Agmt05 First Community Housing - Laserfiche WebLink

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Section 3.07. Certificate of Completion. a. Following the written request therefor by the Developer and the completion of construction and development of the Project, excluding any normal and customary tenant improvements and minor building "punch-list" items, the Agency shall furnish the Developer with a Certificate of Completion for the Project, substantially in the form of Exhibit "J" hereto. Notwithstanding any provision set forth herein to the contrary, the completion of construction and development of the Project on the Property shall be deemed to include the completion of construction and development of any and all buildings on the Property and any and all parking, landscaping and related improvements necessary to support or which meet the requirements applicable to the Project and its use and occupancy on said Property. If the Project is constructed in phases with the Agency's approval, the Agency may issue a partial Certificate of Completion with respect to a phase, but, for the purposes of this Agreement, only the issuance of the final Certificate of Completion with respect to the entirety of the Project shall be deemed to be satisfaction of this requirement. b. The Agency shall not unreasonably withhold the issuance of such Certificate of Completion. The Certificate of Completion shall be a conclusive determination of satisfactory completion of all of the obligations of this Agreement with respect to the development of the Property. After the recordation of the Certificate of Completion, any party then owning or thereafter purchasing, leasing or otherwise acquiring any interest in the Property shall not (because of such ownership, purchase, lease or acquisition) incur any obligation or liability under this Agreement, except that such party shall be bound by any covenants contained in the Grant Deed, the Declaration of Affordability Covenants, the Deed of Trust, any lease or other instrument of transfer which lease or other instrument of transfer shall include the provisions of Section 4.01 through 4.06, inclusive, of this Agreement. Neither the Agency nor any other person, after the recordation of the Certificate of Completion, shall have any rights, remedies or controls that it would otherwise have or be enti tIed to exercise under this Agreement with respect to the Property, as a result of a default in or breach of any provision of this Agreement, and the respective rights and obligations of the parties as to the Property and the proj ect shall be limited to those set forth in the Grant Deed, the Declaration of Affordability Covenants, and the Deed of Trust. 27 REDW\0006\DOC\001-5 1/27/05 7:00 /mve