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construction activity, the Developer shall within thirty (30) days of such recording or service or <br />within five (5) days of the Agency's demand whichever last occurs: <br />(a) pay and discharge the same; or <br />(b) affect the release thereof by recording and delivering to the Agency a <br />surety bond in sufficient form and amount, or otherwise; or <br />(c) provide the Agency with other assurance which the Agency deems, in its <br />reasonable discretion, to be satisfactory for the payment of such lien or bonded stop notice and <br />for the full and continuous protection of Agency from the effect of such lien or bonded stop <br />notice. <br />313. Release of Construction Covenants. Promptly after completion of any Phase of <br />the Developer Improvements in conformity with this Agreement, the Agency shall furnish the <br />Developer with a "Release of Construction Covenants" for such Phase, substantially in the form <br />of Attachment No. 6 hereto which is incorporated herein by reference. The Agency shall not <br />unreasonably withhold any such Release of Construction Covenants. The Release of <br />Construction Covenants shall be a conclusive determination of satisfactory completion of the <br />applicable Phase of the Developer Improvements and the Release of Construction Covenants <br />shall so state. Any party then owning or thereafter purchasing, leasing or otherwise acquiring <br />any interest in such Phase of the Site shall not (because of such ownership, purchase, lease or <br />acquisition) incur any obligation or liability under this Agreement except for those continuing <br />covenants as set forth in Section 400 of this Agreement as they relate to such Phase. <br />If the Agency refuses or fails to furnish a Release of Construction Covenants, <br />after written request from the Developer, the Agency shall, within thirty (30) days of written <br />request therefor, provide the Developer with a written statement of the reasons the Agency <br />refused or failed to famish such Release of Construction Covenants. The statement shall also <br />contain the Agency's opinion of the actions the Developer must take to obtain such Release of <br />Construction Covenants. If the Agency shall have failed to provide such written statement <br />within such thirty (30) day period, the Developer shall renew its request and if the Agency fails <br />to furnish either such Release of Construction Covenants or a written statement of reasons that <br />such Release of Construction Covenants will not be provided within an additional period of ten <br />(10) days after renewal of the request by Developer, the Developer's construction covenants <br />shall conclusively be deemed satisfied with respect to such Phase as if the Agency had issued the <br />Release of Construction Covenants. A Release of Construction Covenants shall not constitute <br />evidence of compliance with or satisfaction of any obligation of the Developer to any holder of <br />any mortgage, or any insurer of a mortgage securing money loaned to finance the Developer <br />Improvements, or any part thereof. The Release of Construction Covenants is not a notice of <br />completion as referred to in Section 3093 of the California Civil Code. <br />314. Agency Financial Assistance. <br />314.1 Agency Loans. Based on the Budget, Agency hereby agrees to loan to the <br />Developer, subject to the terms and conditions set forth within this Agreement and the <br />documents and instruments executed by the Developer in connection with this transaction, the <br />40 <br />DOCSOG 1400673v! 4!200272-0001