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3 - LOAN AGREEMENT FOR AMCAL_2018-01-16
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3 - LOAN AGREEMENT FOR AMCAL_2018-01-16
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8/1/2018 9:24:34 AM
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City Clerk
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Community Development
Item #
3
Date
1/16/2018
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<br />35 <br /> <br />18.2.1 Notwithstanding the foregoing, neither Developer, nor any of its <br />partners, shall be personally liable for any indemnification obligation hereunder which <br />would result as the repayment of principal and/or interest under the Loan. <br /> <br />18.3 Reimbursement of Agency. Developer shall reimburse Agency <br />immediately upon written demand for all costs reasonably incurred by Agency (including <br />the reasonable fees and expenses of attorneys, accountants, appraisers and other <br />consultants, whether the same are independent contractors or employees of Agency) in <br />connection with the enforcement of the Loan Documents and all related matters including <br />all claims, demands, causes of action, liabilities, losses, commissions and other costs <br />against which Agency is indemnified under the Loan Documents. Such reimbursement <br />obligations shall bear interest from the date occurring twenty (20) calendar days after <br />Agency gives written demand to Developer and shall be secured by the Agency Deed of <br />Trust. Such reimbursement obligations shall survive the cancellation of the Loan Note, <br />release and re-conveyance of the Agency Deed of Trust, issuance of a Certificate of <br />Completion, and termination of this Agreement. <br /> <br />19. INSURANCE, CASUALTY AND CONDEMNATION <br /> <br />19.1 Policies Required. While any obligation of Developer under the Loan <br />Documents remains outstanding, Developer shall maintain at Developer's sole expense, <br />with insurers either (i) admitted in California or (ii) are not admitted to California but <br />have an A.M. Best Rating of “A” or above and reasonably approved by the Agency, the <br />following policies of insurance in form and substance reasonably satisfactory to the City <br />Attorney: <br /> <br />(a) worker’s compensation insurance and any other insurance required <br />by law in connection with the construction; <br /> <br />(b) prior to commencement and following completion of the <br />construction, 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 /> <br /> (c) upon commencement of the construction and at all times prior to <br />completion of the construction, builder's risk-all risk insurance covering 100% of the <br />replacement cost of all Improvements (including offsite materials) during the course of <br />construction in the event of fire, lightning, windstorm, vandalism, earthquake, 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 /> <br />(d) public liability insurance in amounts reasonably required by <br />Agency from time to time, and in no event less than $1,000,000 for "single occurrence;" <br /> <br />EXHIBIT 3 <br />3-45
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