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 a greenhouse and/or hoop house on the Premises, as well as developing and renovating the existing building on the project site. Developer will provide for other paving, landscaping, and general site work on the project site. Construction on the project shall begin prior to the 3rd quarter of 2016 and shall be complete and ready for occupancy prior to January 1, 2017, 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(a) Redeveloper will complete the Project and install all improvements, buildings, fixtures, equipment and furnishings necessary to operate the Project. The Developer will acquire the project site by purchase from the Agency and a greenhouse and/or hoop house on the Premises, as well as developing and renovating the existing building on the project site. Developer will provide for other paving, landscaping, and general site work on the project site. Construction on the project shall begin prior to the 3rd quarter of 2016 and shall be complete and ready for occupancy prior to January 1, 2017, pursuant to the Plan set forth on attached Exhibit C. The Developer Redeveloper 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 Redeveloper 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) Authority as to the actual progress of the Developer Redeveloper with respect to construction of the Project. Promptly after completion by the Developer Redeveloper of the Project, the Developer Redeveloper shall furnish to the Agency Authority a certificate Certificate of completionCompletion. The certification by the Developer Redeveloper shall be a conclusive determination of satisfaction of the agreements and covenants in this Redevelopment Contract with respect to the obligations of the Developer Redeveloper and its successors and assigns to construct the Project. As used herein, the term "“completion" ” shall mean substantial completion of the Project. . (b) Any contractor chosen by the Developer Redeveloper or the Developer Redeveloper itself shall be required to obtain and keep in force at all times until completion of construction, policies of insurance Insurance including coverage for contractors' ’ general liability, liability and completed operations and automobile liabilitya penal bond as required by the Act. 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 Authority and the Agency Redeveloper shall be named as additional insured partiesinsureds. Any contractor chosen by the Developer Redeveloper or the Developer Redeveloper 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 DeveloperRedeveloper, as the case may be, shall furnish the Agency Authority with a Certificate(s) Certificate 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' Authority prior 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(a) Redeveloper will complete the Project and install all improvements, buildings, fixtures, equipment and furnishings necessary to operate the Project. The Developer will acquire the project site by purchase from the Agency and a greenhouse and/or hoop house on the Premises, as well as developing and renovating the existing building on the project site. Developer will provide for other paving, landscaping, and general site work on the project site. Construction on the project shall begin prior to the 3rd quarter of 2016 and shall be complete and ready for occupancy prior to January 1, 2017, pursuant to the Plan set forth on attached Exhibit C. The Developer Redeveloper 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 Redeveloper 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) Authority as to the actual progress of the Developer Redeveloper with respect to construction of the Project. Promptly after completion by the Developer Redeveloper of the Project, the Developer Redeveloper shall furnish to the Agency Authority a certificate Certificate of completionCompletion. The certification by the Developer Redeveloper shall be a conclusive determination of satisfaction of the agreements and covenants in this Redevelopment Contract with respect to the obligations of the Developer Redeveloper and its successors and assigns to construct the Project. As used herein, the term "“completion" ” shall mean substantial completion of the Project. . (b) Any contractor chosen by the Developer Redeveloper or the Developer 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, liability and completed operations and automobile liabilitya penal bond as required by the Act. 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 Authority and the Agency Redeveloper shall be named as additional insured partiesinsureds. Any contractor chosen by the Developer Redeveloper or the Developer Redeveloper 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 DeveloperRedeveloper, as the case may be, shall furnish the Agency Authority with a Certificate(s) Certificate 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' Authority prior 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.