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13 <br />DOCSOPEN\MU205\50\716385.v4-4/22/21 <br /> <br /> (ii) Comprehensive general liability insurance (including operations, contingent <br />liability, operations of subcontractors, completed operations and contractual liability <br />insurance) together with an Owner's Contractor's Policy with limits against bodily injury and <br />property damage of not less than $1,500,000 for each occurrence (to accomplish the above <br />required limits, an umbrella excess liability policy may be used); and <br /> <br /> (iii) Workers' compensation insurance, with statutory coverage. <br /> <br />The policies of insurance required pursuant to clauses (i) and (ii) above shall be in form and content <br />reasonably satisfactory to the EDA and shall be placed with financially sound and reputable insurers <br />licensed to transact business in Minnesota. The policy of insurance delivered pursuant to clauses (i) <br />and (ii) above shall also contain an agreement of the insurer to give not less than sixty (60) days' <br />advance written notice to the EDA in the event of cancellation of such policy or change affecting the <br />coverage thereunder. <br /> <br /> Section 5.2. Evidence of Insurance. All insurance required in this Article V shall be taken <br />out through and maintained by responsible insurance companies selected by the Developer which are <br />authorized under the laws of Minnesota to assume the risks covered thereby. The Developer agrees <br />to deposit annually with the EDA copies of policies evidencing all such insurance, or a certificate or <br />certificates or binders of the respective insurers stating that such insurance is in force and effect. <br />Unless otherwise provided in this Article V, each policy shall contain a provision that the insurer shall <br />not cancel nor materially modify it without giving written notice to the Developer and the EDA at <br />least sixty (60) days before the cancellation or modification becomes effective. Not less than fifteen <br />(15) days prior to the expiration of any policy, the Developer shall furnish the EDA evidence <br />satisfactory to the EDA that the policy has been renewed or replaced by another policy conforming <br />to the provisions of this Article V, or that there is no necessity therefor under the terms of this <br />Agreement. In lieu of separate policies, the Developer may maintain a single policy, blanket or <br />umbrella policies, or a combination thereof, having the coverage required herein, in which event the <br />Developer shall deposit with the EDA a certificate or certificates of the respective insurers as to the <br />amount of coverage in force upon the Minimum Improvements. <br /> <br /> ARTICLE VI <br /> <br /> Collection of Taxes <br /> <br /> Section 6.1. Right to Collect Delinquent Taxes. The Developer understands that the real <br />estate taxes on the Development Property and the Minimum Improvements must be promptly and <br />timely paid. To that end, the Developer agrees for itself, its successors and assigns, in addition to the <br />obligation pursuant to statute to pay real estate taxes, that the Developer is also obligated at all times <br />prior to the Termination Date by reason of this Agreement to pay before delinquency all real estate <br />taxes assessed against the Development Property and the Minimum Improvements. The Developer <br />acknowledges that at all times prior to the Termination Date this obligation creates a contractual right <br />on behalf of the EDA to sue the Developer or its successors and assigns to collect delinquent real <br />estate taxes and any penalty or interest thereon and to pay over the same as a tax payment to the