05.02 - HRA West Grove Townhome Refunding

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(c) All insurance required in this Article N shall be taken out and maintained in � responsible insurance companies selected by the City HRA which are authorized under the laws of the State to assume the risks covered thereby. Upon request, the City HRA will deposit annually with the County HRA and the County policies evidencing all such insurance, or a certificate or certificates or binders of the respective insurers stating that such insurance is in force and effect. Unless otherwise provided in this Article IV of this Agreement, each policy shall contain a provision that the insurer shall not cancel nor modify it in such a way as to reduce the coverage provided below the amounts required herein without giving written notice to the City HRA, the County HRA and the County at least 30 days before the cancellation or modification becomes effective. In lieu of separate policies, the City HRA may maintain a single policy, blanket or umbrella policies, or a combination thereof, having the coverage required herein, in which event the City HRA shall deposit with the County HRA and the County a certificate or certificates of the respective insurers as to the amount of coverage in force upon the Project. (d) As directed by Section 5.5 of the Indenture, proceeds of insurance or a condemnation award for the Project that exceed $25,000 shall be paid directly to the County HRA and applied by the City ��RA, together with other moneys available to the City HRA or County HRA for such purpose, to repair or rebuild the Project or for such use as provided for in the Indenture. Section 4.2. PILOT. The Project will be subject to a payment in lieu of taxes based on actual shelter rents charged for units in the Project (regardless of any subsidies provided to individual tenants) pursuant to Sections 469.040 and 272.01, as provided by law, and at least � until the Maturity Date. � EMT-238666v5 11 CR195-4