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FULL PACKET_2019-04-16
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FULL PACKET_2019-04-16
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Agency
Clerk of the Council
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4/16/2019
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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) days after Agency gives <br />written demand to Developer and shall be secured by the Agency Deed of Trust. Such <br />reimbursement obligations shall survive the cancellation of the Loan Note, release and <br />reconveyance of the Agency Deed of Trust, issuance of a Certificate of Completion, and <br />termination of this Agreement <br />19. INSURANCE, CASUALTY AND CONDEMNATION <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 />(a) worker's compensation insurance and any other insurance required <br />by law in connection with the construction; <br />(b) prior to commencement and following completion of the <br />construction, fire and hazard "all risk" insurance covering 100% of the replacement cost of <br />the Improvements in the event of fire, lightning, windstorm, vandalism, malicious mischief <br />and all other risks normally covered by "all risk" coverage policies in the area where the <br />Property is located (including loss by flood if the Property is in an area designated as <br />subject to the danger of flood); <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 />(d) public liability insurance in amounts reasonably required by Agency <br />from time to time, and in no event less than $1,000,000 for "single occurrence;" <br />(e) property damage insurance in amounts reasonably required by the <br />Agency from time to time, and in no event less than $1,000,000; and <br />(f) any other insurance reasonably required by Agency that is available <br />at commercially reasonable rates. <br />80A-126 <br />
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