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1990-12-17 Resolution 26
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1990-12-17 Resolution 26
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7/17/2008 2:02:19 PM
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such insurance moneys. The Trustee may, however, accept any <br />settlement or adjustment which the Trustee may deem it advisable <br />to make with such title insurers. The Trustee may reimburse itself <br />from any such insurance money for the costs and expenses incurred <br />by the Trustee in connection with (i) demanding, collecting and <br />recovering the insurance moneys and (ii) any related court action, <br />settlement or adjustment, including without limitation, attorney <br />fees (the "Collection Costs"). All insurance moneys collected or <br />recovered under the owner's policies referred to above, less <br />Collection Costs, shall be used, at the Trustee's option, either <br />(i) to cure title defects and/or obtain marketable, indefeasible <br />fee simple title or a right-of-way easement to the Project or (ii) <br />redeem the Bonds or portions thereof on the earliest possible <br />redemption date. <br />ARTICLE VI. <br />Insurance <br />Sec. 6.01. The Authority covenants that during the <br />construction of the Project, it will carry or will cause other <br />persons to carry for its benefit the following kinds of insurance: <br />(a) Builder's risk insurance in the amount of one <br />hundred percent (1000 of the insurable value of the Project <br />against physical loss or damage thereto, however caused, with such <br />exceptions as are ordinarily required by insurers of buildings or <br />facilities of a similar type. Such .insurance shall be carried in <br />completed value form. <br />(b) Bodily injury and property damage insurance naming <br />the .Authority as an insured against claims for damages for bodily <br />injury, including accidental death, as well as claims for property <br />damages which may arise from such construction. Such insurance <br />shall be carried for not less than the following limits of <br />liability for the policies indicated: <br />Combined bodily injury insurance, including <br />accidental death, and property damage insurance in an amount not <br />less than One Million Dollars ($1,000,000) on account of one <br />occurrence; or, in the alternative: <br />Bodily injury insurance in an amount not less than <br />One Million Dollars for injuries, including accidental death, to <br />any one (1) person, and in an amount not less than One Million <br />Dollars on account of one (1) accident; and <br />Property damage insurance in an amount not less than <br />Five Hundred Thousand Dollars on account of any one (1) accident <br />-25- <br />
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