RES 94045A - Laserfiche WebLink

The City shall also maintain with responsible insurers workers' compensation insurance against public liability and property damage to the extent reasonably necessary to protect the City. Section 504. [Reaervedj Section 505. [Reserved) Section 306. Insurance Net Proceeds; Form of Policies. The Net Proceeds of such insurance shall be paid to the Trustee [o be applied as provided in Section 305 of the Trust Agreement or Section 510 hereof, as the case may be. The City shall pay or cause to be paid when due the premiums for all insurance policies required by the Lease Agreement. All such policies shall provide that the Trustee shall be a named insured and loss payee thereunder and shall be given thirty (30) days' notice of each expiration, any intended cancellation thereof or reduction of the coverage provided thereby.. The Trustee shall not be responsible for the sufficiency of any insurance herein required and shall be fully protected in accepting payment on account of such insurance or any adjustment, compromise or settlement of any loss agreed to in good faith by the Trustee. The CiTy shall cause to be delivered to the Trustee on May 1 of each year, commencing May I, 1995, a certificate of a CiTy Representative, substantially in the form attached hereto as Exhibit D, to the effect that the insurance wverage required by the Lease Agreement is in full force and effect. Section 307. Advances. [f the City shall fail to perform any of its obligations under [his Article, the Authority may, but shall not be obligated to, take such action as may be necessary to cure such failure, including the advancement of money to the City, and the City shall be obligated to repay all such advances as soon as possible, with interest at the rate of 10% per annum from the date of the advance to the date of repayment, but in no event shall such rate exceed the maximum legal rate of interest. Section 508. Liens. The City shall not, directly or indirectly, create, incur, assume or suffer to exist any pledge, lien, chazge, encumbrance or claim on or with respect to the Project, other than the respective rights of the Authority and the City as herein provided and Permitted Encumbrances. Except as expressly provided in this Article, the City shall promptly, at its own expense, take such action as may be necessary.to duly discharge or remove any such mortgage, pledge, lien, charge, encumbrance or claim for which it is responsible, if the same shall arise at any time. T'he City shall reimburse the Authority for any expense incurred by it in order to discharge or remove any such pledge, lien, charge, encumbrance or claim. 9407701UyAl 13