2006/05/31 Council Agenda Packet

8 The Agency shall provide or purchase Workers' Compensation insurance coverage to meet the State of Washington industrial insurance regulations and cause any contractors or subcontractors working on behalf of the Agency to also carry such insurance prior to performing work on the Project. The City will not be responsible for payment of Workers' Compensation premiums or for any other claim or benefit for the Agency, its employees, consultants, Project contractors or subcontractors, which might arise under the State of Washington industrial laws that address Workers' Compensation. 4. National Flood Insurance Program This HOME Agreement is subject to the requirements of the Flood Disaster Protection Act of 1973 (Public Law No. 93-234). No portion of the assistance provided under this HOME Agreement is approved for acquisition or construction purposes, as defined under Section 3(a) of said Act, for use in an area identified by the Secretary of the United States Department of Housing and Urban Development as having special flood hazards which is located in a community not then in compliance with the requirements for participation in the National Flood Insurance Program pursuant to Section 201(d) of said Act; and the use of any assistance provided under this HOME Agreement for such acquisition or construction in such identified areas in communities then participating in the National Flood Insurance Program shall be subject to the mandatory purchase of flood insurance in accordance with the requirements of Section 102(a) of said Act. The Agency shall ensure that flood insurance coverage for affected property is maintained for the mandatory period. V. RECORDS AND REPORTS The Agency agrees to maintain the following records and submit the following reports in order to assist the City in meeting its recordkeeping and reporting requirements: A. Records Records under this Agreement shall be retained for the applicable periods required by 24 CFR § 92.508(c). VI. ENFORCEMENT OF THE AGREEMENT A. Breach by Agency; Termination by City In the event of a material breach of any of the provisions of this Agreement by the Agency, the City may give written notice thereof to the Agency by registered or certified mail addressed to the Agency at the notice address determined pursuant to this Agreement. Curing of Monetary Default. If a monetary event of default occurs under the terms of this Agreement, , before exercising any remedies thereunder, the City shall give the Agency written notice of such default. The Agency shall have a period of ten (10) days after such notice is given within which to cure the default before exercise of remedies by the City under hereunder, or such longer period of time as may be specified in the Loan Documents. A default in - 12 - 72