11-13-2002 Council Agenda - Laserfiche WebLink

Home Browse Search

(c) All insurance required by this Section 9.1 shall be taken out 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. The Developer will deposit annually with the CityEDA a certificate or certificates from the respective insurers, in a form reasonably acceptable to the CityEDA, evidencing that the insurance required under this Section 9.1 is in force and effect. Each policy shall contain a provision that the insurer shall not cancel or modify it without giving written notice to the Developer and the CityEDA at least thirty (30) days before the cancellation or modification becomes effective. The policies of insurance referenced in Sections 9.1(a)(ii) and 9.1(b)(ii) must identify the GityEDA as additional insured. The policies of insurance described under Section 9.1(a)(ii) and 9.1(b)(ii) may be subject to a deductible or for provisions providing for the Developer's retention of liability provided the amount of the deductible or retained liability does not exceed $5,000. 9.2. Casualty Loss Notice and Repair Obligations. If, prior to the Termination Date, the Minimum Improvements are damaged by fire or other casualty the Developer must notify the C-i -tyEDA of the nature and extent of the damage within five Business Days of the occurrence of the damage; provided, however, the Developer is not obligated to notify the CityEDA if the Developer reasonably determines the cost of repairing the damage is less than $25,000. Whether or not insurance proceeds are available to the Developer, the Developer must, within one year of the date of the damage, repair the damage to the Minimum Improvements or, if the damage to the Minimum Improvements cannot be repaired, replace the damaged portion of the Minimum Improvements. 9.3. Condemnation. If an entity with the power of eminent domain commences or threatens to commence proceedings to acquire all or any portion of the Development Property through the exercise of the power of eminent domain, the Developer must notify the CityEDA within five Business Days of the date the Developer obtains actual knowledge that the condemning authority has commenced or is threatening to commence such eminent domain proceedings. If an entity with the power of eminent domain acquires all of the Development Property through the exercise of the power of eminent domain, this Agreement and the Tax Increment Note terminate and the Developer is entitled to retain the entire condemnation awards, subject to the rights of any Mortgage holders or other parties with rights in the Development Property. 9.4. Release, Defense and Indemnification Covenants. The Developer releases the EDA, the City and itsthe r-espesti City_'s council members, officers, agents, servants and employees the cef(hereinafter, for purposes of this Section 9.4, the "Indemnified Parties ") from any claims for loss or damage to property or any injury to or death of any person occurring at or about the Development Property after the date the GityEDA conveys the Development Property to the Developer. The Developer agrees to defend the Indemnified Parties from and against any claims for loss or damage to property or any injury to or death of any person occurring at or about the Development Property after the date the CityEDA conveys the Development Property to the Developer, except for claims alleging intentional misconduct on the part of the Indemnified Parties. The Developer agrees to indemnify the Indemnified Parties from any liability, cost or expense arising out 1428086vdoc Red (V8 to V7) -15-