07-23-2003 Council Agenda - Laserfiche WebLink

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$3,000,000 in aggregate (to accomplish the above - required limits, an umbrella or excess liability policy may be used); and (iii) Such other insurance, including worker's compensation insurance respecting all employees of the Developer, in such amount as is customarily carried by like organizations engaged in like activities of comparable size and liability exposure; provided that the Developer may be self - insured with respect to all or any part of its liability for worker's compensation. (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 EDA a certificate or certificates from the respective insurers, in a form reasonably acceptable to the EDA, 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 EDA 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 City and the EDA as an additional insured. The policies of insurance described under Section 9.1(a)(ii) and 9.1(b)(ii) maybe 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 $50,000. 9.2. Casualty Loss Notice and Repair Obligations. If, prior to the Termination Date, Minimum Improvements 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 (or such longer period as may reasonably be required), repair the damage to the Minimum Improvements or, if the damage to the Minimum Improvements the Developer owns cannot be repaired, replace the damaged portion of the Minimum Improvements. Subject to the terms of any mortgage that, as of the date of the fire or other casualty that results in damage to the Minimum Improvements, is first in priority as to any other mortgage, any insurance proceeds payable as a result of the loss or damage must be placed in escrow and used only to pay for repair or reconstruction or, if the Developer does not repair or replace the Minimum Improvements as required above, must be disbursed to the EDA to be held in escrow in an interest - bearing account as security for the Developer's payment of its obligations under Sections 8.1 and 8.2, and released with interest to Developer upon the earlier of December 31, 2022 or the payment in full of the TIF Bonds. 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 EDA within five Business Days of the date the Developer -18-