FULL AGENDA PACKET_2021-04-20 - Laserfiche WebLink

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EXHIBIT 3 represented therein by counsel of its choice- Developer shall not settle, adjust, or compromise any claim, action, adjustment or proceeding without poor wtiLLe» approval, which approval shall not be unreasonably withheld or delayed. 19.4 Dclivery of Proceeds to Citv. In the event that. nolwilhslanding the "lender's loss payable endorsement" requirement set forth above, the proceeds from any casually insurance is in excess ol'S500,000, Developer shall, subject to any superior rights of a Senior Lender, deliver such proceeds to the City promptly upon receipt. 19-5 Anulication of Casualty insurance Proceeds. Subject Lo the rights of a Senior Lender, any proceeds collected (the "Proceeds") under any casualty insurance policy desenbcd in this Agrcetncut shall be disbursal to Developer as pruvided below, but only upon htlfillincm of each of the following conditions (the "Restoration Conditions") within ninety (90) days (unless extended by nnrival agreement of Developer and City) following the Occurrence of the damage for which the Proceeds are collected_ (a) Developer shall demonstrate to City's reasonable satisfaction that the Proceeds (together with amounts deposited by Developer pursuant to subparagraph (b)) will he adequate to repair the hnprovements and to restore the fair rnarkeL value ol'the Property, within two years (or such longer Lime period reasonably dcicrutincd by City), to at least the value it had immediately prior to sustaining dtc damage. Such demonstration shall include delivery to City of (i) plans and specitications reasonably satislaclory to Cily, and (ii) a construction conuact in loan and content, and with it contractor, reasonably satisfactory to City- (b) To the extent that the Proceeds arc insufficient to accomplish the restoration required above, Developer shall deliver to City (the "Shortfall Funds") in the amount of such shortfall, which fund; shall he assigned to City as security for Developer's obligation hereunder and held and disbursed in the same manner as the Proceeds. (c) Developer shall execute such documents as City reasonably requires to evidence and secure Developer's obligation to use all amounts disbursed liar the diligent restoration of the PrOpca-Ly- (d) No Lvent of Default shall remain uncured. 19-6 Method of Disbursement and Undishursed Funds. Any Proceed, and Shortfall Funds to be cliNbursed to Developer shall be held by City and disbursed in atccurdancc with that customary disbttrscncrtt procedures and related provisions. Any amounts remaining undisbursed tollowing completion ofsuch restoration shell be returned to Developer up to the amount of any Shortfall Funds deposited by Developer, and any Other amuunLs remaining shall either he paid to Developer or applied t)v City against any Obligations to City that are secured by it lien orr the Property, as the-v elect in their sole and absolute discretion. 19-7 Failure to Satisfy Conditions_ Tn the event that Developer City Council 40 21 — 44 4/20/2021