1998-09-09 Packet - Laserfiche WebLink

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. - cv v iv 1. oa. •uv v.... ... ro, vas � - �.._._ __.. .- � _. August 25, 1998 Page 2 Section P of the Development Contract entitled "Liability Insurance Requirement" needs to have a couple adjustments made to the existing language. The sentence which currently reads, "lrtsurance shall be written with a limit of liability of not less than $300,000 for all Property damage sustained by one person in any one accident, and a lini t of liability OF not less than $600,000 for any such damage sustained by two or more persons in any one accident." should be amended to reflect a $ amount for any such damage sustained by two or more persons in any one accident. This would bring us in line Aifll the statutory ;unit for mu_nicinal tort damage. 1 would also recommend that at the end of the current insurance paragraph, that the foLowing language be added: "The City, City Engineer, and Developer's aneinrr shall be an additional named insured on any such policy or policies." Not only does this provide us direci coverage of insurance, but also prohibits caneeliation of the insurance policy without prior notice directly to rate City, There are also some issues that need to be addressed with language that is not currently in the draft Developtr opt Cor_tract. I would rccomrtend that the following paragraphs be included in the Development Contract: INDEMNIFIC AT10N A ND HOLD I1 A MMLFSS The Developer shall hold the Citv and its orncers and employees harmless From claims made by itself and third pantie; for damages sustained or co sts incurred resulting from subdivision plat approval and development. The Developer shall indemnify the City and its ofcers and employees for all costs, damages, or expenses which the City may pay or incur in copse; uence of such claims, including reasonable attorneys fees. Provided that ttotning herein shall; require Developer to indemnify the City, its o — cers or employees from any violation cf law or from the consequences of their own negligence. PROIJIBI110,N5 AGAINST ASSIGNWNT OF AGREED EN . Developer represents and agrees that prior to the completion of the Developer improvements as ccrrificd by the City; a. Except by way of security for, and only for the purpose of ob,aining financing necessary to enable the Developer to perform its obligations with respect to the const- acticn of the improvements under this Agreement and any other purpose authorized by this Agreement, the Developer (except as so authorized) will not make or create, or suffer to be made or created, any total or partial sale, asstgll ;.°ni, CunV�jaiCe, Or tr i nfer in a iy Ciber OTC Or f I T, L'r'lt}I i CSyCC: I this Agreement or any interest therein, or any cortrac?: or agreement to do any of the same without the prior wr tten approval of the Cirv. b. In the absence of specific writte a L-y the City to the contrary, no such transfer or approval by the City shall be deemed to relieve Developer from any of its obligations, In the event that the City approves a substitute Developer and the prope. y is transferred to said subedmte, the Ciry agrees to relieve the Developer Of liability from PC- fornance as described in this Contract, Said substitute shall assame all responsibilities and rights of the Developer under this Contract.