Laserfiche WebLink
• ( i) Builder ' s risk insurance, written on the <br /> so-called "Builder ' s Risk -- Completed Value Basis , " <br /> in an amount equal to 100% of the replacement costs of <br /> the Minimum Improvements at the date of completion, <br /> naming the HRA as an additional insured, with coverage <br /> on the so-called "all risk, " nonreporting form of <br /> policy; <br /> ( ii) Comprehensive general public liability <br /> insurance, including personal injury liability (with <br /> employee exclusion deleted) and automobile insurance, <br /> including owned, non-owned and hired automobiles , <br /> against liability for injuries to persons and/or <br /> property with respect to the Redevelopment Property, <br /> in the minimum amount for each occurrence and for each <br /> year of $1 , 000 , 000 , endorsed to show the HRA and the <br /> City as additional insureds; <br /> ( iii) Worker ' s compensation insurance in compliance <br /> with all statutory requirements; <br /> ( iv) Contractual liability insurance relating to <br /> the indemnification set forth in Section 5 . 1 hereof . <br /> The policies of insurance required under clauses ( i) , ( ii ) and <br /> • ( iv) above shall be in form and content satisfactory to the HRA <br /> and shall be placed with financially sound and reputable <br /> insurers licensed to transact business in the State of <br /> Minnesota. The policies shall contain an agreement of the <br /> insurer to give not less than 30 days ' advance written notice <br /> to the HRA in the event of cancellation of such policy or <br /> change affecting the coverage. <br /> (b) The provisions herein with respect to insurance <br /> of the Minimum Improvements shall terminate with respect to any <br /> unit included in the Minimum Improvements at such time as the <br /> Redeveloper has received a Certificate of Completion under <br /> Section 4 . 4 of the Agreement with respect to such unit and such <br /> unit is no longer owned by the Redeveloper . <br /> ARTICLE 6 <br /> Issuance of Note and <br /> Payment of Taxes <br /> Section 6 . 1 Issuance of Note. Upon completion of the <br /> Soil Corrections and delivery to the HRA of the statement <br /> required under Section 4 .3(a) hereof as to the costs of the <br /> Soil Corrections , the HRA will issue and deliver the Note to <br /> the Redeveloper . The Note shall be issued in a principal <br /> -10- <br />