Agenda - 12-09-2003-8m - Laserfiche WebLink

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~~. C~ to satisfy any liability of the Owner or other contractor for liquidated damages pursuant to Section Z.4, The amounts withheld may be disbursed by HUD for and on account of the Owner or other contractor to the respective employees to whom they are due, and to the Federal Govern- ment in satisfaction of liquidated damages under Section 2 4. 2.9 RESERVED. 2.10 EVIDENCE OF UNIT(S) COMPLET[ON; ESCROW, (a) The Owner shall evidence the completion of the unit(s) by famishing the PHA in addi- tion to the requirements listed in Section 1.6 of this Agreement, a certification of compli- ance with the provisions of Sections 2.4 and 2.8 of this Agreement, and that to the best of the Owner's knowledge and belief there are no claims of underpayment to laborers or mechanics in alleged violation of these provisions of the Agreement. In the event there are any such pending claims to the know ledge of the Owner, the PHA, or HUD, the Owner will place a sufficient amount in escrow, as directe d by the PHA or HUD, to assure such payments. (b) The escrows required under Sections 2.8 and 2.10 shall be paid to HUD, as escrowee, or to an escrowee designated by HUD, and the conditions and manner of releasing such escrows shall be designated and approved by HUD, 2.11 FLOOD INSURANCE. If the project is located in an area that has been identified by the Federal Emergency Manage- ment Agency as an area having special flood hazards and if the sale of flood insurance has been made available under the National Flood Insurance Program, the Owner agrees that the project will be covered, during its anticipated economic or useful life, by flood insurance in an amount at least equal to its development or project cost (less estimate d land cost) or to the limit of coverage made available with respect to the particular type of property under the National Flood Insurance Act of 1968, whichever is less. Page 16 of i6 HUD-52531-B (12/88) ref Handbook 7420.6