Res13 15289 - Laserfiche WebLink

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_, ..... .__ � . . �..� �. a�.n� � . .: consult with Developer's insurance agent and City shall consult with its Risk Manager, and the insurance limits shall be increased, if appropriate, to equal the then-prevailing commercially ' reasonable levels of insurance carried by prudent and responsible owners of similar ' privately-owned parking facilities in San Mateo County. {c) Developer acknowledges and agrees that it is solely responsible for the operation and maintenance of the Public Parking and that City shall have no liability for any claims arising out of such operation and maintenance of the Public Parking. 2.3.5 Restoration After Casualtv. Subject to the limitations contained in this Section 2.3.5, in case of a fire or other casualty resulting in damage or destruction to the pazking facilities during the Term, to the extent the proceeds of insurance are sufficient to reconstruct the parking facilities (and if each lender holding a mortgage upon the Site makes the proceeds of insurance sufficient to reconstruct the parking facilities available for that purpose). Developer shall restore such parking facilities, including the Public Parking, as nearly as feasible to its condition prior to the casualty (except that Develoger shall have the right to make reasonable alterations). In the event of a casualty which is not of the type included within the casualty insurance coverage required to be maintained hereunder (for example, an earthquake) ' resulting in damage or destruction to the parking facilities, Developer shall not be obligated to restore such pazking facilities; provided, however, that if such casualty also resulted in damage or destruction to Developer's Project and if Developer elects to restore such buildings within the Project,Developer shall also restore the parking facilities. 2.3.6 Developer's Obli�ation to Pa�s. During the Term,Developer shall pay all lawfully required property taxes and assessments, including, without limitation, real estate and personal property taxes, and any and all utility, city, or county assessments, lawfully assessed, levied, confirmed, or imposed during the Term of this Parking Covenant and Agreement,whether or not now customary or within the contemplation of City and Developer. Developer will have the right to contest the amount or validity, in whole ! or in part, of any tax or assessment by appropriate proceedings diligently conducted in good faith, only after paying the tax or posting such security as may be reasonably and customarily necessary in order to protect the Public Parking against loss or forfeiture. Upon the termination of those proceedings, Developer will pay the amount of the tax or part of the tax as finally determined, the payment of which may have been deferred during the prosecution of the proceedings, together with any costs, fees, interest, penalties, or other related liabilities. City , will not be required to join in any contest or proceedings unless the provisions of any law or regulations then in effect require that the proceedings be brought by or in the name of City. In that event, City will join in the proceedings or permit them to be brought in its name; however, City will not be subjected to any liability for the payment of any costs or expenses in connection with any contest or proceedings, and Developer will indemnify City against and hold City harmless from any of those costs and expenses. 7 2013.118/BLOCK 2 HUNTER STORM REV:07-26-13 PT