Resolution 5666 - Laserfiche WebLink

City in the amount of$4.8 million; provided, that Rinker may satisfy all or part of this obligation by making the City an additional beneficiary, for the obligations to be performed by Rinker pursuant to this Agreement, on the performance bond posted by Rinker for its obligations to DNR pursuant to Amended Permit. (d) Pro-rata Reduction in Security. Upon the conveyance of a Transfer Lot in compliance with the provisions of this Agreement, Rinker is entitled to reduce the amount of the property held as Recreation Set-Aside Parcels or the amount of the performance bond or other security in an amount equal to the proportion that the conveyed Transfer Lot bears to the total acreage (78 acres) in Lots 45-B, 45-C, 45-D and 45-E, and The City shall execute a partial reconveyance of the deed of trust to effectuate such release. (e) Other Remedies. In lieu of and not in addition to foreclosure, the City retains all other rights and remedies that it may have in law or equity in the event of a Default by Rinker of the terms of this Agreement. 1.13 Insurance. (a) For the duration of this Agreement, Rinker shall obtain at its own expense, maintain in full force and effect, and file with the City a Certificate of Insurance for a primary policy of Commercial General Liability insurance that includes the coverages set forth below. These policies and Certificates of Insurance shall be subject to approval by City as to company, terms and coverages. (b) Such liability insurance policies shall by endorsement specifically name City as an additional insured thereunder. Subject to the provisions of such policies, the insurance 2004 Revised Development Agreement 20 8/23/2005