Agenda - Council - 03/24/2015 - Laserfiche WebLink

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Section 6.2 Insurance. Maintain or cause Developer to maintain insurance to such extent and against such hazards and liabilities as is commonly maintained by companies similarly situated or as the HRA may reasonably request from time to time, which insurance shall include without limitation the following: (a) Development Property Insurance. So-called "all risk" insurance with respect to the Project and all personal property located thereon, insuring against any peril now or hereafter included within the classification of "Special Perils" or "Cause of Loss — Special Form" (sometimes referred to as "All Risk of Physical Loss") in an amount equal to the full insurable value of such property. (b) Liability Insurance. Commercial general liability insurance on the so-called "occurrence" form, including bodily injury, death and property damage liability, insurance against any and all claims, including all legal liability to the extent insurable and imposed upon the HRA and all court costs and legal fees and expenses, arising out of or connected with the possession, use, leasing, operation, maintenance or condition of the Project in such amounts as are generally available at commercially reasonable premiums but in any event for a limit per occurrence of at least $1,000,000 and an annual aggregate of at least $2,000,000. The HRA shall be named as additional insured with respect to any insurance policy providing the coverage required by the immediately preceding sentence, and the Borrower shall cause each provider of any such insurance to agree, by endorsement upon the policy or policies issued by it or by independent instruments furnished to the HRA, that it will give the HRA thirty (30) days prior written notice before any such policy or policies shall be altered or canceled, and that no act or default of the Developer or Borrower shall affect the rights of the HRA under such policy or policies. (c) Worker's Compensation Insurance. Statutory workers' compensation and disability insurance. Section 6.3 Taxes and Liabilities. Pay, or cause the Developer to pay, when due, all taxes and special assessments levied against Borrower, Developer or the Development Property and all other indebtedness and liabilities of Developer or Borrower, except as contested in good faith and by appropriate proceedings. Section 6.4 Real Estate Taxes and Insurance Premiums. Promptly advise the HRA of the non-payment when due of any real estate taxes or installments of special assessments payable with respect to the Project. Section 6.5 Construction of Minimum Improvements. Commence or cause the Developer to commence construction of the Minimum Improvements on or before June 30, 2012. Complete or cause the Developer to complete the Minimum Improvements on or before the Completion Date in a good and workmanlike manner, in accordance with the Final Construction Plans and in compliance with applicable laws, rules, regulations, building codes, and ordinances. C-2-13 2695614v16