05-13-2020 Council Packet - Laserfiche WebLink

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12316323v3 27 the fifth anniversary hereof and every fifth anniversary thereafter, by an insurance consultant or insurer, selected and paid for by the Borrower. All policies evidencing insurance required by this subparagraph (a) with respect to the Project Facilities shall be carried in the names of the Borrower and the Trustee as their respective interests may appear and shall contain standard mortgage clauses which provide for Net Proceeds of insurance resulting from claims per casualty thereunder to the Project Facilities which are less than $1,000,000 for loss or damage covered thereby to be made payable directly to the Borrower, and Net Proceeds from such claims which are equal to or in excess of $1,000,000 to be made payable directly to the Trustee. The Net Proceeds of such insurance required by this subparagraph (a) with respect to the Project Facilities shall be applied as provided in Sections 5.10 and 5.11 hereof. The Net Proceeds of such insurance required by this subparagraph (a) with respect to the facilities of the Borrower other than Project Facilities shall be payable to the Borrower. (b)Comprehensive general public liability insurance, including personal injury liability, and, if the Borrower owns or leases any automobiles, automobile insurance, including owned, non-owned and hired automobiles, against liability for injuries to persons and/or property, in the minimum amount for each occurrence and for each year of $1,000,000, for public liability not arising from ownership or operation of automobiles (or other motor vehicles), and in the minimum amount of $500,000 for each occurrence and for each year for liability arising out of ownership or operation of automobiles (or other motor vehicles) and shall be endorsed to show the Trustee and Issuer as an additional insured. Any such insurance coverage may be subject to a deductible amount of not more than $1,000,000. (c)Such other insurance, including workers' compensation insurance respecting all employees of the Borrower, in such amount as is customarily carried by like organizations engaged in like activities of comparable size and liability exposure; provided that the Borrower may be self-insured with respect to all or any part of its liability for workers' compensation. All insurance required in this Section shall be taken out and maintained in responsible insurance companies selected by the Borrower which are authorized under the laws of Minnesota to assume the risks covered thereby. Not more frequently than once every five years, the Borrower's insurance requirements may be modified in accordance with recommendations of an Independent insurance consultant selected by the Borrower, a copy of which shall be furnished to the Trustee. Each policy shall contain a provision that the insurer shall not cancel or modify it without giving written notice to the Borrower. With respect to casualty insurance, the Borrower shall give written notice to the Trustee at least thirty (30) days before such cancellation or modification becomes effective. If the Borrower receives notice of cancellation of any policy of insurance required hereunder, other than property casualty insurance, the Borrower shall forthwith provide written notice thereof to the Trustee. In lieu of separate policies, the Borrower may maintain a single policy, blanket or umbrella policies, or a combination thereof, having the coverage required herein. The Borrower shall provide to the Trustee annually on May 1 of each year a certificate of the Authorized Borrower Representative to the effect that the Borrower is in compliance with the requirements of this Section and the Trustee shall be authorized to conclusively rely on such certificate. The Trustee has no duty or obligation to determine the sufficiency of such insurance requirement.