Common use of Construction of Project; Insurance Clause in Contracts

Construction of Project; Insurance. (a) The Redevelopers will complete the Redeveloper Public Improvements and the Private Improvements as described on Exhibit “A” and install all equipment necessary to operate the Redeveloper Public Improvements and the Private Improvements for each phase of the Project no later than the completion date for the applicable phase set forth on Exhibit “B”. Stonyhill may, upon written notice to the CDA, accelerate or delay Phase Two and/or Phase Three of the Project based on the schedule of construction and sale of the residential homes to be constructed. The Redevelopers shall be solely responsible for obtaining all permits and approvals necessary to acquire, construct and equip the Redeveloper Public Improvements and the Private Improvements. Until construction of the Redeveloper Public Improvements and the Private Improvements has been completed, Redevelopers shall make reports in such detail and at such times as may be reasonably requested by the CDA as to the actual progress of Redevelopers with respect to construction of the Redeveloper Public Improvements and the Private Improvements. Promptly after substantial completion by Redevelopers of the Redeveloper Public Improvements and the Private Improvements for each phase of the Project, Redevelopers shall notify the CDA of the completion and request that the CDA issue a Certificate of Completion, the form of which is attached as Exhibit “D” and incorporated by this reference. Once issued by the CDA, the Certificate of Completion for each phase of the Project shall be a conclusive determination of satisfaction of the agreements and covenants in this Redevelopment Agreement with respect to the obligations of Redevelopers to construct the Redeveloper Public Improvements and the Private Improvements for such phase, and Redevelopers shall be entitled to record the Certificate of Completion. (b) Any contractor chosen by Redevelopers or Redevelopers themselves shall be required to obtain and keep in force at all times until completion of construction, policies of insurance including coverage for contractors’ general liability and completed operations (provided that Redevelopers may self-insure in lieu of obtaining and keeping in force such policy of insurance) and a penal bond as required by the Act. The CDA shall be named as an additional insured. Any contractor chosen by Redevelopers or Redevelopers themselves, as an owner, shall be required to purchase and maintain property insurance upon the Project to the full insurable value thereof (provided that Redevelopers may self-insure in lieu of obtaining and keeping in force such policy of insurance). This insurance shall insure against the perils of fire and extended coverage and shall include “special causes of loss” insurance for physical loss or damage.

Construction of Project; Insurance. (a) The Redevelopers Redeveloper will complete the Redeveloper Public Improvements and the Private Improvements as described on Exhibit “A” Project and install all improvements, buildings, fixtures, equipment and furnishings necessary to operate the Project. Redeveloper Public Improvements and the Private Improvements for each phase of the Project no later than the completion date for the applicable phase set forth on Exhibit “B”. Stonyhill may, upon written notice to the CDA, accelerate or delay Phase Two and/or Phase Three of the Project based on the schedule of construction and sale of the residential homes to be constructed. The Redevelopers shall be solely responsible for obtaining obtaining, all permits and approvals necessary to acquire, construct and equip the Redeveloper Public Improvements Project. The Village agrees, subject to its governing ordinances, to approve a use permit for construction and operation of the Private ImprovementsProject. Until construction of the Redeveloper Public Improvements and the Private Improvements Project has been completed, Redevelopers Redeveloper shall make reports in such detail and at such times as may be reasonably requested by the CDA Village as to the actual progress of Redevelopers Redeveloper with respect to construction of the Redeveloper Public Improvements and the Private ImprovementsProject. Promptly after substantial completion by Redevelopers of the Redeveloper Public Improvements and the Private Improvements for each phase of the Project, Redevelopers the Redeveloper shall notify furnish to the CDA of the completion and request that the CDA issue Village a Certificate of Completion, the form of which is attached as Exhibit “D” and incorporated by this reference. Once issued The certification by the CDA, the Certificate of Completion for each phase of the Project Redeveloper shall be a conclusive determination of satisfaction of the agreements and covenants in this Redevelopment Agreement Contract with respect to the obligations of Redevelopers Redeveloper and its successors and assigns to construct the Redeveloper Public Improvements and Project. As used herein, the Private Improvements for such phase, and Redevelopers term “completion” shall be entitled to record mean substantial completion of the Certificate of CompletionProject. (b) Any contractor chosen by Redevelopers the Redeveloper or Redevelopers themselves the Redeveloper itself shall be required to obtain and keep in force at all times until completion of construction, policies of insurance including coverage for contractors’ general liability and completed operations (provided that Redevelopers may self-insure in lieu of obtaining and keeping in force such policy of insurance) and a penal bond as required by the Act. The CDA Village and the Redeveloper shall be named as an additional insuredinsureds. Any contractor chosen by Redevelopers the Redeveloper or Redevelopers themselvesthe Redeveloper itself, as an owner, shall be required to purchase and maintain property insurance upon the Project to the full insurable value thereof (provided that Redevelopers may self-insure in lieu of obtaining and keeping in force such policy of insurance)thereof. This insurance shall insure against the perils of fire and extended coverage and shall include “special causes of lossAll Risk” insurance for physical loss or damage. The contractor or the Redeveloper, as the case may be, shall furnish the Village with a Certificate of insurance evidencing policies as required above. Such certificates shall state that the insurance companies shall give the Village prior written notice in the event of cancellation of or material change in any of the policies.

