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10B Action 2012 0117
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10B Action 2012 0117
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1/20/2012 5:54:50 PM
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1/10/2012 5:11:24 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
1/17/2012
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_CC Agenda 2012 0117 CS+RG
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\City Clerk\City Council\Agenda Packets\2012\Packet 2012 0117
Reso 2012-006
(Reference)
Path:
\City Clerk\City Council\Resolutions\2012
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(g) If any insurance policy or coverage required hereunder is canceled or <br />reduced, Borrower shall, within fifteen (15) days after receipt of notice of such cancellation or <br />reduction in coverage, but in no event later than the effective date of cancellation or reduction, <br />file with City a certificate showing that the required insurance has been reinstated or provided <br />through another insurance company or companies. Upon failure to so file such certificate, City <br />may, without further notice and at its option, procure such insurance coverage at Borrower's <br />expense, and Borrower shall promptly reimburse City for such expense upon receipt of billing <br />from City. <br />(h) Coverage provided by Borrower shall be primary insurance and shall not <br />be contributing with any insurance, or self - insurance maintained by City, and the policies shall <br />so provide. The insurance policies shall contain a waiver of subrogation for the benefit of the <br />City. Borrower shall furnish the required certificates and endorsements to City prior to the <br />commencement of rehabilitation of the Improvements, and shall provide City with certified <br />copies of the required insurance policies upon request of City. <br />ARTICLE XI <br />MISCELLANEOUS PROVISIONS <br />11.1 No Brokers. Each Party warrants and represents to the other that no person or <br />entity can properly claim a right to a real estate commission, brokerage fee, finder's fee, or other <br />compensation with respect to the transactions contemplated by this Agreement. Each Parry <br />agrees to defend, indemnify and hold harmless the other Party from any claims, expenses, costs <br />or liabilities arising in connection with a breach of this warranty and representation. The terms <br />of this Section shall survive the expiration or earlier termination of this Agreement. <br />11.2 Enforced Delay; Extension of Times of Performance. Subject to the limitations <br />set forth below, performance by either Party shall not be deemed to be in default, and all <br />performance and other dates specified in this Agreement shall be extended where delays are due <br />to: war, insurrection, strikes, lockouts, riots, floods, earthquakes, fires, casualties, acts of God, <br />acts of the public enemy, epidemics, quarantine restrictions, freight embargoes, governmental <br />restrictions or priority, litigation, including court delays, unusually severe weather, acts or <br />omissions of the other Party, acts or failures to act of the City or any other public or <br />governmental agency or entity (other than the acts or failures to act of City which shall not <br />excuse performance by City), or any other cause beyond the affected Party's reasonable control. <br />An extension of time for any such cause shall be for the period of the enforced delay and shall <br />commence to run from the time of the commencement of the cause, if notice by the Party <br />claiming such extension is sent to the other Party within thirty (30) days of the commencement <br />of the cause and such extension is not rejected in writing by the other Parry within ten (10) days <br />of receipt of the notice. Neither Party shall unreasonably withhold consent to an extension of <br />time pursuant to this Section. <br />Times of performance under this Agreement may also be extended in writing by the <br />mutual agreement of Borrower and City (acting in the discretion of its Executive Director unless <br />he or she determines in his or her discretion to refer such matter to the governing board of the <br />City). City and Borrower acknowledge that adverse changes in economic conditions, either of <br />1755895.2 28 <br />
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