Common use of Construction of Project; Insurance Clause in Contracts

Construction of Project; Insurance. Penal Bond. The Developer will acquire the project site by purchase from the Agency and construct a minimum 11,000 square foot commercial retail shopping center on the Premises. Construction on the project shall begin prior to the 3rd quarter of 2015 and shall be complete and ready for occupancy prior to January 1, 2016, pursuant to the Plan set forth on attached Exhibit C. The Developer shall be solely responsible for obtaining all permits and approvals necessary to acquire, construct and equip the Project. Until construction of the Project has been completed, the Developer shall make reports in such detail and at such times as may be reasonably requested by the Agency (not to exceed one report per month) as to the actual progress of the Developer with respect to construction of the Project. Promptly after completion by the Developer of the Project, the Developer shall furnish to the Agency a certificate of completion. The certification by the Developer shall be a conclusive determination of satisfaction of the agreements and covenants in this Redevelopment Contract with respect to the obligations of the Developer and its successors and assigns to construct the Project. As used herein, the term "completion" shall mean substantial completion of the Project. Any contractor chosen by the Developer or the Developer 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, completed operations and automobile liability. The minimum acceptable limits of liability to be provided by such insurance are: bodily injury of $2 million per person or occurrence and property damage of $2 million per occurrence. The Agency, the Developer, the City and the Agency shall be named as additional insured parties. Any contractor chosen by the Developer or the Developer itself, as an owner, shall be required to purchase and maintain property insurance upon the Project to the full insurable value thereof. This insurance shall insure against the perils of fire and extended coverage and shall include "All Risk" insurance for physical loss or damage. Notwithstanding the foregoing, the Developer reserves the right to self-insure against the risks described herein. The contractor or the Developer, as the case may be, shall furnish the Agency with a Certificate(s) of Insurance evidencing policies as required above. Such certificates shall specifically indicate that the public liability insurance includes all extensions of coverage required and shall state that the insurance companies shall give the Agency and all other named insureds at least thirty (30) days' written notice in the event of cancellation of or material change in any of the policies. The Developer shall be required to comply with the provisions of Section 18-2151 to the satisfaction of the Agency.

Construction of Project; Insurance. Penal Bond. The Developer will acquire the project site by purchase from the Agency and construct a minimum 11,000 an approximate 6,300 square foot commercial retail shopping center building on the Premises. Construction on the project shall begin prior to in the 3rd 2nd quarter of 2015 2021 and shall be complete and ready for occupancy prior to January 1, 20162022, pursuant to the Plan set forth on attached Exhibit C. The Developer shall be solely responsible for obtaining all permits and approvals necessary to acquire, construct and equip the Project. Until construction of the Project has been completed, the Developer shall make reports in such detail and at such times as may be reasonably requested by the Agency (not to exceed one report per month) as to the actual progress of the Developer with respect to construction of the Project. Promptly after completion by the Developer of the Project, the Developer shall furnish to the Agency a certificate of completion. The certification by the Developer shall be a conclusive determination of satisfaction of the agreements and covenants in this Redevelopment Contract with respect to the obligations of the Developer and its successors and assigns to construct the Project. As used herein, the term "completion" shall mean substantial completion of the Project. Any contractor chosen by the Developer or the Developer 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, completed operations and automobile liability. The minimum acceptable limits of liability to be provided by such insurance are: bodily injury of $2 million per person or occurrence and property damage of $2 million per occurrence. The Agency, the Developer, the City and the Agency shall be named as additional insured parties. The Developer shall also obtain a Penal Bond as required by the Act. Any contractor chosen by the Developer or the Developer itself, as an owner, shall be required to purchase and maintain property insurance upon the Project to the full insurable value thereof. This insurance shall insure against the perils of fire and extended coverage and shall include "All Risk" insurance for physical loss or damage. Notwithstanding the foregoing, the Developer reserves the right to self-insure against the risks described herein. The contractor or the Developer, as the case may be, shall furnish the Agency with a Certificate(s) of Insurance evidencing policies as required above. Such certificates shall specifically indicate that the public liability insurance includes all extensions of coverage required and shall state that the insurance companies shall give the Agency and all other named insureds at least thirty (30) days' written notice in the event of cancellation of or material change in any of the policies. The Developer shall be required to comply with the provisions of Section 18-2151 to the satisfaction of the Agency.

Construction of Project; Insurance. Penal Bond. The Developer will acquire the project site by purchase from the Agency and construct a minimum 11,000 an approximate 8,000 square foot commercial retail shopping center building on the Premises. Construction on the project shall begin prior to the 3rd 2nd quarter of 2015 2021 and shall be complete and ready for occupancy prior to January 1, 20162022, pursuant to the Plan set forth on attached Exhibit C. The Developer shall be solely responsible for obtaining all permits and approvals necessary to acquire, construct and equip the Project. Until construction of the Project has been completed, the Developer shall make reports in such detail and at such times as may be reasonably requested by the Agency (not to exceed one report per month) as to the actual progress of the Developer with respect to construction of the Project. Promptly after completion by the Developer of the Project, the Developer shall furnish to the Agency a certificate of completion. The certification by the Developer shall be a conclusive determination of satisfaction of the agreements and covenants in this Redevelopment Contract with respect to the obligations of the Developer and its successors and assigns to construct the Project. As used herein, the term "completion" shall mean substantial completion of the Project. Any contractor chosen by the Developer or the Developer 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, completed operations and automobile liability. The minimum acceptable limits of liability to be provided by such insurance are: bodily injury of $2 million per person or occurrence and property damage of $2 million per occurrence. The Agency, the Developer, the City and the Agency shall be named as additional insured parties. The Developer shall also obtain a Penal Bond as required by the Act. Any contractor chosen by the Developer or the Developer itself, as an owner, shall be required to purchase and maintain property insurance upon the Project to the full insurable value thereof. This insurance shall insure against the perils of fire and extended coverage and shall include "All Risk" insurance for physical loss or damage. Notwithstanding the foregoing, the Developer reserves the right to self-insure against the risks described herein. The contractor or the Developer, as the case may be, shall furnish the Agency with a Certificate(s) of Insurance evidencing policies as required above. Such certificates shall specifically indicate that the public liability insurance includes all extensions of coverage required and shall state that the insurance companies shall give the Agency and all other named insureds at least thirty (30) days' written notice in the event of cancellation of or material change in any of the policies. The Developer shall be required to comply with the provisions of Section 18-2151 to the satisfaction of the Agency.

