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2020-090 -Approving a Disposition and Development Agreement
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2020-090 -Approving a Disposition and Development Agreement
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11/23/2020 8:42:01 AM
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11/23/2020 8:34:16 AM
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City Clerk
Doc Type
Resolution
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Clerk of the Council
Doc #
2020-090
Date
11/17/2020
Destruction Year
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claims in law or equity occasioned by the failure of Optionee to comply with this <br />section. Every workers' compensation insurance policy shall bear an <br />endorsement or shall have attached a rider providing that, in the event of <br />expiration or proposed cancellation of such policy for any reason whatsoever, <br />Optionor shall be notified, giving Optionee a sufficient time to comply with <br />applicable law, but in no event less than thirty (30) days before such expiration, <br />cancellation, or reduction in coverage is effective or in the event of nonpayment <br />of premium. <br />5.3.5. Should any of the required insurance coverage required be written with an <br />annual aggregate such aggregate shall be disclosed in writing to Optionor. <br />5.3.6. If Optionee fails or refuses to produce or maintain the insurance required <br />by this section or fails or refuses to furnish Optionor with required proof that <br />insurance has been procured and is in force and paid for, Optionor shall have the <br />right, at its election, to forthwith terminate this the right of entry provided in this <br />Section. <br />5.3.7. Notwithstanding any requirements contained in this Section, Optionee <br />shall have the right to satisfy its insurance obligations under this Agreement by <br />means of self-insurance. Self-insurance shall mean that Optionee itself is acting <br />as though it were the third -party insurer providing the insurance required under <br />the provisions of this Agreement, and Optionee shall pay any amounts due in lieu <br />of insurance proceeds because of self-insurance, which amounts shall be treated <br />as insurance proceeds for all purposes under this Agreement. To the extent <br />Optionee chooses to provide any required insurance by self-insurance, the <br />protection afforded Optionor and the applicable properties shall be the same as if <br />provided by a third -party insurer under the coverages required by this Agreement. <br />In the event that Optionee elects to self -insure and an event or claim occurs for <br />which a defense and/or coverage would have been available from a third -party <br />insurer, Optionee shall undertake the defense of any such claim, including a <br />defense of Optionor, at Optionee's sole cost and expense to pay any claim or <br />replace any property or otherwise provide the funding that would have been <br />available from insurance proceeds. <br />5.4. Optionee shall not permit any mechanics', materialmen's or other liens of any <br />kind or nature ("Liens") to be filed or enforced against the Parcel. Optionor reserves the right, at <br />its sole cost and expense, at any time and from time to time, to post and maintain on the Parcel, <br />or any portion thereof, or on the improvements on the Parcel, any notices of non -responsibility or <br />other notice as may be desirable to protect Optionor against liability. In addition to, and not as a <br />limitation of Optionor's other rights and remedies under this Section, should Optionee fail, <br />within thirty (30) days of written request from Optionor, either to discharge any Lien (to the <br />extent such Lien is prohibited pursuant to this Section) or to bond for any Lien (to the extent <br />such Lien is prohibited pursuant to this Section), or to defend, indemnify, and hold harmless <br />Optionor from and against any loss, damage, injury, liability or claim arising out of a Lien (to the <br />extent such Lien is prohibited pursuant to this Section), then Optionor, at its option, may elect to <br />pay such Lien, or settle or discharge such Lien and any action or judgment related thereto and all <br />costs, expenses and attorneys' fees incurred in doing so shall be paid to Optionor, as applicable, <br />by Optionee upon written demand. <br />5 <br />
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