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<br />HUD..6209B
<br />(9.69)
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<br />SEC. 306. Progress Reports. Subsequent to conveyance of the Property,
<br />or any part thereof, to the Redeveloper, and until construction of the
<br />Improvements has been completed, the Redeveloper shall make reports, in
<br />such detail and at such times as may reasonably be requested by the Agency,
<br />as to the actual progress of the Redeveloper with respect to such
<br />construction.
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<br />sEc. 307. Certificate of Completion.
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<br />(a) Promptly after cOlllpletion of the Improvements in accordance vit4
<br />those proVisions of the Agreement relating solely to the obligatioos of the
<br />Redeveloper to coostruct the Improvements (including the dates for begiontr:.<'
<br />and completion thereof), the Agency will furnish the Redeveloper with an
<br />appropriate instrument so certifying. Such certificatioo by the Agency
<br />shall be (and it shall be so provided in the Deed and in the certification
<br />itself) a conclusive determination of satisfaction and terminatioo of the
<br />agreements and covenants in the Agreement and in the Deed with respect. to
<br />the obligations of the Redeveloper, and its successors and assigns, to
<br />construct the Improvements and the dates for the beginning and completion
<br />thereof: Provided, That if there is upon the Property a mortgB6E! 1Jlsured,
<br />or held or owned, by the Federal Housing Administration and the Federal
<br />Housing Administration shall have determined that all buildings constituting
<br />a part of the Improvements and covered by such mortgage are, in fact,
<br />substantially completed in accordance with the Construction Plans and are
<br />ready for occupancy, then, in such event, the Agency and the Redeveloper
<br />shall accept.the determination of the Federal Housing Administration 88
<br />to such completion of the constructioo of the Improvements in accordance
<br />with the Construction Plans, and, if the other agreements and covenants in
<br />the Agreement obligating the Redeveloper in respect of the coostruction ll.tId
<br />completion of the Improvements have been fully satisfied, the Agency shall
<br />forthwith issue its certification provided for in this Section, Such
<br />certification and such determination shall not constitute evidence of
<br />compliance with or satiBfactiOD of any obligation of the Redeveloper to any
<br />bolder of a mortgage, or ~y insurer of a mortgage, securing money loaned
<br />to finance' the Improvements, or any part thereof.
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<br />(b) With respect to such individual parts or parcels of the Property
<br />which, if so provided in Part I hereof, the Redeveloper may conveyor lease
<br />as the Improvement. to be constructed thereon are completed, the Agency
<br />will also, upon proper completion of the Improvements relating to any such
<br />part or parcel, certify to the Redeveloper that such Improvements have been
<br />made in accordance with the provisions of the Agreement. Such .certification
<br />shall mean and provide, Ill1d the Deed shall so state, (1) that any party
<br />purchasing or leasing such individual part or parcel pursuant to the
<br />. ~''ltho!'i7.,.,...101'\ h"retn c""1.<",1,,ed sh"'.ll not (becs.1Jl'le of such purchl!.se or leB'I'e)
<br />incur MY obligation with respect to the construction of the !lllpl'oveJ,;.ZJ..lI,U
<br />d',' .. ;.> ,.: ,re:i.."ting to such part or parcel or to any other part or parcel of, the
<br />- T'r~!,~r'tv; '~"T"~_ (2) ~~."-t !,."'t!ther th~ !H~ency nor f!r!'Y other party shall
<br />thereafter have or be entitled to exercise vith respect to any such
<br />1..nMv1du.?J. part or Pl'_t"ccl so sold (or, in the case of lease, with respe'ct to
<br />the leasehold interest) any rights or remedies or controls that it may
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