CC PACKET 04261983 - Laserfiche WebLink

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Redeveloper fails to give-any written authorization or pursuant to Section 5.2 hereof, and except those statement required under this Subsection (c), the Agency may remedies available to. Agency under Subsection (a) of draw upon any:Letter of Credit which it then holds and may this Section, shall be limited solely to. said Letters retain the full amount thereof as liquidated damages for of Credit and proceeds thereof. Redeveloper's default. Once Redeveloper has authorized the - Agency to proceed with acquisition of the Phase II and Phase Notwithstanding anything to the contrary herein contained, the III property, Redeveloper shall comply with the further Agency shall make no claim against Redeveloper for any amount requirements of the Time Table with respect to Phases II and in excess of the amounts set forth above. III. (d) Redeveloper acknowledges that defaults by it with ARTICLE V respect to.certain obligations under this Agreement may give Insurance and Condemnation rise to losses and damages to the Agency which are difficult or impossible to measure or determine. For this reason, Section 5.1 Defense of Claims. Redeveloper shall Redeveloper agrees that the damages to the Agency• in.no event indemnify and hold harmless the Agency and the City and their shall be deemed to be less than the aggregate amount of the respective officers, employees -and agents for any loss, damages Letters of Credit then held by the Agency. If the Agency draws and expenses (including attorneys' fees) in connection with any on any Letter 'of Credit, it may retain the full amount thereof claims or proceedings arising•_from damages or injuries received in compensation for its minimum damages resulting from or sustained by any person or property by reason of any actions Redeveloper's .defaults under this Agreement. . In consideration or omissions of Redeveloper or its contractors, agents, for the foregoing agreement by •Redeveloper .in regard to the officers or employees under this Agreement. Agency's minimum damages in the event of Redeveloper's default, the Agency agrees to the following limitations on Redeveloper's Section 5.2 Insurance. liability under thi.s Agreement: (i) The total liability f Redeveloper with (a) Redeveloper will provide the following insurance Y P at the time of conveyance of Redevelopment Property to respect to any default prior to written authorization Redeveloper and will maintain such insurance at all times to proceed with Phase II pursuant to Section 4.5(c), during the process of constructing the Minimum Improvements, including without limitation defaults with respect to and thereafter to the extent the Minimum Improvements are owned the payment of principal, interest and premium, if by Redeveloper, and at the request of the Agency will furnish _any, on Bonds and any other liabilities except those the Agency with copies of and proof of payment of premiums on insured against pursuant to Section 5.2 hereof, and the following insurance:' except those remedies available to Agency under Subsection (a) of this Section, shall be limited - (i) Builder's risk insurance, written on the solely to said Letters of Credit and proceeds thereof. so-called "Builder's Risk -- Completed Value Basis," in an amount equal to 100% of the replacement costs of (ii) Subject to (i) . (iii) hereof, and, except the Minimum Improvements at the date of completion, to the extent that Redeveloper's er's tax increment naming the Agency as an additional insured; with guarantee obligations under Section 6.1 hereof exceed coverage on the so-called "all risk," nonreporting said Letters of Credit proceeds, and except .for the form of policy; Agency's other remedies under Subsection (a) of this Section, the Agency shall make no claim against (ii) Comprehensive general public liability Redeveloper for any amount in excess of said Letters insurance, including personal injury liability (with of Credit proceeds. employee exclusion deleted) and automobile insurance, (iii) After Certificates of Completion have been against liability for injuries to persons and%or including owned, non-owned and hired automobiles, filed for Phases I and II, includ 4 without property with respect to any Phase owned by limitation defaults with respect to the payment of- Redeveloper, in-the minimum amount for each occurrence principal, interest and premium if any, on Bonds and and for each year of $1,000,000, endorsed to show the any other liabilities except those insured against Agency and the City as additional insureds; -13- -14-