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07-01-2019 Council Packet
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07-01-2019 Council Packet
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10/30/2021 1:08:48 PM
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City Council
Council Document Type
Council Packet
Meeting Date
07/01/2019
Council Meeting Type
Work Session Regular
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19 <br />that the Developer may be self-insured with respect to all or any part of its liability for <br />workers’ compensation. <br /> <br /> (c) All insurance required in this Article V shall be taken out and maintained in <br />responsible insurance companies selected by the Developer that are authorized under the laws of the <br />State to assume the risks covered thereby. Upon request, the Developer will deposit annually with <br />the Authority a certificate or certificates or binders of the respective insurers stating that such <br />insurance is in force and effect. Unless otherwise provided in this Article V each policy shall <br />contain a provision that the insurer shall not cancel nor modify it in such a way as to reduce the <br />coverage provided below the amounts required herein without giving written notice to the <br />Developer and the Authority at least thirty (30) days before the cancellation or modification <br />becomes effective. In lieu of separate policies, the Developer may maintain a single policy, blanket <br />or umbrella policies, or a combination thereof, having the coverage required herein, in which event <br />the Developer shall deposit with the Authority a certificate or certificates of the respective insurers <br />as to the amount of coverage in force upon the Minimum Improvements. <br /> <br /> (d) The Developer agrees to notify the Authority immediately in the case of damage <br />exceeding $1,000,000 in amount to, or destruction of, the Minimum Improvements or any portion <br />thereof resulting from fire or other casualty. In such event the Developer will promptly cause the <br />repair, reconstruction and restoration of the Minimum Improvements to substantially the same or an <br />improved condition or value as it existed prior to the event causing such damage and, to the extent <br />necessary to accomplish such repair, reconstruction and restoration, the Developer will apply the net <br />proceeds of any insurance relating to such damage received by the Developer to the payment or <br />reimbursement of the costs thereof. <br /> <br /> The Developer shall cause to be completed the repair, reconstruction and restoration of the <br />Minimum Improvements, regardless of whether the net proceeds of insurance received by the <br />Developer for such purposes are sufficient to pay for the same. Any net proceeds remaining after <br />completion of such repairs, construction and restoration shall be the property of the Developer or its <br />assignee <br /> <br /> (e) The Developer and the Authority agree that all of the insurance provisions set forth <br />in this Article V shall terminate upon the termination of this Agreement. <br /> <br /> Section 5.2. Subordination. Notwithstanding anything to the contrary contained herein, the <br />rights of the Authority with respect to the receipt and application of any proceeds of insurance shall, <br />in all respects, be subject and subordinate to the rights of any Holder under a Mortgage allowed <br />pursuant to Article VII hereof. <br /> <br /> <br /> <br />(The remainder of this page is intentionally left blank.)
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