2006-09-27 CC Packet - Laserfiche WebLink

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respect, then the Public Entity shall immediately notify the State Entity, in writing. The State Entity and the Inspecting Engineer may conduct such inspections pf the Project as either may deem necessary for the protection of the State Entity's interest, and that any inspections which may be made of the Project by the State Entity or the Inspecting Engineer are made and all certificates issued by the Inspecting Engineer will be issued solely for the benefit and protection of the State Entity, and the Public Entity will not rely thereon. Article VI MISCELLANEOUS Section 6.01 Insurance. The Public Entity shall maintain or cause to be maintained builders risk insurance and fire and extended coverage insurance on the Facility, if such exists, in an amount equal to the full insurable value thereof, and shall name the State Entity as loss payee thereunder. If damages which are covered by such required insurance occurs to the Facility, if such exists, then the Public Entity shall, at its sole option and discretion, either; (i) use or cause the insurance proceeds to be used to fully or partially repair such damage and to provide or cause to be provided whatever additional funds that may be needed to fully or partially repair such damage, or (ii) sell its interest in the Real Property and the damaged Facility, if such exists, in accordance with the provisions contained in Section 3.03. If the Public Entity elects to only partially repair such damage, then the portion of the insurance proceeds which are not used for such repair shall be applied in accordance with the provisions contained in Section 3.04 as if the Public Entity's interest in the Real Property and Facility, ifsuch exists, had been sold, and such amounts shall be credited against the amounts due and owing under Section 3.04 upon the ultimate sale of the Public Entity's interest in the Real Property and Facility, if such exists. If the Public Entity elects to sell its interest in the Real Property and the damaged Facility, if such exists, then such sale must occur within a reasonable time period from the date the damage occurred and the cumulative sum of the insurance proceeds plus the proceeds of such sale must be applied in accordance with the provisions contained in Section 3.04, with the insurance proceeds being so applied within a reasonable time period from the date they are received by the Public Entity. As loss payee under the insurance required herein the State Entity agrees to and will assign or pay over to the Public Entity all insurance proceeds it receives so that the Public Entity can comply with the requirements that this Section 6.01 imposes upon the Public Entity as to the use of such insurance proceeds. If the Public Entity elects to maintain general comprehensive liability insurance regarding the Real Property and Facility, if such exists, then the Public Entity shall have the State Entity named as an additional named insured therein. At the written request of either the State Entity or the Commissioner of Finance, the Public Entity shall promptly furnish to the requesting entity all written notices and all paid premium receipts received by the Public Entity regarding the required insurance, or certificates of insurance evidencing the existence of such required insurance. City of CenterviIle City Park 9/11/2006 16 ~