Agenda - Council - 01/10/1995 - Laserfiche WebLink

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Draft 1/4/95 Page i1 insure~shall not cancel nor modify it in such a way as to reduce the coverage provided below the amou~ls required herein without giving written notice to the Developer and the City at least thirty (30) ~ys before the cancellation or moclification becomes effective. In lieu of separate policies, the Developer may maintain a single policy, blanket or umbrella policies, or a combination thereof, havin~ the coverage required herein, in which event the Developer shall deposit with the City a certificate or certificates of the respective insnrers as to the amount of coverage in force upon the Min~um Lraprovements. ~ (c) The Developer agrees to notify the City immediately in the case of dam_age exc~g $100,000 in amount to, or destruction of, the Minimum improvements or any portion thereb)f resulting from fire or other casualty, in such event, the Developer either will forthwith rep~, reconstruct and restore the Minimum improvements to substantially the same or an improved condition or value as it existed prior to the event causing such damage and, to the extent necessary to accomplish such repair, reconstruction and restoration, the Developer will apply the Net ~x:eeds of any insurance relating to such damage received by the Developer to the payment or reimbursement of the costs thereof. The Developer shall complete the repair, reconstruction and restoration of the Mi. nimum Imp~vements, whether or not the Net Proceeds of insurance received by the Developer for such p~ses are sufficient to pay for the same. Any Net Proceeds remaining after completion of such rep~, construction and restoration shall be the property of the Developer. i (d) The Developer and the City agree that all of the insurance provisions set forth in this Arti~¢le V shall terminate upon the termination of this Agreement.