10/14/2002 Council Packet - Laserfiche WebLink

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Contract have been installed, unless the City has agreed in writing to waive this requirement as to a specific premises. 14. INSURANCE. Developer or all its subcontractors shall take out and maintain until one (1) year after completion of the Developer Improvements, public liability and property damage insurance covering personal injury, including death, and claims for property damage which may arise out of the Developer's work or the work of his subcontractors or by one directly or indirectly employed by any of them. Limits for bodily injury and death shall be not less than Five Hundred Thousand and no /100 ($500,000.00) Dollars for one person and One Million and no /100 ($1,000,000.00) Dollars for each occurrence; limits for property damage shall be not less then Two Hundred Thousand and no /100 ($200,000.00) Dollars for each occurrence; or a combination single limit policy of One Million and no /100 ($1,000,000.00) Dollars or more. The City, its employees, its agents and assigns shall be named as an additional insured on the policy, and the Developer or all its subcontractors shall file with the City a certificate evidencing coverage prior to the City signing the plat. The certificate shall provide that the City must be given ten (10) days advance written notice of the cancellation of the insurance. The certificate may not contain any disclaimer for failure to give the required notice. 15. EVENTS OF DEFAULT. A. Events of Default Defined. The following shall be "Events of Default" under this Agreement and term "Event of Default" shall mean whenever it is used in this Agreement, any one or more of the following events: 1. Failure by the Developer to substantially observe or perform any material covenant, condition, obligation or agreement on its part to be observed or performed under this Agreement, Resolution 02 -111 and Resolution 02- 112. B. Remedies on Default. Whenever any Event of Default referred to in Sectionl5.A. of this Agreement occurs, the City, as specified below, may take the following action after providing of thirty (30) days written notice to the Developer and assignees specified in writing of the Event of Default, but only if the Event of Default has not been cured within said thirty (30) days or, if the Event of Default cannot be cured within thirty (30) days, the Developer or its assigns does not provide assurances to the City reasonably satisfactory to the City that the Event of Default will be cured as soon as reasonably possible 1. The City may suspend its performance under the Agreement, until it receives assurances from the Developer, reasonably deemed adequate by the City, that the Developer will cure its default and continue its performance under the Agreement. 2. The City may, at its option, perform any work required by Developer, and the Developer shall promptly reimburse the City for any expense incurred JADT AGREEMENT 10/09/02 7