Laserfiche WebLink
Draft 9/8/94 <br /> <br />having the coverage required herein, in which event the Developer shall deposit with the City a <br />certificate or ce~_tificates of the respective insurers as to the amount of coverage in force upon the <br />Minimum Impr0vernents. <br /> <br /> (c) The Developer agrees to notify the City immediately in the case of damage <br />exceeding $100i000 in amount to, or destruction of, the Minimum Improvements or any portion <br />thereof resultinl~ from fire or other casualty. In such event, the Developer either will forthwith <br />repair, reconstrj~ct and restore the Minimum Improvements to substantially the same or an <br />improved condi~on or value as it existed prior to the event causing such damage and, to the extent <br />necessary to acepmplish such repair, reconstruction and restoration, the Developer will apply the <br />Net Proceeds of~ny insurance relating to such damage received by the Developer to the payment or <br />reimbursement 0f the costs thereof. <br /> <br /> The Dev.~loper shall complete the repair, reconstruction and restoration of the Minimum <br />Improvements,_~..' hether or not the Net Proceeds of insurance received by the Developer for such <br />purp.oses are suff~icmnt to pay for the same. Any Net Proceeds remaining after completion of such <br />repairs, construciion and restoration shall be the property of the Developer. <br /> <br /> (d) ~he Developer and the City agree that all of the insurance provisions set forth in this <br />Article V shall t~rminate upon the tem'fination of this Agreement. <br /> <br />Page i1 <br /> <br /> <br />