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1992-04-30 Resolution 52
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1992-04-30 Resolution 52
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9/9/2008 2:30:34 PM
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ARTICLE VI. <br />Insurance <br />Sec. 6.01. The Authority covenants that it will carry or <br />cause to be carried: <br />(a) Insurance on the Parking Facility against physical <br />loss or damage thereto, however caused, with such exceptions <br />as are ordinarily required by insurers of buildings or <br />facilities of a similar type, which insurance shall be in an <br />amount equal to one hundred percent (100) of the full <br />replacement cost of the Parking Facility as certified by a <br />registered architect, a registered engineer, or a professional <br />appraisal engineer selected by the Authority with the approval <br />of the Trustee, on the effective date of such insurance and <br />on or before April 1 of each year thereafter (such appraisal <br />may be based on a recognized index of conversion factors) ; and <br />(b) Rent or rental value insurance in an amount equal <br />to the full rental value of the Parking Facility for a period <br />of two (2) years against physical loss or damage of the type <br />insured against under Sec. 6.01(a) above. <br />Sec. 6.02. Such insurance policies shall be maintained in <br />• good and responsible insurance companies satisfactory to the <br />Trustee, and shall be countersigned by an agent of the insurer who <br />is a resident of the State of Indiana. A copy of such policies, <br />together with a certificate of the Insurance Commissioner <br />certifying that the persons countersigning such policies are duly <br />qualified in the State of Indiana as resident- agents of the <br />insurers on whose behalf they have signed, and the architect's or <br />engineer's certificates referred to in Sec. 6.01(a) shall be <br />deposited with the Trustee. Such schedule shall contain the names <br />of the insurers, the amounts of each policy, the character of the <br />risk insured against, the expiration date of each policy, the <br />premium paid thereon, and any other pertinent data. <br />Sec. 6.03. In case the Authority shall at any time refuse, <br />neglect or fail to obtain and furnish such certificate or to effect <br />insurance as aforesaid, the Trustee may, in its discretion, procure <br />such certificate and/or such insurance, and all moneys paid by the <br />Trustee for such certificate and/or insurance, together with <br />interest thereon at the highest rate of interest on any of the <br />Bonds when sold, whether or not then outstanding, shall be repaid <br />by the Authority upon demand, and shall constitute an additional <br />indebtedness of the Authority secured by the lien. of this <br />Agreement, prior and paramount to the lien hereunder of said Bonds <br />and interest thereon. The Trustee, however, shall not be obligated <br />to effect such insurance unless fully indemnified against the <br />• -20- <br />
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