2017/03/29 Council Agenda Packet

• 2 insurance shall protect the City from any and all claims and risks and losses in connection with any activity performed by Owner on the Owner Property. (c) Such liability insurance policies shall provide the following minimum coverages (extended bodily injury, acts of employees,premises and operations liability,owner's and contractor's protective liability, blanket contractual liability, broad form property damage liability,personal injury and coverage for acts of employees, automobile liability, explosion, collapse, and underground damage) and minimum limits ($10 million per occurrence and$10 million annual aggregate). 1.14 Transfer Lot 3. In lieu of conveying Transfer Lot 45-E to the City,the City and Owner have agreed that Transfer Lot 3 will be conveyed to the City after completion of the Transfer Lot 3 Minimum Acceptance Standards Work is complete, and if Owner has so elected, completion of the Transfer Lot Maximum Acceptance Standards Work is complete on the Transfer Lot 3 Closing Date as provided in Section I.2(b)(2). 1.15 Installment Payments. Owner shall pay the City the Equivalent Value of Two Million and No/100 Dollars ($2,000,000)in five(5)annual installments of$400,000 each (each an"Installment Payment"and collectively,the"Installment Payments"), with the first Installment Payment made upon the Lot 1 closing, but in no event later than the Transfer Lot Group Closing Date, and the succeeding Installment Payments made on the same calendar date of each succeeding calendar year until fully paid, but in no event later than the Transfer Lot 3 Closing Date. 1.16 Lot Profit Payment Covenant-Land Wedge. Owner,in addition to the payments under Sectz_.15,will make a Lot Profit Payment to the City for the Land Wedge for each of Lot 1 and Lot 2 as follows: