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01-04-1999 WS & CC
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01-04-1999 WS & CC
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MV City Council
City Council Document Type
City Council Packets
Date
1/4/1999
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BRIGGS&MORGAN Fax:6512236645 Dec 11 '98 16:59 P. 19 <br /> • the amount of coverage in force upon the Minimum <br /> Improvements. <br /> • <br /> (d) The Developer agrees, to notify the City <br /> immediately in the case of damage exceeding $100, 000 in <br /> amount to, or destruction of, the Minimum Improvements or <br /> any portion thereof resulting from fire or other casualty. <br /> Subject to the provisions of any First Mortgage, Net <br /> Proceeds of any insurance shall be paid directly to the <br /> Developer, and the Developerwill forthwith repair, <br /> reconstruct and restore the Minimum Improvements to <br /> substantially the same or an improved condition or value as <br /> they existed prior to the event causing such damage and, to <br /> the extent necessary to accomplish such repair, <br /> reconstruction and restoration, the Developer will apply the <br /> Net Proceeds of any insurance relating to such damage <br /> received by the Developer to the payment or reimbursement of <br /> the costs thereof. <br /> (e) The Developer shall complete the repair, recon- <br /> struction and restoration of the Minimum Improvements, <br /> whether or not the Net Proceeds of insurance received by the <br /> Developer for such purposes are sufficient. <br /> Section 5 .2 . Relationship to Mortgagee. The provisions of <br /> • <br /> Section 5 . 1 shall be subject to the subordination, modification <br /> and waiver provisions of Section 8 . 6 but shall otherwise remain <br /> in full force and effect with respect to the Developer' s <br /> obligations to maintain insurance, notify the City of any <br /> casualty and reconstruct the Minimum Improvements upon such <br /> casualty unless provision is made to the satisfaction of the City <br /> for the reimbursement of all public redevelopment costs incurred <br /> by the City in connection with the Project. <br /> • <br /> 965316.Red <br /> Nn to Vi, 12/3.2./9a 15 <br /> • <br /> • <br />
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