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construction activity, the Developer shall within thirty 0 days of such recording or service or Sri t in fire days o f the Agency's demand whi hever last occurs: (a) pay and discharge the a-m ; or (b) affect the release thereof by recording and delivering to the Agency surety bond in sufficient form and amount, or otherwise; or (c) provide the Agency with other assurance which the Agency deems, in its reasonable discretion, to be satisfactory for the payment of such lien or horded stop notice and for the full and continuous protection of Agency from the effect of such lien or bonded stop notice. 313. Release of Construction Covenants. Promptly after completion of any Phase of the Developer Improvements in conformity with this Agreement, the g n y shall furnish the Developer with a "Release of Construction Covenants" for such Phase, substantially in the form of Attachment No. 6 hereto which 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 det rmination 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 such Phase of the Site shall not (because of such ownership, purchase, lease or acquisition) incur any obligation or liability under this Agreement except for those continuing covenants as set forth in Section 400 of this Agreement as they relate to such Phase. If the Agency refuses ses or fails to furnish a Release of Construction Covenants, after written request from the Developer, the Agency shall, within thirty o days of written request therefor, provide the Developer with a written statement of the reasons the Agency refused or failed to furnish such el ase of Construction Covenants. The statement s h all also contain the Agency's opinion of the actions the Developer must tale to obtain such Release of Construction Covenants. If the Agency shall have failed to provide such written statement within such thirty 0 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 tern (10) days after renewal of the request by Developer, the Developer's construction covenants shall conclusivcly 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 loaned to finance the Developer hn rovements, 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. 14. Agency Financial Assistance. 14.1 Agency Loans. Based on the Bud get, Agency hereby agrees to loan to the Developer, subject to the terms and conditions set forth within this Agreement and the documents and inswuments executed by the Developer eloper ire connection with this transaction} the 40 Igo 1 400673 v ! 41200272 -000 1