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item (including, without limitation, deposit, fund or surety) required for construction or <br />installation of the Electric Improvements, pursuant to all Governmental Requirements, to each <br />necessary Governmental Agency for review and approval. The HOA is required to comply with <br />all applicable Governmental Requirements in its construction and installation of the Electric <br />Improvements pursuant to this Agreement. The HOA acknowledges that all plans and <br />specifications and any changes to any plans or specifications for the Electric Improvements shall <br />be subject to all Governmental Requirements. <br />(b) Approvals. The HOA shall obtain all entitlements, permits and other <br />approvals for construction and installation of the Electric Improvements from each <br />Governmental Agency, as required to commence construction and installation of the Electric <br />Improvements within the time period provided for such actions in the Action Schedule and prior <br />to the commencement of applicable portions of construction or installation of the Electric <br />Improvements. <br />(c) Reservations. No action by the City or the Agency with reference to this <br />Agreement or any related documents shall be deemed to constitute issuance or waiver of any <br />required City or Agency permit, approval or authorization regarding the Electric Improvements, <br />nor shall any such action be binding on the City Council or the Planning Commission of the City <br />regarding any approvals of the Electric Improvements required by such bodies. <br />(d) No Entitlement. The HOA obtains no right, permit or entitlement to <br />construct or install the Electric Improvements by virtue of this Agreement. <br />(e) Compliance. The HOA agrees to accept and fully comply with any and all <br />reasonable conditions of approval applicable to any approvals, permits or other governmental <br />actions regarding the construction or installation of the Electric Improvements. <br />Section 2.4 Assurances of Completion of Electric Improvements. <br />(a) Surety. No later than thirty (30) days prior to the commencement of <br />construction or installation of the Electric Improvements, the HOA shall cause each of its <br />contractor(s) to provide to and for the benefit of both the HOA and the Agency, a surety bond <br />issued by a responsible surety company, admitted to do business in California by the California <br />Department of Insurance, in an amount not less than one hundred twenty-five percent (125%) of <br />the total hard and soft costs of the construction and installation of the portion of the Electric <br />Improvements for which such contractor is hired, which bond by its terms shall remain in full <br />force and effect and the HOA's contractor shall maintain it in full force and effect, until a <br />Certificate of Completion for the Electric Improvements is issued or deemed issued by the <br />Agency, the entire cost of the portion of the Electric Improvements for which such contractor is <br />hired has been paid in full and all claims for labor, materials, appliances or power have been <br />paid. The bond shall contain such provisions as are reasonably required by the HOA and the <br />Agency, including, without limitation, all of the following: <br />(1) That the bond shall secure the completion of the portion of the <br />Electric Improvements for which such contractor is hired, free from all liens and claims of <br />contractors, subcontractors, mechanics, laborers and materialmen for, at least, twelve (12) <br />8 <br />SDPUB\D W ILLIAMS\345783.8 <br />