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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? reasanably <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?'??, Ll?? ? 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 obliatians 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[?1tI0IlS 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? 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 ca?irect 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