Agmt11 R.C.Peninsula Park, LLC - Laserfiche WebLink

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"tail coverage ") for a period of not less than five years after the date the date this agreement is executed by the City. All contractors and subcontractors employed on the work with respect to the Facilities shall meet the insurance requirements set forth in this Section 7.01 for the Developer, subject to the City's reasonable discretion. The Developer shall furnish certificates of insurance and endorsements for each contractors or subcontractor at least five days prior to the contractors or subcontractor entering the job site, or the Developer shall furnish the City Engineer an endorsement including all contractors and subcontractors as insured's under its policies. Neither the City nor the CFD shall be liable for any accident, loss, or damage to a Facility or Discrete Component thereof prior to its completion and formal acceptance by the City Council of the City, and the Developer shall save, keep and hold harmless the City and its consultants, and each of its Board members, officers, officials, employees, agents and volunteers from all damages, costs or expenses in law or equity that may at any time arise or be claimed because of damages to any real or personal property, or personal injury received by reason of or in the course of performing work on the Facilities, which may be caused by any willful or negligent act or omission by the Developer or any of the Developer's employees, or any contractor, subcontractor, materialmen, or supplier. The cost of insurance required by this subsection shall be born by the Developer and its subcontractors and no compensation for purchasing insurance or additional coverage needed to meet these requirements will be paid for by the City, but said cost shall be included in the Purchase Price of the Facilities. In the event that any required insurance is reduced in coverage, canceled for any reason, voided or suspended, the Developer shall have a reasonable opportunity to reinstate the required insurance or provide replacement insurance meeting the requirements of this Section 7.01. If the required insurance is not reinstated or replaced within five (5) consecutive days, Developer agrees that the City may arrange for insurance coverage as specified, and the Developer further agrees that administrative and premium costs may be deducted from any deposits or bonds the City may have, or from the Improvement Fund. A reduction or cancellation, unless cured as set forth herein, will be grounds for termination of this Acquisition Agreement and will cause a halt to payment for any Facilities or Discrete Components thereof, until the insurance is reestablished. Section 7.02. Responsibility for Damage. The Developer shall be solely liable and responsible for the work performed as part of the Facilities constructed pursuant to this Acquisition Agreement. The Developer shall bear all fees, expenses, losses and damages directly or indirectly resulting to it, to the City, and its consultants, and its Board members, officers, employees and agents, or to others on account of the performance or character of the work, unforeseen difficulties, accidents of any other causes whatsoever. The City does not, and shall not, waive any rights against the Developer which it may have by reason of the aforesaid hold harmless agreements because of the acceptance by the City, or deposit with the City by the Developer of any insurance policies described in Section 7.01. The aforesaid hold harmless agreement by the Developer shall apply to all damages and claims -22-