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Cont. (part 2)
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Vol. 1- City of Santa Ana Financing Authority (Police Admin. and Holding Facility)
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Cont. (part 2)
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Any insurance policy issued pursuant to Section 6.03(1) shall be so written or <br /> endorsed as to make losses, if any, payable to the City, the Authority, and the Trustee as their <br /> respective interests may appear, shall waive any co-insurance penalty and the net proceeds of <br /> the insurance required in Section 6.03(1) shall be applied as provided in Section 7.01. The net <br /> proceeds, if any, of the insurance policy described in Section 6.03(2) shall be payable to the <br /> Trustee and deposited in the Revenue Fund. Each insurance policy provided for in this Section <br /> shall contain a provision to the effect that the insurance company shall not cancel the policy or <br /> modify it materially and adversely to the interests of the Authority or the Trustee without first <br /> giving written notice thereof to the Authority and the Trustee at least sixty (60) days in advance <br /> of such intended cancellation or modification; provided, that the Trustee shall not be responsible <br /> for the sufficiency of any insurance herein required and shall be fully protected in accepting <br /> payment on account of such insurance or any adjustments, compromise or settlement of any loss <br /> agreed to by it. <br /> The City shall file a certificate with the Trustee not later than July 1 of each year <br /> certifying that the insurance required by this section is in full force and effect and that the <br /> Trustee is named as a loss payee on each insurance policy which this Lease requires to be so <br /> endorsed. The City shall also deliver annually the original copies of each insurance policy <br /> required by this section to the Bond Insurer within thirty (30) days of purchase or renewal. <br /> SECTION 6.04. Advances. In the event the City shall fail to maintain the full <br /> insurance coverage required hereby or shall fail to keep the Leased Property in good repair and <br /> operating condition, the Authority may (but shall be under no obligation to) purchase the <br /> required policies of insurance and pay the premiums on the same or may make such repairs or <br /> replacements as are necessary and provide for payment thereof; and all amounts so advanced <br /> therefor by the Authority shall become Additional Rental, which amounts the City agrees to pay <br /> within thirty (30) days of a written request therefor, together with interest thereon at the <br /> maximum rate allowed by law. <br /> SECTION 6.05. Title Insurance. The City covenants and agrees to deliver or <br /> cause to be delivered to the Trustee on the Closing Date a CLTA leasehold owner's policy or <br /> policies, or a commitment for such policy or policies, with respect to the Leased Property with <br /> liability in the aggregate amount equal to the principal amount of the Bonds. Such policy or <br /> policies, when issued, shall name the Trustee as the insured and shall insure the leasehold estate <br /> of the City in the Leased Property subject only to such exceptions as the City shall certify do <br /> not materially affect the City's right to the use and occupancy of the Leased Property. The City <br /> may not self insure for title insurance. <br /> LA1-63219.5 18 <br />
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