FULL AGENDA PACKET_2021-04-20 - Laserfiche WebLink

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EXHIBIT 3 (b) prior to commencement and lollowing completion of the conr;tructiou, In-c and hazard "all risk" insurance covering 100%Z of the replacanent cost of the lmproveincnts in the event offre, lightning, windstorm, vandalism, malicious mischief and all other risks normally covered by "all risk" coverage policies in the area where the Property is located (including loss by flood ifthe Property is in an area designated as subject to the danger of flood); (c) upon conunencement of the construction and at all times prior to completion of the construction, huilder's risk -all risk insurance covering 100'Xo of the replacement cost of all Tmprovenlents (including offsite materials) during the course of eonsuuetion in the event Of fire, lightning, Aindstol7n, vandalism, earthquake, malicious mischief and all other risks normally covered by "all risk" coverage policies in the area where the Property is located (including loss by flood if the Property is in an area designated as subject to the danger of flood); (dl public liability insurance in the amount of $1,000,000 fm- "single occuIrence'% (e) property damage insurance in amounts reasonably required by City front time to time, and in no event less than $1,000,000, and (t) any other insurance reasonably required by City. All such insurance shall provide that it may not be canceled or materially nodified without thirty (30) days (ten (10) days for nonpayment ofprcmium) prior written notice. to City. The policies required under subparagraphs (b) and (e) shall include a "lender's loss payable endorsement" in form and substance satisfactory to City, showing the City as encumbrance. The City shall be named as an additional insured(s) in the policies required under subparagraphs (d) and (e) with primary coverage. Certificates of insurance fur the above policies (and/or original policies, ifrequired by City) shall be delivered within ten (t 0) days after demand therctoi c, and prior to ,tart of any cousnvuion work. All politics insuring against damage to the Improvements shall contain an agreed value clause sufficient to eliminale any risk ofco-insurance. No less than ten (10) days prior to the cXpiration of each policy, Developer shall deliver to City evidence of renewal or replacement of sueh policy reasonably satisfactory to City Attorney_ 192 RESERVED_ 193 Claims and Procceditt2s. Developer shall give City invncdiatc notice of any material casualty to any portion of the Property, whether tit not covered by insurance, and of the initiation or threatened initiation of any proceeding for the condemnation or other faking for public or quasi -public use ol'any portion of the Property (collectively, "Condemnation"), and shall provide City with copies of all documents which pertain to any such casualty or Condemnation. Developer shall take all action reasonably required b_y City in connection therewith to protect the interests of Developer and/or City, and City shall be entitled (without regard to the adequacy of its security) to narticinate in any action_ claim_ adiustment or oroceedini and to be City Council 39 21 — 43 4/20/2021