R2003-75 AUTHORIZING EXECUTION OF AGREEMENT

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the third (3rd) day after mailing (if mailed), on the date of transmittal (if sent by facsimile), or on the date of personal service, as the case may be. 5.5 Conflict of Interest. No member of the City Council or any branch of the Municipality's government who has any power of review or approval of any of the Developer's undertakings, or of the Municipality's contracting for goods or services for the Development Property, shall participate in any decisions relating thereto which affect that member's personal interests or the interests of any corporation or partnership in which that member is directly or indirectly interested. Any person having such interest shall immediately, upon knowledge of such possible conflict, disclose in writing to the City Council the nature of such interest and seek a determination by the City Council with respect to such interest, and in the meantime shall not participate in any actions or discussions relating to the activities herein proscribed. 5.6 Insurance. The Developer shall cause there to be insurance as hereinafter set forth at all times during the process of constructing the Development Project and shall provide the Municipality with a certificate of insurance naming the Municipality, its Governing Body, officials, agents, employees, and independent contractors as additional insureds on: (i) Builder's risk insurance, written on the so called "Builder's Risk - Completed Value Basis," in an amount equal to one hundred percent (100%) of the insurable value of any construction work at the date of completion, and with coverage available in non-reporting form on the so called "all risk" form of policy; (ii) Comprehensive general liability insurance (including operations, contingent liability, operations of subcontractors, completed operations and contractual liability insurance) together with an owner's contractor's policy, with limits against bodily injury and property damage of not less than One Million Dollars ($1,000,000) for each occurrence (to accomplish the above required limits, an umbrella excess liability policy may be used); and (iii) Worker's compensation insurance, with statutorily required coverage. The policies of insurance required pursuant to clauses (i) and (ii) above shall be in form and content satisfactory to the Municipality and shall be placed with financially sound and reputable insurers licensed to transact business in the State of Illinois. The policy of insurance delivered pursuant to clause (i) above shall contain the agreement of the insurer to give not less than thirty(30) days advance written notice to the Municipality in the event of cancellation of such policy or change affecting the coverage thereunder. 5.7 Inspection. Prior to the completion of the Development Project, the Developer shall allow authorized representatives of the Municipality access to the Development Property from time to time for reasonable inspection thereof upon reasonable advance notice. 5.8 Choice of Law. This Agreement shall be taken and deemed to have been fully executed, made by the parties in, and governed by the internal laws of the State of Illinois for all purposes and intents. 5.9 Entire Agreement; Amendment. The parties agree that this Agreement constitutes the entire agreement between the parties and that no other agreements or representations other than those contained in this Agreement have been made by the parties. This Agreement shall be effective when signed by the authorized agents of the parties, and shall be amended only by a writing signed by the authorized agents of the parties. 15