Laserfiche WebLink
During any period when the required insurance is not in effect,DHA or the City may suspend <br /> performance of this Agreement. If the Agreement is so suspended, no additional compensation or <br /> extension of time shall be due the Developer on account of such suspension. <br /> 5.10.1 Workers Compensation Insurance and Employer's Liability Insurance. <br /> The Developer and General Contractor shall obtain Workers Compensation Insurance, including <br /> occupational disease,for all employees,in at least the minimum amount required by law in the State <br /> of Illinois, and Employer's Liability Insurance in the amount of at least $500,000 each accident, <br /> $500,000 each disease and $500,000 for each disease/each employee. <br /> 5.10.2 Commercial General Liability Insurance. The General Contractor shall <br /> carry commercial general liability insurance with a combined single limit for bodily injury and <br /> property damage of not less than$1,000,000 per occurrence and$2,000,000 in the aggregate. This <br /> insurance shall cover the use of all equipment,hoists,and vehicles on the Phase I Site not covered by <br /> Automobile Liability under subparagraph 3 below. <br /> 5.10.3 Commercial Automobile Liability Insurance. Developer and General <br /> Contractor shall have commercial automobile liability insurance on owned,and non-owned and hired <br /> motor vehicles used on the Phase I Site or in connection with the work. Each policy shall have <br /> personal and property protection insurance including residual liability insurance under Illinois No <br /> Fault Insurance Law in an amount not less than$1,000,000 combined single limit. <br /> 5.10.4 Architect's Errors and Omissions Insurance. Developer shall require all <br /> architects working on the design of any Component to have in place Errars and Omissions Insurance <br /> in amounts customary in connection with the design of residential developments in the Decatur <br /> metropolitan area. <br /> ARTICLE 6. OWNER ENTITIES AND PROJECT DOCUMENTS <br /> 6.1 Entity Formation. Developer may form and/or cause one or more new entities to <br /> own any Component of the Revitalization. Each such entity is herein individually referred to as an <br /> "Owner Entity," and collectively as the "Owner Entities." Owner Entities may or may not be <br /> Affiliates of the Developer. Each Owner Entity will enter into all or some of the agreements <br /> described in this Article VI, which agreements are herein individually referred to as a "Project <br /> Document" and collectively as the"Project Documents." In the event of any conflict between a <br /> Proj ect Document and this Agreement after a Closing on the applicable phase of a Component of the <br /> Revitalization, the provisions of the Project Document will be deemed an amendment of this <br /> Agreement with respect to the phase of such Component(s)to which the Project Document applies to <br /> the extent such change is approved by DHA,the City and HUD in writing. Any material changes to <br /> Project Documents shall be completed in consultation with the City. <br /> 6.2 Owner Entity Organizational Documents. The Owner Entities shall be organized <br /> in such manner as the Developer shall determine. Documents evidencing the formation of Owner <br /> Entities(the"Owner Entity Organizational Documents")shall set out the rights and obligations of <br /> the parties thereto, including but not limited to the payment of development fees, guarantees, and <br /> Decatur Housing Authority Near North Impact Area Development Agreement <br /> Page 28 <br />