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?c} provide the Agency ??itl? ather assura??ce ??hieh the Agency deems, in its <br />reasor7able discretian, to be satisfaetary far` the payment of such lien or bonded stap notice and <br />fay' the fill ar?d ca??tinuous pratectiar? of Agency fram tl?e effect of such lien ari bonded tap <br />r?atice, <br />?3. ?eleasc of o?l???rrcfio?? n?e??a??t?, Promptly aver' corr?pletiat? of ai?? Phase of <br />tl?e Develaper ???pra?el?er?ts ire confarrnrty 4vrtl? thls Agreement, the Agency shall f?#r'r?isl? the <br />De?Feloper ??ith a "Release of ?anstr#uctian averlar?ts" far' such Phase, srrbtar?tiall?r ire the faun <br />of A?tacl?tnent ?o. ? lYereta which is irlcor'porated l?ereitl by reference, The Agency shall nat <br />ur?reasanably ithhald any such Release of oi?str'r?ction a?enat?ts, Tl?e Release of <br />ot?struct?on a?enarits shall be a eanclusive dete?'rninatrorr of satisfactory co?n?latia?? of the <br />applicable Phase of the Developer' Irnpra?'ernerlts and the Release of ansfl'rretron a?erlai?ts <br />shall sa state. Airy pa??ty then a??riin ar' tl?er'eafter p??rcl?asii?g, leasing ar ather?ise acq?rrr'irrg <br />any ir?tet#est lr? s??cl? Phase of t1?e vita shall not because of sucl? o??e?'ship, prr?'chse, le?.se or <br />acquisitia??} inerrr airy ablrgation or' liability ??iader this Agreerner?t except for tl?ase car?tii?uiri <br />co?ei?ai?ts as set fa??h in Section ?a? of this Agreeine??t as they relate to such Phase, <br />If ?l?e Aer?ey ?'e?uses a?' fails to ?'?rrt?ish a Release of o?st??rrctia?? ?ove?lants, <br />after written request fi'ain tl?e De?elaper, the Agency shall} ??itl?ir? tl?iity ?3a? days of ?rittel? <br />request tl?er'efaa#, pra?ide the De?elaper` ??itl? a ?z"itte?? statement of the r+easons tl?e Agency <br />ref??sed or famed to frrri?ish such Release of or?sti'??etion a?enants. The statement shall also <br />contain Elie Agency's opir?ia?? of tl?e actio??s tl?e De?relaper' inust tape to abtair? s?iel? Release of <br />?ot?struction ?o?et?ai?ts? Yf tiae Aget?ey shall have failed to pra?ide st?cl? era"itten statement <br />?vithir? s??ch thirty ?3?? day periad, the »e?eloper4 shall ?{et?e?? its request and if tl?e Agency fails <br />to f??rr?isl? either such Release of ?or?structiar? a?er?az?ts ari a ??ritten statement of reasons that <br />such Release of ot?structia?? ?a?enants mill not be pro?i?led ??itl?in air additial?al period of ten <br />?i?? days after r'ene?val of the ?'e?uet by Developer, the De?relaper's canstructior? eovenat?ts <br />shall co?xcl??sively be deemed satisfied ??ith r'espcct to srrcl? Phase as if the Agency had iss?red tl?e <br />Release of Construction o??enants, A Release of onstz'rretlor? ?avetzants shall clot constitute <br />e??rdei?ce of cornpliance ???th ar sat?sfactlor? of any obligation of the De?relope?' to at?y balder' of <br />at?y ?nor•?age, or' arly rnsurea' of a mortgage securing rnoney laai?ed to fi??a??ce the Developer <br />?inpr'o?e??ents, or any part thereof, Tire Release of otltrrrctrar? a?enarits is not a notice of <br />cainpletiai? as ?'efer?'ed to in Section ?a9 aftl?e ?alifarx?ia i?il soda. <br />3?4, Agency I'irYancial Assis?ar?ce. <br />??,1 ?ell??' Lo?r? Based an tl? Budget, Agency hereby agrees to loam to the <br />I)e?elaper', subject to tl?e ter+ms and conditions set for?l? ?vitl?in this Agreeinent and tl?e <br />documents and ir?str€unents execrited by the De?elaper its coi?i?ectian ??ltl? this transaction, the <br />amount of Ten illior7, fight ?u??d?'ed Tl?ousai?d I?allars ? I ?,Sa?,00a} far Phase R? 1 the <br />"Phase R-1 Agency Laai??'} and ?"oui' Nlillian, Seen Hundred e?ei?ty Thausarrd I?allar's <br />?4,?7?, aa?} far{ Phase R?? ?tl?e "Plzase R- Agency Lawn"? a??d one ?illian? Pipe Hundred <br />Thousand ?]ollars ? 1,5?a,a??? for' Phase ? ?tl?e "Phase PS Agency Loan"?, The Phase R» 1 <br />Agency Loan, the Phase R- Agency Loan, aid the Phase PS Agency Loan slrall be adjusted <br />up??ard andlor' do??r???ard if and to tl?e extent the Fatal >?e??elopment Costs set forth in the <br />Revised Budget caries frarr? tl?e ?`atal De?elopn?ent fast set forth ire tl?e B??det" Tl?e Phase R? 1 <br />?a <br />DCSa?ll?i??b?3v??1??Q?7?-??? ?