Laserfiche WebLink
exempt from prevailing wage law, the Agency agrees to assume said risk and bear all <br />costs and expenses associated therewith. <br />310. Release of Construction Covenants. Promptly after completion of the <br />Improvements or any portion thereof in conformity with this Agreement, the Agency shall <br />furnish the Developer with a "Release of Construction Covenants," substantially in the form of <br />Exhibit F hereto which is incorporated herein by reference. The Agency shall not unreasonably <br />withhold such Release of Construction Covenants. The Release of Construction Covenants shall <br />be a conclusive determination of satisfactory completion of the applicable portion of the <br />Improvements and the Release of Construction Covenants shall so state. Any party then owning <br />or thereafter purchasing, leasing, or otherwise acquiring any interest in the Sites shall not <br />(because of such ownership, purchase, lease or acquisition) incur any obligation or liability under <br />this Agreement except for those continuing covenants as set forth in Section 406 of this <br />Agreement. <br />If the Agency refuses or fails to furnish the Release of Construction Covenants, <br />after written request from the Developer, the Agency shall, within thirty (30) days of written <br />request therefore, provide the Developer with a written statement of the reasons the Agency <br />refused or failed to furnish the Release of Construction Covenants. The statement shall also <br />contain the Agency's opinion of the actions the Developer must take to obtain the Release of <br />Construction Covenants. The Release of Construction Covenants shall not constitute evidence of <br />compliance with or satisfaction of any obligation of the Developer to any holder of any <br />mortgage, or any insurer of a mortgage securing money loaned to fmance the Improvements, or <br />any part thereof. The Release of Construction Covenants is not a notice of completion as <br />referred to in Section 3093 of the California Civil Code. <br />311. Financing of the Improvements. <br />311.1 Approval of Financing. As required herein and as an Agency Condition <br />Precedent to the Closing, Developer shall submit to Agency evidence that Developer has <br />obtained sufficient equity capital (for example, a Letter of Credit) or has obtained firm and <br />binding commitments for construction and permanent financing necessary to undertake the <br />development of the Sites and the construction of the Improvements in accordance with this <br />Agreement. Agency shall approve or disapprove such evidence of financing commitments <br />within thirty (30) days of receipt of a complete submission. Approval shall not be unreasonably <br />withheld or conditioned. If Agency shall disapprove any such evidence of financing, Agency <br />shall do so by Notice to Developer stating the reasons for such disapproval and Developer shall <br />promptly obtain and submit to Agency new evidence of financing. Agency shall approve or <br />disapprove such new evidence of financing in the same manner and within the same times <br />established in this Section 311.1 for the approval or disapproval of the evidence of financing as <br />initially submitted to Agency. Developer shall close the approved financing concurrently with <br />the Closing. <br />Such evidence of financing shall include the following: (a) a copy of a legally <br />binding, firm and enforceable loan commitment(s)/ Letter of Credit obtained by Developer from <br />600457905v2 ~ ?d <br />