RDA Agmt 2000 American Baptist Homes of the West Inc etc

Home

4.07 Certificate of Completion for Improvements. Promptly after completion of construction of Improvements in accordance with the provisions of this Agreement and upon the Date of Substantial Completion the Agency will provide an instrument so certifying provided that, at the time such certification is issued, the Improvements have been completed (hereafter "Certificate of Completion"). Such Certificate of Completion shall be conclusive determination that the covenants in this Agreement with respect to the obligations of Developer, its successors and assigns, to construct the Improvements and the dates for the beginning and completion of construction thereof have been met Such Certificate of Completion shall be in such form as will enable it to be recorded among the official records of Alameda County. Such Certificate of Completion and determination shall not constitute evidence of compliance with or satisfaction of the operating covenants in Section 8.04 or of any obligation of Developer to any holder of a deed of trust securing money loaned to finance the Improvements or any part thereof and shall not be deemed a notice of completion under the California Civil Code. 4.10 Construction Bonds. Prior to the commencement of construction of the Improvements, the Developer shall deliver to the Agency copies of any labor and material bonds, and performance bonds which may be required by Developer's lenders, or by Agency for construction of off--site improvements which bonds shall be issued by a reputable insurance company licensed to do business in California. Such bonds shall name the Agency as co-obligee. 4.11 Contribution of Cost Savings and Additional Financing. At the completion of construction, Agency shall have the right to conduct a complete audit of construction and development costs for the Improvements. The audit shall be prepared at Developer's expense in accordance with the requirements of the Agency and certified by an independent Certified Public Accountant licensed by the State of California. If the audit reveals that the Developer's financing sources identified in the Construction Financing Plan or subsequently obtained exceeded the actual costs of the project, Developer shall remit 50% of those cost savings to the Agency within ninety (90) days of the completion of the audit Article Five: CHANGES IN DEVELOPER 5.01 Identity of Developer. The Developer is anon-profit public benefit corporation. 5.02 Changes Only Pursuant To This Agreement The qualifications, experience and expertise of Developer is of particular concern to the Agency. It is because of these qualifications, experience and expertise that the Agency has entered into this Agreement No voluntary or involuntary successor in interest to Developer shall acquire any rights or powers under this Agreement, unless such transfer is approved in writing by the Agency. io