07-23-2003 Council Agenda - Laserfiche WebLink

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EDA notifies the Developer of the amount of such Tax Increment Shortfall. Any amounts not paid when due bear interest at a rate of 8% per annum until paid. To provide additional security for the Developer's performance with obligations under this Section 8.2, the Developer must deliver the Guaranty, as defined in Section 2.14, to the EDA contemporaneously with the Developer's execution of this Agreement. 8.3. Cap. So long as the Developer is not in default in the performance of the Developer's obligations under this Agreement the Developer's liability to the EDA for a Tax Increment Shortfall, if any, attributable to the real estate taxes due and payable with respect to the Development Property in the years 2008 through 2022 is limited to the lesser of the actual Tax Increment Shortfall, if any, for such year or an amount equal to the amount of the Tax Increment Shortfall, if any, in 2008. 8.4. Pooling. 9. INSURANCE, CASUALTY LOSS, CONDEMNATION AND INDEMNIFICATIONS. 1450998v8 9.1. Insurance. (a) Between the date the EDA conveys the Rutzik/Cardinal /Venetian Property to the Developer and the substantial completion of the Minimum Improvements, the Developer will obtain and maintain or cause to be obtained and maintained : (i) Builder's risk insurance, written on the so- called "Builder's Risk - Completed Value Basis ", in an amount equal to one hundred percent (100 %) of the insurable value of the Minimum Improvements at the date of completion, and with coverage available in non - reporting form on the so- called "all risk" form of policy. Notwithstanding anything else in this Section 9.1, Developer is only obligated to obtain and maintain builder's risk insurance for buildings that have completed foundations and are under construction. (ii) Occurrence based comprehensive general liability insurance (including operations, contingent liability, operations of subcontractors, completed operations and contractual liability insurance) together with an Owner's Contractor's Policy insuring against claims for death, bodily injury and property damage with coverage in amounts not less than $2,000,000 per occurrence and $3,000,000 in aggregate (to accomplish the above - required limits, an umbrella excess liability policy may be used); and (iii) Worker's compensation insurance, with statutory coverage. (b) From the date the Developer completes construction of the Minimum Improvements through the earlier of the date the Developer has _17_ -15-