MIDPEN HOUSING CORP (2) - Laserfiche WebLink

24. Fire and Extended Coverage. Contractor at its costs shall maintain on the Project a policy of standard fire and extended coverage during the life of the Note and Deed of Trust securing this Agreement, or any subsequently executed document which replaces the Note and Deed of Trust, with vandalism and malicious mischief endorsements, to the extent of at least the full replacement value of the improvements which are part of the premises. The insurance policy must be issued in the names of Contractor and the City as their interests appear. The insurance policy must contain a lender's loss payable endorsement, providing that any proceeds will be payable to the City as its interests appear and will be subject to the interest of senior lenders. Subject to the requirements of senior lenders in the event that Contractor shall undertake to restore the damaged improvements or to reconstruct the destroyed improvements within a period of sixty (60) days of receipt of insurance proceeds, such insurance proceeds received by the City will be released to Contractor as payments are required for said purposes, and upon completion of such restoration or reconstruction, any balance thereof remaining will be paid to Contractor forthwith, subject to the rights of senior lenders. In the event that Contractor fails to undertake the restoration or reconstruction of such improvements within sixty (60) days after receipt of insurance proceeds following any such damage or destruction, there will be paid and released to the City from such insurance proceeds a sum equal to the cost of clearing the premises in the event Contractor does not at its own expense clear the premises within said period. Subject to the rights of senior lender, the balance will be held to compensate the parties to this Agreement as if the premises were sold. 25. Notification to City of Lease -Up and Tenant Marketing. Contractor shall provide the City with a copy of Contractor's tenant marketing plan for the Project plus notices advertising availability of units. The City shall, in turn, advertise any Project openings or vacancies through its on -going housing informational communication to outside agencies. 26. Mandatory Acknowledgment of City as Funder. All projects/programs receiving any type of funding assistance and or substantial technical assistance through City will be required to indicate such in any advertising, marketing, public presentations, press releases, written materials or project descriptions. Such acknowledgement should also identify HUD's involvement in the Project. All Capital projects must display signage as described below: Temporary Construction Signage identifying City funding and/or technical assistance and HUD involvement must be appropriately displayed during the major portion of the construction phase. Such signage must be provided by the Contractor and must be pre -approved by the City in design and content. Permanent Signage must be attached to all completed projects and must be displayed in a visible, heavily trafficked area of the Project, e.g., front lobby, main entry or walkway, etc. Location of display must be approved by City. Permanent historical signage in the form of an 8' x 10" bronze plaque may be provided by City and may be reimbursed from loan proceeds as a project cost. As an alternative, City may agree to other signage which acknowledges City and HUD, but such signage must be approved in advance. A-10 191\52\1543377.4