1992-04-30 Resolution 52 - Laserfiche WebLink

Home Browse Search

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