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The Developer agrees for itself, its successors and assigns, and every successor in <br /> • interest to the Property, or any part thereof; that the Developer, and such successors and <br /> assigns, shall promptly begin and diligently prosecute to completion the development of <br /> the Property through the construction of the Minimum Improvements thereon, and that <br /> such construction shall in any event be commenced and completed within the period <br /> specified in this Section 20.3 of this Agreement Subsequent to the Developer's <br /> acquisition of title to the Property, or any part thereof, and until construction of the <br /> Minimum Improvements has been completed, the Developer shall make reports,ports, in such <br /> detail and at such times as may reasonably be requested by the Authority, as to the actual <br /> progress of the Developer with respect to such construction. <br /> 20.4. Certificate of Completion. (a) Promptly after substantial completion of the <br /> Minimum Improvements in accordance with those provisions of this Agreement relating <br /> solely to the obligations of the Developer to construct the Minimum Improvements <br /> (including the dates for beginning and completion thereof),the Authority will furnish the <br /> Developer with a Certificate of Completion substantially in the form shown at Exhibit B. <br /> Such certification by the Authority shall be a conclusive determination of satisfaction and <br /> termination of the agreements and covenants in this Agreement with respect to the <br /> obligations of the Developer and its successors and assigns, to construct the Minimum <br /> Improvements, as applicable, and the dates for the beginning and completion thereof. <br /> Such certification and such determination shall not constitute evidence of compliance with <br /> or satisfaction of any obligation of the Developer to any Holder of a Mortgage, or any <br /> • insurer of a Mortgage,securing money loaned to finance the Minimum Improvements, or <br /> any part thereof. <br /> (b) If the Authority shall refuse or fail to provide any certification in <br /> accordance with the provisions of this Section 20.4 of this Agreement,the Authority shall, <br /> within thirty (30) days after written request by the Developer,provide the Developer with <br /> a written statement,indicating in adequate detail in what respects the Developer has failed <br /> to complete the Minimum Improvements in accordance with the provisions of this <br /> Agreement, or is otherwise in default, and what measures or acts it will be necessary, in <br /> the opinion of the Authority,for the Developer to take or perform in order to obtain such <br /> certification. <br /> (c) The construction of the Minimum Improvements shall be deemed to be <br /> substantially completed when the Minimum Improvements have been approved for use <br /> by the responsible inspecting authority. <br /> • <br /> 20.5. Reconstruction of Minimum Improvements. If the Minimum Improvements <br /> are damaged or destroyed before the Termination Date, the Developer agrees, for itself <br /> and its successors and assigns, to reconstruct the Minimum Improvements so that the <br /> Minimum Improvements and the Property have a value equal to the Minimum Market <br /> Value as set forth in and required by Section 20.1(e) of this Agreement The Minimum <br /> • Improvements shall be reconstructed in accordance with the Construction Plans, or with <br /> modifications approved by the Authority in accordance with Section 20.2 of this <br /> Agreement. <br /> SJA123590 <br /> .svzas•z 17 <br />