MOU with SL Players Theater Ensemble Group 2025-01-10

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4 2.5.2.3 Deductibles and Self-Insured Retentions. Insurance obtained by the Organization shall have a self-insured retention or deductible of no more than ONE HUNDRED THOUSAND DOLLARS ($100,000). 2.5.2.4 Wasting Policies. No policy required herein shall include a “wasting” policy limit (i.e. limit that is eroded by the cost of defense). 2.5.2.5 Waiver of Subrogation. Organization hereby agrees to waive subrogation which any insurer or contractor may require from Organization by virtue of the payment of any loss. Organization agrees to obtain any endorsements that may be necessary to effect this waiver of subrogation, but this provision applies regardless of whether or not the City has received a waiver of subrogation endorsement from the insurer. 2.5.2.6 Subcontractors. Organization shall include all subcontractors as insureds under its policies or shall furnish separate certificates and endorsements for each subcontractor. All coverages for subcontractors shall be subject to all of the requirements stated herein, and Organization shall ensure that City, its officers, officials, employees, agents, and volunteers are covered as additional insured on all subcontractor coverages. 2.5.2.7 Excess Insurance. If Organization maintains higher insurance limits than the minimums specified herein, City shall be entitled to coverage for the higher limits maintained by the Organization. 2.5.3 Remedies. In addition to any other remedies City may have if Organization fails to provide or maintain any insurance policies or policy endorsements to the extent and within the time herein required, City may, at its sole option: 1) obtain such insurance and deduct and retain the amount of the premiums for such insurance from any sums due under the Agreement; 2) order Organization to stop work under this Agreement and withhold any payment that becomes due to Organization hereunder until Organization demonstrates compliance with the requirements hereof; and/or 3) terminate this Agreement. ARTICLE III. MISCELLANEOUS PROVISIONS 3.1 Term. The term of this Agreement shall commence upon the date the last Party executes this Agreement and shall continue for two (2) years (“Initial Term”). Upon conclusion of the Initial Term, this Agreement may be amended for an additional two year term upon the written consent of both Parties at least thirty (30) days prior to the effective date of termination. 3.2 Amendment of Agreement. This Agreement may be amended only with the written consent of both Parties. 3.3 Termination of Agreement. This Agreement may be terminated by either Party upon thirty days prior written notice. Docusign Envelope ID: AD521F3D-2524-4D98-BA72-9AB2BF28B865