07-23-2003 Council Agenda - Laserfiche WebLink

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1450998v8 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 City and the EDA as an 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, Minimum Improvements the Developer owns are damaged by fire or other casualty the Developer must notify the EDA 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 EDA 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 the Developer owns or, if the damage to the Minimum Improvements the Developer owns cannot be repaired, replace the damaged portion of the Minimum Improvements the Developer owns. 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 (excluding any portion of the Development Property for which the EDA has issued a Certificate of Completion and Release) through the exercise of the power of eminent domain, the Developer must notify the EDA 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 or any portion of the Development Property (excluding any portion of the Development Property for which the EDA has issued a Certificate of Completion and Release) through the exercise of the power of eminent domain, the Developer, the EDA and any Mortgage holders may each appear in the condemnation proceedings and may each seek to recover damages from the condemning authority based on their respective interests in the property. 9.4. Release Defense and Indemnification Covenants. The Developer releases the City, the EDA and their respective council members, officers, agents, servants and employees thereof (hereinafter, for purposes of this Section 9.4, the "Indemnified Parties ") from any claims for loss or damage to property or for any injury to or death of any person occurring at or about the Development Property after the date the EDA 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 for any injury to or death of any person occurring at or about the Development Property (excluding any portion of the Development Property for which the EDA has issued a Certificate of Completion and Release) after the date the EDA 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 of loss or damage to property or injury to or death of any person occurring at or about the Development Property (excluding any portion of the Development Property for which the EDA has issued a Certificate of -17-