7.0. EDSR 05-11-1998 - Laserfiche WebLink

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Sent by: DRB MINNEAPOLIS 6123405584; 05/07/98 12:58; Joiffix #801 ;Page 17/39 • (iii) Such other insurance, including worker's compensation insurance respecting all employees of the Developer, in such amount as is customarily carried by like organizations engaged in like activities of comparable size and liability exposure; provided that the Developer may be self-insured with respect to all or any part of its liability for worker's compensation. (c) All insurance required in Article V of this Agreement shall be taken out and maintained in responsible insurance companies selected by the Developer which are authorized under the laws of the State to assume the risks covered thereby. (d) The Developer agrees to notify the Authority immediately in the case of damage exceeding Twenty-Five Thousand Dollars ($25,000) in amount to, or destruction of, the Minimum Improvements or any portion thereof resulting from fire or other casualty. In the event of any such damage,the Developer will forthwith repair, reconstruct and restore the Minimum Improvements to substantially the same or an improved condition or value as existed prior to the event causing such damage and, to the extent necessary to accomplish such repair, reconstruction and restoration, the Developer will apply the Net Proceeds of any insurance relating to such damage received by the Developer to the payment or reimbursement of the costs thereof. The Developer shall complete the repair, reconstruction and restoration of the Minimum • Improvements, whether or not the Net Proceeds of insurance received by the Developer for such purposes are sufficient to pay for the same. Any Net Proceeds remaining after completion of such repairs, construction and restoration shall be remitted to the Developer, In the event of substantial or total destruction of the Minimum Improvements, the Developer may elect to not repair or reconstruct the Minimum improvements, in which case the Developer shall reimburse the Authority one hundred percent (100%) of all monies paid to Developer for Public Development Costs. (e) The Authority agrees that its rights under this Section relative to the application of Net Proceeds of insurance provided under Sections 5.1(a)(i)and(b)(i), and as provided in Section 5.1(d), shall be subordinate to the rights of a Holder of a Mortgage approved by the Authority. Section 5.2 Condemnation. In the event that title to and possession of the Minimum Improvements or any material part thereof shall be taken in condemnation or by the exercise of the power of eminent domain by any governmental body or other person (except the Authority) during the term of this Agreement, the Developer shall,with reasonable promptness after such taking, notify the Authority as to the nature and extent of such taking. Upon receipt of any Condemnation Award, the Developer shall elect to either: (a) use the entire Condemnation Award to reconstruct the Minimum Improvements (or, in the event only a part of Minimum Improvements have been taken, then to reconstruct such part) within the Project Area; or (b) retain the Condemnation Award in the • event that a substantial portion of the Development Property and Minimum Improvements have been taken. In that event,the Developer shall reimburse the Authority one hundred percent (100%) of all monies paid to Developer for Public Development Costs. BeekP 546664.2 12