Res13 15289 - Laserfiche WebLink

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. i _.._.. _... _..._ _.. . . .W�«» . . '. (a) Deliveries to the City. Prior to the commencement of any Due Diligence Investigations, and no later than twenty (20) days before any insurance required by this Agreement expires, is cancelled or its liability limits are reduced or exhausted,the Developer shall deliver to the City certificates of insurance and required endorsements evidencing the Developer's maintenance of all insurance this Agreement requires. Each insurance carrier shall give the City no less than thirty (30) calendar days' advance written Notice of any cancellation under any insurance policy required by this Agreement. (b) Release. The Parties release each other, and their respective authorized representatives,from any claims for damage to any Person or property that are caused by or result from risks insured against under such insurance policies. (c) No Representation. Neither Party makes any representation that the limits, scope, or forms of insurance coverage this Agreement requires are adequate or ' sufficient. (d) No Claims Made Coverage. None of the insurance coverage ' required under this Agreement may be written on a claims-made basis. ' (e) Fully Paid and Non-Assessable. All insurance obtained and maintained by the Developer in satisfaction of the requirements of this Agreement shall be fully paid for and non-assessable. (fl City Option to Obtain Coverage. After notice to Developer and during the continuance of an Event of Default arising from the Developer's failure to cazry any insurance required by this Agreement, the City may, at its sole option, purchase any such required insurance coverage and the City shall be entitled to immediate payment from the Developer of any premiums and associated costs paid by the City for such insurance coverage. Any amount becoming due and payable to the City under this Section 4.12 that is not paid within fifteen (15) calendar days after written demand from the City for payment of such amount, with an explanation of the amounts demanded, will bear interest from the date of the demand at the rate of ten percent (10%) per annum or the maximum rate allowed by California law, whichever is less. Any election by the City to purchase or not to purchase insurance otherwise required by the terms of this Agreement to be carried by the Developer shall not relieve the Developer of its obligation to obtain and maintain any insurance coverage required by this Agreement. (g) Deductibles and Self-Insured Retentions. The Developer shall disclose and pay or cause to be paid any and all self-insured retentions under all insurance policies issued in satisfaction of the terms of this Agreement. Developer self-insurance retentions are subject to City approval. (h) Insurance Independent of Indemnification. The insurance requirements of this Agreement are independent of the Developer's indemnification and other obligations under this Agreement and shall not be construed or interpreted in any way to satisfy, restrict, limit, or modify the Developer's indemnification or other obligations or to limit the Developer's liability under this Agreement, whether within, outside, or in excess of such coverage, and regardless of solvency or insolvency of the insurer that issues the coverage; nor 35 2013.1181BLOCK 2 HUNTER STORM REV:07-2&13 PT