When you have delivered the Blood of a Neighboring Race to Matron Mother Ardulace, Phaere asks you to meet her in the Female Fighters' Society.
Ardulace is going to summon a Demon and offer it Adalon's Eggs as a reward for helping the Drow. However, Phaere wants you to swap the real eggs with a set of Fake Eggs which she gives you. That way, Ardulace will be killed during the ceremony and Phaere will have the real eggs to offer the Demon, and she can replace her mother as head of House Despana.
Accept the plot for now.
Leave the Female Fighters' Society and go to the Temple of Lolth.
This is where it gets really interesting: If you didn't kill Solaufein, he teleports in right outside the temple and offers you a deal: He, too, has a set of fake eggs – Solaufein's Fake Eggs – which you could give to Phaere. That way, both Matron Mother Ardulace and Phaere would get themselves killed during the ceremony. Accept.
Leave the temple, whistling innocently. Strangely enough, nobody is going to ask why Veldrin wanted to enter this way, or why the guards and Golems are suddenly dead. :-)
Actually, with Adalon's Eggs in your possession, you could kill Matron Mother Ardulace, thus breaking the seal on the city. But you would have to fight your way out of the temple, and out of Ust Natha. So...
Go back to Phaere in the Female Fighters' Society. Assuming you made a deal with Solaufein, give her Solaufein's eggs. The party gains 20,000 XP. Phaere zips off to the ceremony, telling you to follow her, or else...
An imp teleports in to warn you that once the Matron Mother is dead, you must leave the city in a hurry; you will only have minutes before the plot is revealed and the city will come down on you like a ton of bricks ... or a ton of Flails!
Go back to the Temple of Lolth. Phaere meets you at the entrance and shows you into the Ceremony Room at 4.
Matron Mother Ardulace starts the summoning ceremony and the Demon appears. However it is not very happy to be summoned away from its own plane.
Assuming you double-crossed Ardulace, she offers Phaere's fake eggs, and the enraged Demon kills her.
If you didn't double-cross Ardulace, the Demon takes Adalon's Eggs and reveals your true identity. And turns hostile. Since it can only be harmed by +5 or better weapons, this probably means you're in very deep trouble. Your only way of harming it, unless you have one of the very few +5 weapons in Shadows of Amn, is to use the Priest spell Bolt of Glory.
If you didn't double-cross Phaere, the Demon still reveals you – and attacks.
Next, the Demon turns to you. Just remain silent, and the Demon will leave.
If you speak to it and ask for power or the way out, it attacks. If you ask for an item, it takes Adalon's Eggs and gives you the Halberd Blackmist +4. But you'll miss out on a ton of experience, and you will be in serious trouble when you return to Adalon. ;-)
Each party member receives 25,000 XP.
Loot Ardulace's and Phaere's bodies for anything valuable, then start running! As the Imp told you, you only have a few minutes before the plot is revealed and the entire city turns on you. So get back out to Ust Natha, and leave the city by the main gate at 1.
It just remains to return to Adalon with her eggs.
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