Agenda - Council - 09/11/2018 - Laserfiche WebLink

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provided that the Developers may be self -insured with respect to all or any part of its liability for workers" compensation. (b) All insurance required in Article V of this Agreement shall be taken cat and maintained in responsible insurance companies, selected by the Developer, which are authorized' under the laws of the State to assume the risks covered thereby. Upon request, the Developer will deposit annually, with the City, policies evidencing al] such insurance, or a certificate or certificates, or binders of the respective insurers, stating that such insurance is in force and effect. Unless otherwise provided in Article V of this Agreement, each policy shall contain a provision that the insurer shall not cancel, nor modify, it in such a way as to reduce the coverage provided below the amounts required herein without giving written notice to the Developer and the City at least thirty (30) days before the cancellation or modification becomes effective. In lieu of separate policies, the Developer may rmaintain a single policy, blanket or umbrella policy, or a combination thereof, having the coverage required herein, in which event the Developer shall deposit with the City a certificate or certificates of the respective insurers as to the amount of coverage in force upon the Minimum Improvements. (c) The Developer agrees to notify the City immediately in the case of damage exceeding $100,000 in amount to, or destruction of, the Minimum Improvements or any portion thereof resulting from fire or other casualty occur -ring prior to the Maturity Date. In such event, the Developer either will forthwith repair, 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 proceeds of any insurance relating to such damage received by the Developer to the payment or reimbursement of the costs thereof, or pay the City the unpaid balance of the financial assistance as set forth in Section 2.2. The Developer shall complete the repair, reconstruction and restoration of the Minimum Improvements, whether or not the net proceeds of insurance received by the Developer for such purposes are sufficient to pay for the same. Any net proceeds remaining after completion of such repairs, construction and restoration shall be the property of the Developer_ (d) Notwithstanding anything herein to the contrary any insurance proceeds payable pursuant to this ARTICLE V are subject to the terms and conditions of any first mortgage encumbering the Development Property. (e) The Developer and the City agree that all of the insurance provisions set forth in this Article V shall terminate upon the Maturity Date. t.6