10-27-2004 Council Agenda - Laserfiche WebLink

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Hidden Acres Development Contract Limits for bodily injury or death shall not be less than $1,000,000 for one person and $1,000,000 for each occurrence. Limits for property damage shall not be less than $1,000,000 for each occurrence. The City shall be named as an additional named insured on said policy, and the Developer shall file a copy of the insurance coverage with the City prior to the commencement of the Required Improvements. The insurance policy obtained by the Developer is subject to City approval. In the event that the City is held liable to a third party by a court of competent jurisdiction for damages and the insurance obtained by Developer for any reason fails to cover the City, the Developer shall be liable under this Contract for any and all costs incurred or damages claimed against the City. 3. This Grading Permit Agreement cannot be assigned or transferred. 4. There is no intent to benefit any third parties and third parties shall have no recourse against the City under this Contract. 5. The Developer shall reimburse the City for all costs incurred by the City in defense or enforcement of this Contract, or any portion thereof, including court costs and reasonable engineering and attorneys' fees. 6. If any portion, section, subsection, sentence, clause, paragraph, or phrase of this Contract is for any reason held to be invalid by a court of competent jurisdiction, such decision shall not affect or void any of the other provisions of the Development Contract. Finance 7. As financial security, Developer shall furnish the City with an Irrevocable Letter of Credit in an approved format in an amount equal to One hundred twenty -five percent (125 %) of all contracts associated with the required construction components of the grading and drainage plan as designed. The Developer's Bond or Letter of Credit shall guarantee Developer's completion of all required components in compliance with this Agreement, and compliance with -3- - 5 -