Agmt 2017 BAL Theater/San Leandro Curtain Call Performing Arts Loan Agreement

Home

(iii) broad form property damage liability; (iv) additional insured and primary insured endorsements protecting City and City and their respective elected and appointed officials, officers, employees and agents; and (v) personal injury endorsement. C. Worker's Compensation Insurance. Worker's compensation insurance, in the amount required under then applicable state law, covering Operator's employees, if any, at work in or upon the Property or engaged in services or operations in connection with the Project, the Improvements or the Property. Operator shall require that any general construction contract entered into by Operator with regard to the Project include a contractual undertaking by the general contractor to provide worker's compensation insurance for its employees engaged in construction of the Project in an amount in compliance with applicable state law. D. Course of Construction Insurance. Course of construction insurance, naming City as loss payee in the same amount as required in Paragraph A above for property insurance, covering all construction activities on the Property. E. General Insurance Provisions. All policies of insurance provided for in this Exhibit shall be provided under valid and enforceable policies, in such forms and amounts as hereinbefore specified, issued by insurers licensed to do business in the State of California (or approved to do business in California and listed on the California Department of Insurance list of Eligible Surplus Lines Insurers or successor listing) and having a rating of ANII or better in Best Insurance Guide or, if Best Insurance Guide is no longer in existence, a comparable rating from a comparable rating service. Prior to the closing of the Loan, and thereafter, not less than thirty (30) days prior to the expiration date of each policy furnished pursuant to this Exhibit C, Operator shall deliver to City certificates evidencing the insurance required to be carried by Operator under this Exhibit C. If requested by City, Operator shall deliver within fifteen (15) days following such request, certified, complete copies of the insurance policies required hereunder. Insurance policies to be provided herein shall meet the following requirements: (a) Each policy of insurance obtained pursuant to this Agreement, other than worker's compensation insurance, shall contain endorsements which provide (i) a waiver by the insurer of the right of subrogation against City, Operator or any subtenant for negligence of any such person, (ii) a statement that the insurance shall not be invalidated should any insured waive in writing prior to the loss any or all right of recovery against any party for loss accruing to the property described in the insurance policy, and (iii) a provision that no act or omission of Operator which would otherwise result in forfeiture or reduction of the insurance therein provided shall affect or limit the obligation of the insurance company to pay the amount of any loss sustained. (b) By endorsements, City and its elected and appointed officials, officers, employees and agents shall be named as additional insured under the policies of liability insurance and as loss payee under the property damage and course of construction insurance required to be maintained by Operator hereunder.