Construction of Project; Insurance. (a) The Redevelopers Redeveloper will complete acquire the project site described as follows: Lot One (1), Xxxxxxx Subdivision, City of Grand Island, Hall County, Nebraska. Redeveloper will cause the asbestos in the improvements on the site to be removed by a qualified contractor who performs the removal pursuant to the Federal and State regulations currently in effect. Redeveloper shall then cause the improvements on the site to be cleared and the premises prepared for construction. After a dwelling house is built on the premises and ownership transferred to a qualified family pursuant to guidelines established by the Redeveloper, notice of completion shall be given to the Authority pursuant to subparagraph (b) of this section. If the Redeveloper Public Improvements and sells the Private Improvements as described on Exhibit “A” and install all equipment necessary vacant lot or fails to operate complete construction of the dwelling house within five (5) years from the date of this agreement, Redeveloper agrees to repay the amount of this loan, without interest, upon notice of default by the Authority. If the Redeveloper Public Improvements and the Private Improvements for each phase complies with all of the Project no later than terms of this agreement, the completion date for the applicable phase set forth on Exhibit “B”. Stonyhill may, upon written notice obligation to the CDA, accelerate or delay Phase Two and/or Phase Three of the Project based on the schedule of construction repay this loan shall be null and sale of the residential homes to be constructed. The Redevelopers void. (b) Redeveloper shall be solely responsible for obtaining all permits and approvals necessary to acquire, construct and equip the Redeveloper Public Improvements and the Private ImprovementsProject. Until construction of the Redeveloper Public Improvements and the Private Improvements Project has been completed, Redevelopers Redeveloper shall make reports in such detail and at such times as may be reasonably requested by the CDA Authority as to the actual progress of Redevelopers Redeveloper with respect to construction of the Redeveloper Public Improvements and the Private ImprovementsProject. Promptly after substantial completion by Redevelopers of the Redeveloper Public Improvements and the Private Improvements for each phase of the Project, Redevelopers the Redeveloper shall notify furnish to the CDA of the completion and request that the CDA issue Authority a Certificate of Completion, the form of which is attached as Exhibit “D” and incorporated by this reference. Once issued The certification by the CDA, the Certificate of Completion for each phase of the Project Redeveloper shall be a conclusive determination of satisfaction of the agreements and covenants in this Redevelopment Agreement Contract with respect to the obligations of Redevelopers to construct Redeveloper. As used herein, the Redeveloper Public Improvements and the Private Improvements for such phase, and Redevelopers term "completion" shall be entitled to record the Certificate of Completion. (b) Any contractor chosen by Redevelopers or Redevelopers themselves shall be required to obtain and keep in force at all times until mean substantial completion of construction, policies of insurance including coverage for contractors’ general liability and completed operations (provided that Redevelopers may self-insure in lieu of obtaining and keeping in force such policy of insurance) and a penal bond as required by the Act. The CDA shall be named as an additional insured. Any contractor chosen by Redevelopers or Redevelopers themselves, as an owner, shall be required to purchase and maintain property insurance upon the Project to the full insurable value thereof (provided that Redevelopers may self-insure in lieu of obtaining and keeping in force such policy of insurance). This insurance shall insure against the perils of fire and extended coverage and shall include “special causes of loss” insurance for physical loss or damageProject.

