AgdaPkt 2003-12-15 - Laserfiche WebLink

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(P-C -f9 Section 8. Insurance. Prior to the commencement of construction on any portion of the Property, the Participating - Owner shall furnish, or shall cause to be furnished, to the City and /or Agency duplicate originals or appropriate certificates of public indemnity and liability insurance in the amount of One Million Dollars ($1,000,000.00) combined single limit, naming the Agency and the City as additional insureds. Said insurance shall cover comprehensive general liability including, but not limited to, contractual liability; acts of subcontractors; premises - operations; explosion, collapse and underground hazards, if applicable; broad form property damage, and personal injury including libel, slander and false arrest. In addition, the Participating Owner shall provide to the Agency adequate proof of comprehensive automobile liability insurance covering owned, non - owned and hired vehicles, combined single limit in the amount of One Million Dollars ($1,000,000.00) each occurrence; and proof of workers' compensation insurance. Any and all insurance policies required hereunder shall be obtained from insurance companies admitted in the State of California and rated at least B +: XII in Best's Insurance Guide. All said insurance policies shall provide that they may not be canceled unless the Agency and the City receive written notice of cancellation at least thirty (30) calendar days prior to the effective date of cancellation. Any and all insurance obtained by the Participating Owner hereunder shall be primary to any and all insurance which the Agency and /or City may otherwise carry, including self insurance, which for all purposes of this Agreement shall be separate and apart from the requirements of this Agreement. Any insurance policies governing the Property as obtained by the Agency shall not be transferred from the Agency to the Participating Owner. Appropriate insurance means those insurance policies approved by the City Attorney and /or Agency Counsel consistent with the foregoing. Any and all insurance required hereunder shall be maintained and kept in force until the Agency has issued the Certificate of Completion for the Project. Section 9. Certain Sales or Voluntary Transfers of the Project. The Participating Owner hereby covenants and agrees not to sell, transfer or otherwise dispose of the Property or the Project located thereon prior to the issuance of a Certificate of Completion for the Project. Following the issuance of a Certificate of Completion for the Project, Participating Owner hereby covenants and agrees that it will not sell, transfer or otherwise dispose of the Property or the Project located thereon without first obtaining from the prospective purchaser a written and signed acknowledgment stating that said purchaser understands and acknowledges the existence of the Affordability Covenants and the Redevelopment Covenants and unambiguously agrees to be bound thereby. Said acknowledgment shall be in a form and of a content reasonably acceptable to the Agency and shall be delivered to the 10