Agmt10 R.C. Peninsula Park, LLC (2)

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equipment, parts or supplies within the one -year period, at the Developer's sole cost and expense, ordinary wear and tear and unusual abuse or neglect excepted. In the event the Developer fails to correct all defects identified by the City within seven (7) consecutive days, or such longer period as may be necessary in the reasonable discretion of the City Engineer, after written notice of the defects from the City, the City is hereby authorized to proceed to have the defects remedied and made good at the sole expense of the Developer who hereby agrees to pay all fees, costs, and charges therefore immediately upon demand. This action by the City shall not relieve the Developer of any other guarantees required by this Acquisition Agreement. Nothing in this section shall be construed to limit any period of time the City may pursue any claims or actions against the Developer, as provided by California law. The guarantee is in addition to, and not in lieu of, all of these other rights and remedies. The provisions of this Section (6.05) shall survive and continue after the termination of this Acquisition Agreement. ARTICLE VII INSURANCE; RESPONSIBILITY FOR DAMAGE Section 7.01. Insurance Requirements. The Developer shall provide to the City Engineer evidence of insurance and endorsements thereto on forms acceptable to the Finance Director as a condition of (and prior to) City's issuance of any construction permits.. A. General. The Developer shall not commence or continue to perform any work on any Facilities unless he or the contractor performing the work has in full force and effect all insurance required by this Section. The Developer shall not permit any contractor or subcontractor to perform work on any City facilities unless the Workers' Compensation Insurance requirements have been complied with by each such contractor and subcontractor. The types of insurance the Developer or his contractors shall obtain and maintain are Workers' Compensation Insurance and Employer's Liability Insurance, Liability Insurance, Automobile Liability Insurance, and Builders' Risk "All Risk" Insurance, as set forth herein. All insurers must be authorized to do business and have an agent for service of process in California, have an "A" policyholders rating and a financial rating of at least Class VI in accordance with the most current rating by A. M. Best Company. Certificates shall be presented to the City evidencing that all of this insurance has been secured prior to commencement of work on any Facilities and during the continuance of any work on any Facilities without any gap in coverage. B. Workers' Compensation and Employers Liability Insurance. Prior to commencing any work on any Facilities, the Developer or the contractor selected by Developer to perform any work on any Facilities shall provide the City with certificates of insurance certifying that they have obtained for the full period of the contract full Workers' Compensation Insurance coverage for no less than the statutory limits and Employers Liability Insurance for both bodily injury coverage by accident and bodily injury coverage by disease of not less than One Million Dollars ($1,000,000) for each employee and One Million Dollars ($1,000,000) for each accident or disease. All Workers' Compensation Insurance provided shall be in strict accordance with the requirements of the most current and applicable state Workers' Compensation Insurance laws. A waiver of subrogation rights shall be provided by each Workers' Compensation carrier. -20-