RES 87418 - Laserfiche WebLink

amount therein requested to be paid over to it for the' purpose of repair, reconstruction or replacement, and specifying the items for which such moneys were expended, or such liabilities were incurred, and containing the additional information required to be included in a Written Requisition of the Corporation prepared pursuant to Section 3.03 of the Trust Agreement. Any balance of said proceeds not required for such repair, reconstruction or replacement shall be treated by the Trustee as Base Rental Payments and applied in the manner provided by Section 5.01 of the Trust Agreement. Alternatively, the Corporation, at its option, with the written consent of the City and of the Trustee, and if the proceeds of such insurance together with any other moneys then available for the purpose are at least sufficient to prepay all outstanding Certificates attributable to Capital Project II, may elect not to repair, reconstruct or replace the damaged or destroyed portion of Capital Project II and thereupon shall cause said proceeds to be used for the prepayment of outstanding Certificates pursuant to the provisions of the Trust Agreement. The Corporation and the City shall promptly apply for Federal disaster aid or State of California disaster aid in the event that Capital Projects I and II are damaged or destroyed as a result of an earthquake occurring at any time. Any proceeds received as a result of such disaster aid shall be used to repair, reconstruct, restore or replace the damaged or destroyed portions of Capital Projects I and II, or, at the option of the City and the Corporation, to prepay all outstanding Certificates if such use of such disaster aid is permitted. Section 8. Liability Insurance. Except as hereinafter provided, the City shall procure or cause to be procured and maintain or cause to be maintained, throughout the term of this Lease (but during the period of construction of Capital Project I only if such insurance is not provided by the Contractor under the construction contract referred to in Section 5 hereof), a standard comprehensive general liability insurance policy or policies in protection of the Corporation and its members, directors, officers, agents and employees and the Trustee, indemnifying said parties against all direct or contingent loss or liability for damages for personal injury, death or property damage occasioned by reason of the operation of Capital Projects I and II, with minimum liability limits of $1,000,000 for personal injury or death of each person and $3,000,000 for personal injury or deaths of two or more persons in each accident or event, and in a minimum amount of $200,000 (subject to a deductible clause of not to exceed F-17 1456S