Construction of Project; Insurance. (a) The Redevelopers will complete the Redeveloper Public Improvements and the Private Improvements as described on Exhibit “A” and install all equipment necessary to operate the Redeveloper Public Improvements and the Private Improvements for each phase of the Project no later than the completion date for the applicable phase set forth on Exhibit “B”. Stonyhill may, upon written notice to the CDA, accelerate or delay Phase Two and/or Phase Three of the Project based on the schedule of construction and sale of the residential homes to be constructed. The Redevelopers shall be solely responsible for obtaining all permits and approvals necessary to acquire, construct and equip the Redeveloper Public Improvements and the Private Improvements. Until construction of the Redeveloper Public Improvements and the Private Improvements has been completed, Redevelopers shall make reports in such detail and at such times as may be reasonably requested by the CDA as to the actual progress of Redevelopers with respect to construction of the Redeveloper Public Improvements and the Private Improvements. Promptly after substantial completion by Redevelopers of the Redeveloper Public Improvements and the Private Improvements for each phase of the Project, Redevelopers shall notify the CDA of the completion and request that the CDA issue a Certificate of Completion, the form of which is attached as Exhibit “D” and incorporated by this reference. Once issued by the CDA, the Certificate of Completion for each phase of the Project shall be a conclusive determination of satisfaction of the agreements and covenants in this Redevelopment Agreement with respect to the obligations of Redevelopers to construct the Redeveloper Public Improvements and the Private Improvements for such phase, and Redevelopers shall be entitled to record the Certificate of Completion. (b) Any contractor chosen by Redevelopers or Redevelopers themselves shall be required to obtain and keep in force at all times until completion of construction, policies of insurance including coverage for contractors’ general liability and completed operations (provided that Redevelopers may self-insure in lieu of obtaining and keeping in force such policy of insurance) and a penal bond as required by the ActAct for any redevelopment work conducted in the public right- of-way. The CDA shall be named as an additional insured. Any contractor chosen by Redevelopers or Redevelopers themselves, as an owner, shall be required to purchase and maintain property insurance upon the Project to the full insurable value thereof (provided that Redevelopers may self-insure in lieu of obtaining and keeping in force such policy of insurance). This insurance shall insure against the perils of fire and extended coverage and shall include “special causes of loss” insurance for physical loss or damage.

Construction of Project; Insurance. (a) The Redevelopers Redeveloper will complete the Redeveloper Public Improvements and the Private Improvements as described on Exhibit “A” Project and install all improvements, buildings, fixtures, equipment and furnishings necessary to operate the Project. Redeveloper Public Improvements and the Private Improvements for each phase of the Project no later than the completion date for the applicable phase set forth on Exhibit “B”. Stonyhill may, upon written notice to the CDA, accelerate or delay Phase Two and/or Phase Three of the Project based on the schedule of construction and sale of the residential homes to be constructed. The Redevelopers shall be solely responsible for obtaining all permits and approvals necessary to acquire, construct and equip the Redeveloper Public Improvements Project. The Village agrees, subject to its governing ordinances, to approve a use permit for construction and operation of the Private ImprovementsProject. Until construction of the Redeveloper Public Improvements and the Private Improvements Project has been completed, Redevelopers Redeveloper shall make reports in such detail and at such times as may be reasonably requested by the CDA Village as to the actual progress of Redevelopers Redeveloper with respect to construction of the Redeveloper Public Improvements and the Private ImprovementsProject. Promptly after substantial completion by Redevelopers of the Redeveloper Public Improvements and the Private Improvements for each phase of the Project, Redevelopers the Redeveloper shall notify furnish to the CDA of the completion and request that the CDA issue Village a Certificate of Completion, the form of which is attached as Exhibit “D” and incorporated by this reference. Once issued The certification by the CDA, the Certificate of Completion for each phase of the Project Redeveloper shall be a conclusive determination of satisfaction of the agreements and covenants in this Redevelopment Agreement Contract with respect to the obligations of Redevelopers Redeveloper and its successors and assigns to construct the Redeveloper Public Improvements and Project. As used herein, the Private Improvements for such phase, and Redevelopers term “completion” shall be entitled to record mean substantial completion of the Certificate of CompletionProject. (b) Any contractor chosen by Redevelopers the Redeveloper or Redevelopers themselves the Redeveloper itself shall be required to obtain and keep in force at all times until completion of construction, policies of insurance including coverage for contractors’ general liability and completed operations (provided that Redevelopers may self-insure in lieu of obtaining and keeping in force such policy of insurance) and a penal bond as required by the Act. The CDA Village and the Redeveloper shall be named as an additional insuredinsureds. Any contractor chosen by Redevelopers the Redeveloper or Redevelopers themselvesthe Redeveloper itself, as an owner, shall be required to purchase and maintain property insurance upon the Project to the full insurable value thereof (provided that Redevelopers may self-insure in lieu of obtaining and keeping in force such policy of insurance)thereof. This insurance shall insure against the perils of fire and extended coverage and shall include “special causes of lossAll Risk” insurance for physical loss or damage. The contractor or the Redeveloper, as the case may be, shall furnish the Village with a Certificate of Insurance evidencing policies as required above. Such certificates shall state that the insurance companies shall give the Village prior written notice in the event of cancellation of or material change in any of the policies.