~~e~~'s iiens and equitable <br /> liens, ar~d all costs of cot~struetion shall be paid prior to del~nq~~errcy~ its addrtrar~, the <br /> C~~aranty ~~ill provide far• tl~e v~ai~er b~~ Cuar`at~tar• of r~~r arld all ri~llts, ~~ai~er~s and defenses <br /> ~rl~icl~ may atller~~ise be available under s#ate ar federal la~~~ to present tl~e ~et~cy' <br /> er~far•cer~~er~t of tl~e guarantor's obligations under tl~e Cuaranty~ <br /> ~i} ~er~is~r~ ~r~c~~e~~ Tl~e De~eloper4 leas prepared and the Agenc~F has <br /> approved tl~e »e~ised budget far the applicable Phase, <br /> ~~4,~ ~e~~elo~~er's oll[~l#IOIIS of closing. Tl~e De~elopei•'s abligatiot~ to <br /> p~•aceed ~~ith the closing of each Pl~asc is subject to tl~e f~~lfi~l~nei~t oi' ~~vai~er• b~ the De~elaper <br /> of each and all of the conditions p~•eceder~t ~a~ tl~ro~~gl~ rnct~~si~e, described belo~~ the <br /> "De~~elaper's anditlot~s Pr•eceder~#"~, ~~rhich are solely far the benefit of tl~e Developer, a~~d <br /> Mich shall be fi~lfilled or ~~ai~ed an ar before the applicable outside lasing Date, A~~y <br /> canditiar~ not specifically ~~ai~ed prior to lostt~g shall be dee~~ed ~~ai~red ~zpar~ an~reya~~ce far <br /> the Phase associated ~itl~ such Closing: <br /> ~a} o ~er~t~~~~ Prior to the close of Escro~v for such Phase, tl~e <br /> Agency leas rlat cor~rr~ritted acid failed. to cure ai~~~ defaults its at~~ of its obligations ~xnde~~ tlae <br /> terms of this Agr`eet~et~t ~~lth respect to s~~cl~ Phase at~d ail r•eprese~~tatiai~ and ~~ar4rai~ties of the <br /> Agency cotltai~~ed herein shall be true and correct i~~ all material respects, <br /> ~b~ ~~~•e~~~r~~ of Dorr~~~~~~s, ~'~~e Agency shall have executed, and as <br /> necessar'~ fart recordatiar~, shall have had acl~na~~ledged, the applicable Grant Deed ar~d ar~y <br /> other docut~ents required hereunder ~~itl~ a•espect to such Phase, aild shall lrave delivered s~~eir <br /> doc~~inei~ts rt~to der;a~~, <br /> ~c} ~'~~~arrre~~~ o ~os~i~ Cos~s~ Prio~• to the Close of l~scro~~ for such <br /> Pbas, Agency shall ha~re paid all required casts of such losing lnta Esci•o~~ iii accordance ~~itl~ <br /> ectiai~ 20 i . <br /> ~d} .Re~~ie~~~ c~~rd .~~~~~•o~~a~ o~`Ti~~e~ Develapei• shall have re~ie~~ed and <br /> app~•o~ed the Candit~on of Title of s~~ch Phase, as pro~rrded iii ectron <br /> <br /> ~~CSQCI14~067~~~131Z~~~72-~~~ 1 <br /> <br />