Res_11365 - Laserfiche WebLink

Home

[tem 8h: Attachment ��•hich are covered by such required insui-ance occur, then the Publi� Entity sha�l, at its sole option and discretion, either: (y) use or cause the insurance proceeds to be used to fully or pai-tially repair such dama�e and to provide or cause to be provided �� hatever additional funds that may be needed to fully or partially repair such damage, or (z) se11 its o�vnership interest in the dama�ed Faciliry and portion of ihe Real Propet-ry associated theretivith in accordance with the provisions contained in Section 4.01. If the Pubtic Entity elects to only partially repair such damage, then the portion of the insurance proceeds not used for such repair sha11 be appliecl in accordance ��ith the provisions contained in Section 4.02 as if the Pttblic Entity's o�vnership interest in the Real Property and Facility had been sold, and such amounts shall be credited a�ainst the amounts due and otivin� under Section 4.02 upon the ultimate sale of the Public Entitv's ownership interest in the Real Property and Facility. If the Public Entity elects to sell its o��-nership interest in the dama�ed Facility and portion of the Real Property associated therewith, then such sale must occur within a reasonable time period from the date the dama�e occurred and the cumulative sum of the insurance proceeds plus the proceeds of such sale must be applied in accordance �vith the provisions contained in Section 4.02, with the insurance proceeds bein� so applied within a reasonable time period from the date they are received by the Public Entity. The State Entity a�rees to and will assi�n or pay over to the Public Entity all insurance proceeds it receives so that the Public Entity can comply with the rec�uirements that this Section imposes thereon as to the use of such insurance proceeds. If the Public Entity elects to maintain �eneral compreher.sive liability insurance re��rdin� thz Real Property and, if applicable, Facility, then the Pubiic Entity shall have the State Entity named as an additional named insured therein. The Public Entity may require a Counterparty to provid� and nzaintain any or all of the insurance requued under this Section; provided that the Public Entity continues to be responsible for the providing of such instirance in the e��ent that the Counteiparty fails to pro�-ide or maintain such insurance. At the �vritten request of either the State Entity or the Commissioner of NLVIB, the Public Entity shall promptly furnish to the requestin� entity a11 written notices and all paid premium receipts received by the Public Entity regardin� the required insurance, or certiticates of insurance evidencin� the existence of such required insurance. If the Public Entity fails to provide and maintain the insurance required under this Section, then the State Entity may, at its sole option and discretion, obtain and m�intain insurance of an equivalent nature, and any funds expended by the State Entity to obtain or maintain such insurance shall be due and payable on demand by the State Entity and bear interest from the date of advancement by the State Entity at a rate equal to the lesser of the maximum interest rate allo�ved by law or 18°ro per annum based upon a 36�-day year. Provided, however, nothin; contained herein, including but not limited to this Section, shall require the State Entity to obtain or maintain such insurance, and the State Entity's decision to not obtain or maintain such insurance shall not lessen the Public Entity's duty to obtain and maintain such insurance. Generic GO Bond Proceeds �� �irant Aereement tor Proar�m End Gran[s Ver — 6i30/ l �