RES 94045A - Laserfiche WebLink

obligated to pay only such installments as are required to be paid during the Term of the Agreement as and when the same shall become due. The City, az the City's expense and in its name, may in good faith contest and diligently pursue to conclusion any such taxes and other charges and, in the event of any such contest, may permit the taxes or other charges so contested to remain unpaid during the period of such contest and any appeal therefrom unless the Authority shall notify the City that, in the opinion of Independent Counsel, by nonpayment of any such items, the interest of [he Authority in the Project will be materially endangered or the Project or any part thereof will be subject to loss or forfeiture, in which event the City shail promptly pay such taxes or charges or provide the Authority with full security against any loss which may result From nonpayment, in form satisfactory to the Authority. Section 502. Modification of Project. The City shall, at its own expense, have the right to remodel the Project or to make additions and modifications thereto. All such additions and modifications shall thereaRer comprise part of the Project and be subject to the provisions of the Lease Agreement. Such additions and modifications shall not in any way damage the Project, substantially alter its nature or cause it to be used for purposes other than those authorized under the provisions of state and federal law; and the Project, upon completion of any additions and modifications made pursuant to this Section, shall be of a value which is equal to or greater than the value of the Project immediately prior to the making of such additions or modifications. The City will not permit any mechanic's or other lien to be established or remain against the Project for labor or materials furnished in connection with any remodeling, additions, modifications, repairs, renewals or replacements made by the City pursuant to this Section; provided that if any such lien is established and the City shall first notify the Authority of the City's intention to do so, [he City may, in good faith, wntest and diligently pursue to conclusion any lien filed or established against the Project and in such event may permit the items so contested to remain undischarged and unsatisfied during the period of such contest and any appeal therefrom, and shall, at the time of commencement of such contest, provide the Authority with full security against any loss or forfeiture which might arise from [he nonpayment of any such item, in a form satisfactory to the Authority. The Authority will cooperate fully in any such contest, upon the request and at the expense of the City. Section 503. Insurance The City shall at all times maintain with responsible insurers, including reasonable self-insurance, all such insurance on the Project as is customarily maintained with respect to works and properties of like character against accident to, loss of, or damage to such works or properties. All amounts collected from insurance against accident to or destruction of any portion of the Project shall be used as provided for in Section 5.10(a). vamsniu.Lni 12