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GUEST HOUSE LP (2)-2016
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GUEST HOUSE LP (2)-2016
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Last modified
5/2/2017 1:19:42 PM
Creation date
5/2/2017 10:25:26 AM
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Contracts
Company Name
GUEST HOUSE LP
Contract #
A-2016-155
Agency
Community Development
Council Approval Date
6/21/2016
Notes
A-2016-369
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following policies of insurance in form and substance reasonably satisfactory to the City <br />Attorney: <br />(a) worker's compensation insurance and any other insurance <br />required by law in connection with the rehabilitation; <br />(b) prior to commencement and following completion of the <br />rehabilitation, fire and hazard "all risk" insurance covering 100% of the replacement cost <br />of the Improvements in the event of fire, lightning, windstorm, vandalism, malicious <br />mischief and all other risks normally covered by "all risk" coverage policies in the area <br />where the Property is located (including loss by flood if the Property is in an area <br />designated as subject to the danger of flood); <br />(c) upon commencement of the rehabilitation and at all <br />times prior to completion of the rehabilitation, builder's risk -all risk insurance covering <br />100% of the replacement cost of all Improvements (including offsite materials) during the <br />course of construction in the event of fire, lightning, windstorm, vandalism, earthquake, <br />malicious mischief and all other risks normally covered by "all risk" coverage policies in <br />the area where the Property is located (including loss by flood if the Property is in an area <br />designated as subject to the danger of flood); <br />(d) public liability insurance in amounts reasonably required <br />by City from time to time, and in no event less than $1,000,000 for "single occurrence;" <br />(c) property damage insurance in amounts reasonable <br />required by City from time to time, and in no event less than $1,000,000; and <br />(f) any other insurance reasonably required by City. <br />All such insurance shall provide that it may not be canceled or materially modified <br />without thirty (30) days prior written notice to City. The policies required under <br />subparagraphs (b) and (c) shall include a "lender's loss payable endorsement" in form <br />and substance satisfactory to City, showing the City as encumbrance. The City shall be <br />named as an additional insured(s) in the policies required under subparagraphs (d) and (e) <br />with primary coverage. Certificates of insurance for the above policies (and/or original <br />policies, if required by City) shall be delivered within ten (10) days after demand <br />therefore, and prior to start of any rehabilitation work. Alt policies insuring against <br />damage to the Improvements shall contain an agreed value clause sufficient to eliminate <br />any risk of co-insurance. No less than thirty (30) days prior to the expiration of each <br />policy, Developer shalt deliver to City evidence of renewal or replacement of such policy <br />reasonably satisfactory to City Attorney. <br />19.2 City_Attorney May Modify, The City Attorney <br />may modify the type and amounts of insurance required pursuant to this Section. <br />19.3 Claims and Proceedings. Developer shall give City <br />immediate notice of any material casualty to any portion of the Property, whether or not <br />covered by insurance, and of the initiation or threatened initiation of any proceeding for <br />34 <br />
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