11-25-1991 HRA Meeting - Laserfiche WebLink

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I (including reasonable attorney's fees) of whatsoever kind and nature# imposed on# incurred by or asserted against Authority, its of' -ers, agents or employees, that in any way relate to or arise o- '.he acquisition# construction or operation of the Project, ution and performance of this Lease or the authorization, »n and delivery of the Bonds, to the maximum extent petti.'.' id by law. Section 7.5. Property Insurance. Before and after the Completion Date, City shall have and assume the risk of loss with respect to the Project. City shall procure and maintain continuously in effect during the Term of the Lease with respect to the Project# hazard insurance against all risks of physical loss (including# without limitation, fire, extended coverage perils and vandalism and malicious mischief) in an amount equal to the full replacement value of the Project. The Net Proceeds of Insurance required by this Section shall be applied as provided in Article VIII. Section 7.6. Worker's Comp^naartnn Tn^uranra. If required by State law. City shall carry worker's compensation insurance covering all its employees on, in, near or about the Project. Sf n-, % Section "7,1. QtJlfiX— Inaurance. All insurance required by Article VII or this Article may be carried under a separate policy or a rider or endorsement; shall be taken out and maintained with responsible insurance companies organized under the laws of one of the states of the United States and qualified to do business in the State; shall contain a provision that the insurer shall not cancel or revise coverage thereunder without giving written notice to both parties at least 10 days before the cancellation or revision becomes effective; and shall name City and Authority as insured parties as their interests may appear. City shall deposit with Trustee and Authority policies evidencing any such insurance procured by it# or a certificate or certificates of the respective insurers stating that such insurance is in full force and effect. Before the expiration of any such policy# City shall furnish to Trustee and Authority evidence that the policy has been renewed or replaced by another policy conforming to the provisions of this Article# unless such insurance is no longer obtainable in which event City shall notify Authority and Trustee of this fact. If any insurance required by Sections 7.3 or 7.6 hereof is unavailable or the cost of obtaining such insurance is, in the judgment of the governing body of the City# excessive# the City may self Insure for such risks; provided that City gives prompt written notice of its intent to do so to Authority and Trustee. The City shall continue to seek such insurance coverage and if such insurance becomes available at a reasonable cost, the City shall promptly obtain such insurance. Notwithstanding the foregoing# City shall ^t all times maintain a policy of general 7-3 I i'-