Agenda Packets - 1987/12/14 - Laserfiche WebLink

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ng cost of the improvements (eipldrainsfoundation other uninsurable it me) and costs of underground flues, pipes, equipment, and may be determined from time to time at the request of the City, but not more frequently than orce every three years, by an Insurance lsInsurer, selected and paid and approved (hi poiciesevidennginsurancequirdby respectthissubaragrph1)with to the Minimum improvements shall be carried In the their&messpect the e Redeveloper, the Redeveloper's Mortgagee and the City interests may appear and shall contain standard clauses which provide for Nei Proceeds of insurance resulting from claims per casualty thereunder to the Minimum Improvements which are equal to or less then $250,000.00 for loss or damage covered thereby to be made payable directly to the Redeveloper and its Mortgagee, and Net Proceeds from such claims in excess of f250,00 City. The to Cie payable the jRe.-AIY to the developer shall jofntlyer, Its agrec Mortgagee and the Clty. Y and on the amount of settlement. (11) Comprehensive general public liability insurance, including personal injury liability (with employee exclusion deleted), and automobile Insurance, Including owned, non -owned and hired automob..,yes, agalust lia- bility for injuries to persons and/or property, in the minimum amount for each occurrence and for each year of $200o,000.00, and shall be endorsed to show the City as Oditional lnsured. (it!) Such other insurance, including worker's compensation In ur- ance respecting all employees of the Redeveloper engaged In work with respect to the construction of the Minimum improvements, in such amount as is carried itlorganizations niattlike activities comparable sizeand liability exposure; provided that Redeveloper may be self -Insured with respect to all or any part of Its liability for worker's compensation. (c) All Insurance required in Article V of this Agreement shall be taken out and maintained in responsible insurance companies selected by the Redeveloper which are authorized under the laws of the State to assume the risks covered thereby. The Redeveloper will deposit annually with the City policies evidencing all such insurance, or a certificate or certificates or binders of the respective Insurers stating that such insurance is in force and effect. Unless otherwise provided in this Article V of this Agreement each policy shall contain a provision that the insurer shall not cancel nor modify it without giving written notice to the Redeveloper and the City at least thirty (30) days before the cancellation or modification becomes effective. Not less than fifte^-n (151, days prior to the expiration of any policy, the Redeveloper shall furnish the City evidence satisfactory to been ther policy conforming tolthe ty tprovisiohat the nslof this Article V ofthis Aor greemenlaced t orthat there is no necessity therefor under the terms hereof. iu lieu of separate policies, the Redeveloper may maintain a single policy, blanket or umbrella policies, or a thereofcombination having which nt Redeveloper shall d�eposit e with the coverage required herein, Cityacertificate or pert certificates the the respective insurers as to the amount of coverage in force upon the Minimum improvements. 23