4.5. SR 07-09-2012 - Laserfiche WebLink

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necessary funds in accordance with such section or has provided evidence acceptable to DEED that sufficient funds are available. Q. The Public Entity has supplied to DEED all other items that DEED may reasonably require. Section 6.04 Construction Inspections. The Public Entity shall be responsible for malting their own inspections and observations of the Construction Items, and shall determine to their own satisfaction that the work done or materials supplied by the Contractors to whom payment is to be made in accordance with the Construction Contract Documents. If any work done or materials supplied by a Contractor are not satisfactory to the Public Entity or if a Contractor is not in material compliance with the Constnlction Contract Documents in any respect, then the Public Entity shall immediately notify DEED, in writing. DEED and the knspecting Engineer, if any, may conduct such inspections of the Constnlction Items as either may deem necessary for the protection of DEED's interest, and that any inspections which may be made of the Project by DEED or the Inspecting Engineer, if any, are made and all certificates issued by the hispecting Engineer, if any, will be issued solely for the benefit and protection of DEED, and the Public Entity will not rely thereon. Article VII MISCELLANEOUS Section 7.01 Insurance. The Public Entity shall, upon acquisition of the ownership interest delineated in Section 2.02, insure the Facility, if such exists, in an amount equal to the full insurable value thereof (i) by self insuring under a program of self insurance legally adopted, maintained and adequately funded by the Public Entity, or (ii) by way of builders risk insurance and fire and extended coverage insurance with a deductible in an amount acceptable to DEED under which DEED and the Public Entity are named as loss payees. If damages which are covered by such required insurance occur, then the Public Entity shall, at its sole option and discretion, either. (y) 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 (z) sell its ownership interest in the damaged Facility and portion of the Real Property associated therewith in accordance with the provisions contained in Section 4.01. If the Public Entity elects to only partially repair such damage, then the portion of the insurance proceeds not used for such repair shall be applied in accordance with the provisions contained in Section 4.02 as if the Public Entity's ownership interest in the Real Property and Facility had been sold, and such amounts shall be credited against the amounts due and owing under Section 4.02 upon the ultimate sale of the Public Entity's ownership interest in the Real Property and Facility. If the Public Entity elects to sell its ownership interest in the damaged Facility and portion of the Real Property associated therewith, then such sale must occur within a reasonable time period from the date the damage occurred and the cumulative stun of the insurance proceeds plus the proceeds of such sale must be applied in accordance with the provisions contained in Section 4.02, with the insurance proceeds being so applied within a reasonable time period from the date they are received by the Public Entity. DEED Greater MN Business Development Public Infrastructure Program 24 Ver- 2/16/10 Grant Agreement for Construction Grants (DEED GO GA- Cnstrctn Grnt)