|
the date and time when entry will be made. Optionor shall make the Parcel available as soon as
<br />reasonably practical thereafter. The license and permission to enter upon, over, under and/or
<br />across the Parcel shall commence on the Effective Date and shall expire upon termination of this
<br />Agreement.
<br />5.3. Prior to entry onto the Parcel, Optionee shall secure, and shall require its
<br />contractors, if any, to secure an insurance policy or policies, as described below.
<br />5.3.1. Notwithstanding any inconsistent statement in the insurance policy or any
<br />subsequent endorsement attached thereto, the protection afforded by these policies
<br />shall be written on an occurrence basis in which Optionor, and its respective
<br />elected and appointed officials, officers, employees, agents and representatives
<br />(together, "Additional Insureds") are named as additional insureds on all
<br />coverage, except for workers' compensation coverage, and shall (on or prior to
<br />the Effective Date, Optionee shall provide to Optionee the complete legal names
<br />of all Additional Insureds):
<br />(a) Name Additional Insureds as additional insureds on a Commercial General
<br />Liability policy;
<br />(b) Provide a combined single limit of broad form commercial general liability
<br />insurance in the amount of Two Million Dollars ($2,000,000) per occurrence,
<br />which will be considered equivalent to the required minimum limits, and such
<br />insurance shall (i) be written on an occurrence form, (ii) be written with a primary
<br />policy form with limits of not less than $1,000,000 per occurrence; (iii) be written
<br />with one or more excess layers to bring the total of primary and excess coverage
<br />limits to not less than $2,000,000 per occurrence, (iv) not be written with a
<br />deductible greater than $25,000 per occurrence, (v) contain a waiver of
<br />subrogation in favor of Optionor;
<br />(c) Provide automobile liability insurance for owned, non -owned, and hired
<br />vehicles, as applicable to, or for any use related to, the Work, in an amount not
<br />less than One Million Dollars ($1,000,000) combined single limit, with excess
<br />insurance coverage to bring the total amount of automobile liability insurance
<br />coverage to an amount not less than Two Million Dollars ($2,000,000) per
<br />accident for bodily injury and property damage;
<br />5.3.2. Optionee shall notify Optionor not less than thirty (30) days before any
<br />expiration, cancellation, or non -renewal of such policy or policies; and
<br />5.3.3. Optionee shall furnish certificates of insurance and endorsements to
<br />Optionor prior to entry onto the Parcel pursuant to this Section.
<br />5.3.4. Optionee shall comply with Sections 3700 and 3800 of the Labor Code by
<br />securing, paying for and maintaining in full force and effect during the Term, and
<br />continuing prior to entry onto the Parcel pursuant to this Section, with the earlier
<br />to occur of expiration of the Term complete workers' compensation insurance, to
<br />statutory limits, with employer's liability limits not less than One Million Dollars
<br />($1,000,000) per occurrence, and shall furnish a Certificate of Insurance to
<br />Optionor prior to entry onto the Parcel pursuant to this Section, before the
<br />commencement of Work. All Additional Insureds shall not be responsible for any
<br />4
<br />
|