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Certificate of Completion and Release <br />1. Recitals. <br />1.1. Recital One. The Villas at Little Canada LI.,C (the "Developer") is the owner of <br />the real property legally described on the attached Exhibit A (the "Townhome Development <br />Property "). <br />1.2. Recital Two. Developer acquired title to the Townhome Development Property <br />from the Economic Development Authority of the City of Little Canada (the "EDA ") pursuant to <br />a Quit Claim Deed dated December 9, 2003 and filed on January 14, 2004, as Document No. <br />3719506 (Abstract) and filed October 14, 2004, as Document No. 1851444 (Torrens) (the <br />"Deed"). <br />1.3. Recital Three. The Deed includes a right of re -entry for breach of conditions <br />subsequent in favor of the EDA (the "Right of Re- entry "). <br />1.4. Recital Four. The EDA and the Developer are parties to a development <br />agreement, as evidenced by a Memorandum of Development Agreement dated December 9, <br />2003, and filed on January 14, 2004, as Document No. 3719504 (Abstract) and filed October <br />14, 2004, as Document No. 1851447 (Torrens) and amended by First Amendment to <br />Memorandum of Development Agreement dated July 16, 2004, and filed on October 13, 2004, <br />as Document No. 3799746 (Abstract) and filed October 14, 2004, as Document No. 1851448 <br />(Torrens) (the "Development Agreement "). <br />1.5. Recital Five. Pursuant to Section 6.3 of the Development Agreement, the <br />Developer is obligated to complete the construction of various phases of the Minimum <br />Improvements on or before the construction completion dates set forth on the Construction <br />Schedule attached to the Development Agreement. The Development Agreement provides that <br />the construction completion date may be extended as a result of an Unavoidable Delay, as <br />defined in the Development Agreement. <br />1.6. Recital Six. The FDA's Right of Re -entry would be triggered by the Developer's <br />failure to complete construction of Minimum Improvements on or before the construction <br />completion date, as such dates may be extended as a result of an Unavoidable Delay. <br />