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• IX. INSURANCE <br />• <br />• <br />Development Contract <br />Millers Crossroads 2nd Addition <br />March 28, 2005 <br />A. Developer or all its subcontractors shall take out and maintain until one (1) year <br />after the City has accepted the private improvements, public liability and property <br />damage insurance covering personal injury, including death, and claims for property <br />damage which may arise out of the Developer's work or the work of his <br />subcontractors or by one directly or indirectly employed by any of them. Limits for <br />bodily injury and death shall be not less than Five Hundred Thousand and no /100 <br />($500,000.00) Dollars for one person and One Million and no /100 ($1,000,000.00) <br />Dollars for each occurrence; limits for property damage shall be not less then Two <br />Hundred Thousand and no /100 ($200,000.00) Dollars for each occurrence; or a <br />combination single limit policy of One Million and no /100 ($1,000,000.00) Dollars <br />or more. The City, its employees, its agents and assigns shall be named as an <br />additional insured on the policy, and the Developer or all its subcontractors shall file <br />with the City a certificate evidencing coverage prior to the City signing the plat. <br />The certificate shall provide that the City must be given ten (10) days advance <br />written notice of the cancellation of the insurance. The certificate may not contain <br />any disclaimer for failure to give the required notice. <br />X. REIMBURSEMENT OF COSTS FOR DEFENSE <br />A. The Developer agrees to reimburse the City for all costs incurred by the City in <br />defense of enforcement of this contract, or any portion thereof, including court costs <br />and reasonable engineering and attorneys' fees if the City prevails in such action. <br />XI. VALIDITY <br />A. If a portion, section, subsection, sentence, clause, paragraph or phrase in this <br />contract is for any reason held to be invalid by a court of competent jurisdiction, <br />such decision shall not affect or void any of the other provisions of the Development <br />Contract. <br />XII. GENERAL <br />A. Binding Effect <br />1. The terms and provisions hereof shall be binding upon and insure to the <br />benefit of the heirs, representatives, successors and assigns of the parties <br />hereto and shall be binding upon all future owners of all or any part of the <br />Subdivision and shall be deemed covenants running with the land. <br />Notwithstanding the foregoing, individual homeowners shall not be <br />obligated to perform Developer's obligations hereunder. <br />B. Notices <br />page 10 <br />-69- <br />