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The Recipient shall provide security to assure completion of the <br />Project by furnishing the Department and other construction lenders <br />with Performance and Payment Bonds, or a Letter of Credit for the <br />Work, which shall remain in effect during the entire term of <br />construction of the Work, and which shall be in a form and from an <br />issuer which is acceptable to the construction lenders and <br />Department. The Performance Bond shall be in an amount at least <br />equal to one hundred percent (100%) of the approved construction <br />costs to provide security for the faithful performance of the Standard <br />Agreement including a warranty period of at least 12 months after <br />completion. The Payment Bond shall be in an amount at least equal <br />to one hundred percent (100%) of the approved construction costs <br />to provide security for the payment of all persons performing labor <br />on the Project and furnishing materials in connection with the Project. <br />If a Letter of Credit is used, it shall be in an amount equal to at least <br />20% of the approved construction costs. The Department shall be <br />named as an additional obligee in the Bonds or beneficiary under a <br />Letter of Credit. <br />Recipient has obtained all required permits and approvals required <br />for the lawful construction of the Work and, when required by the <br />Department, the Housing Development. <br />g. Where approval by a local public works department, or its equivalent, <br />is required for the HRI, STI, or TRA, the applicant must submit a <br />statement from that department, or other documentation acceptable <br />to the Department, indicating that the HRI, STI or TRA has received <br />that approval. <br />h. Recipient has received all required public agency entitlements and <br />land use approvals for the Housing Development. <br />Submission to the Department of all lien waivers required by the <br />Department or passage of the applicable statutory periods for filing <br />mechanic and other similar liens. <br />Recipient has obtained all applicable CEQA and NEPA clearances <br />and submitted evidence thereof as required by the Department. <br />k. For HRI activities, Recipient has provided to the Department a Title <br />Report acceptable to the Department. <br />16-AHSC-11200 <br />NOFA 02/29/16 Page 8 of 36 <br />Rev: 03/16/17 <br />Project: Sarta Ana Arts Collective <br />Prep Date: 08/CR;17 <br />