Construction of Project; Insurance. Penal Bond. The Developer Company will acquire the project site by purchase from the Agency and construct a minimum 11,000 9,700 square foot commercial retail shopping center on the Premises. Construction on the project shall begin prior to the 3rd 4th quarter of 2015 2013 and shall be complete and ready for occupancy prior to January August 1, 20162014, pursuant to the Plan set forth on attached Exhibit C. The Developer Company shall be solely responsible for obtaining all permits and approvals necessary to acquire, construct and equip the Project. Until construction of the Project has been completed, the Developer Company shall make reports in such detail and at such times as may be reasonably requested by the Agency (not to exceed one report per month) as to the actual progress of the Developer Company with respect to construction of the Project. Promptly after completion by the Developer Company of the Project, the Developer Company shall furnish to the Agency a certificate of completion. The certification by the Developer Company shall be a conclusive determination of satisfaction of the agreements and covenants in this Redevelopment Contract with respect to the obligations of the Developer Company and its successors and assigns to construct the Project. As used herein, the term "completion" shall mean substantial completion of the Project. Any contractor chosen by the Developer Company or the Developer Company 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, completed operations and automobile liability. The minimum acceptable limits of liability to be provided by such insurance are: bodily injury of $2 million per person or occurrence and property damage of $2 million per occurrence. The Agency, the DeveloperCompany, the City and the Agency shall be named as additional insured parties. Any contractor chosen by the Developer Company or the Developer Company itself, as an owner, shall be required to purchase and maintain property insurance upon the Project to the full insurable value thereof. This insurance shall insure against the perils of fire and extended coverage and shall include "All Risk" insurance for physical loss or damage. Notwithstanding the foregoing, the Developer Company reserves the right to self-insure against the risks described herein. The contractor or the DeveloperCompany, as the case may be, shall furnish the Agency with a Certificate(s) of Insurance evidencing policies as required above. Such certificates shall specifically indicate that the public liability insurance includes all extensions of coverage required and shall state that the insurance companies shall give the Agency and all other named insureds at least thirty (30) days' written notice in the event of cancellation of or material change in any of the policies. The Developer shall be required to comply with the provisions of Section 18-2151 to the satisfaction of the Agency.

Construction of Project; Insurance. Penal Bond. The Developer Company will acquire the project site by purchase from the Agency and construct a minimum 11,000 8,000 square foot commercial retail shopping center on the Premises. Construction on the project shall begin prior to the 3rd quarter of 2015 2014 and shall be complete and ready for occupancy prior to January 1, 20162015, pursuant to the Plan set forth on attached Exhibit C. The Developer Company shall be solely responsible for obtaining all permits and approvals necessary to acquire, construct and equip the Project. Until construction of the Project has been completed, the Developer Company shall make reports in such detail and at such times as may be reasonably requested by the Agency (not to exceed one report per month) as to the actual progress of the Developer Company with respect to construction of the Project. Promptly after completion by the Developer Company of the Project, the Developer Company shall furnish to the Agency a certificate of completion. The certification by the Developer Company shall be a conclusive determination of satisfaction of the agreements and covenants in this Redevelopment Contract with respect to the obligations of the Developer Company and its successors and assigns to construct the Project. As used herein, the term "completion" shall mean substantial completion of the Project. Any contractor chosen by the Developer Company or the Developer Company 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, completed operations and automobile liability. The minimum acceptable limits of liability to be provided by such insurance are: bodily injury of $2 million per person or occurrence and property damage of $2 million per occurrence. The Agency, the DeveloperCompany, the City and the Agency shall be named as additional insured parties. Any contractor chosen by the Developer Company or the Developer Company itself, as an owner, shall be required to purchase and maintain property insurance upon the Project to the full insurable value thereof. This insurance shall insure against the perils of fire and extended coverage and shall include "All Risk" insurance for physical loss or damage. Notwithstanding the foregoing, the Developer Company reserves the right to self-insure against the risks described herein. The contractor or the DeveloperCompany, as the case may be, shall furnish the Agency with a Certificate(s) of Insurance evidencing policies as required above. Such certificates shall specifically indicate that the public liability insurance includes all extensions of coverage required and shall state that the insurance companies shall give the Agency and all other named insureds at least thirty (30) days' written notice in the event of cancellation of or material change in any of the policies. The Developer shall be required to comply with the provisions of Section 18-2151 to the satisfaction of the Agency.