Res60 3015 - Laserfiche WebLink

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41/ • of this agreement and shall be in the minimum limits of 000,000 for personal injury or death of any one person, 500,000 for per- sonal injury or death arising out of any one occurrence, and property damage limits of not less than 550,000 any one occurrence. The policies mentioned herein shall contain a provision that a written notice of insurer's cancellation or material change in the terms of said policies shall be delivered to City ten (10) days in advance from the effect of such change or cancellation. If such insurance is provided in either case by a policy or certificate which also covers the Subdividers or other entity or person than the City of Redwood City, such policy shall contain the standard form of cross liability endorsement. Such insurance shall also specifically insure any contractual liability assumed by Subdividers under the terms of this agreement. 5. Time is of the essence of this agreement, provided, however, that in the event good cause is shown therefor to City by Subdividers, City may extend the time in which the aforementioned improvements may be made and completed under this agreement, provided, however, that said extensions of time, if any, may be granted without notice to the surety and any extensions so granted shall not relieve the surety bond given to secure Subdividers? performance under this agreement. City shall be the sole and final judge as to whether or not good cause has been shown to entitle Subdividers to an extension of time hereunder. 6. All pipes and monuments shown on the final subdivision map hereinafter referred to which are destroyed or displaced during construction operations shall be replaced by Subdividers at the time of the final inspection of the improvements hereunder by City. 7. It is agreed that title and ownership of all improvements constructed hereunder by Subdividers shall vest absolutely in City, upon completion and acceptance of such improvements by City. - 5-