Orange County NC Website
Browse       Search
Company as to any adjustment shall be final and conclusive ; <br /> and <br /> ( v) without limiting the generality of the <br /> foregoing, all insurance policies carried on the Project <br /> shall name the Company, the Authority and the Holder as <br /> parties insured thereunder as the respective interests of <br /> each of such parties may appear (or as loss payees) , and any <br /> loss thereunder shall be made payable and shall be applied <br /> as provided in subsection (e) hereof. <br /> Prior to expiration of any such policy, the Company shall <br /> furnish the Holder with evidence satisfactory to the Holder that <br /> the policy or certificate has been renewed or replaced or is no <br /> longer required by this Agreement . <br /> (b) Until Payment of the Bond, the Company will keep the <br /> Project continuously insured against such risks as are customa- <br /> rily insured against by businesses of like size and type includ- <br /> ing: <br /> ( i) property insurance to the full insurable cash <br /> value of the structures and equipment constituting the <br /> Project against loss or damage by fire and lightning and <br /> other hazards ordinarily included under uniform standard <br /> extended coverage policies limited only as may be provided <br /> in the standard form of extended coverage endorsement at the <br /> time in use in the State; <br /> ( ii ) general public liability insurance against (A) <br /> claims for bodily injury, death or property damage occurring <br /> on, in or about the Project (such coverage to include <br /> provisions waiving subrogation against the Authority) in <br /> amounts not less than $500, 000 per occurrence with respect <br /> to bodily injury to any one or more persons and $250, 000 per <br /> occurrence with respect to property damage, and (B) liabil- <br /> ity with respect to the Project under the worker ' s compen- <br /> , sation laws of the State; <br /> (iii ) business interruption insurance with coverage <br /> equal to the maximum debt service on the Bond for any one- <br /> year period; and <br /> ( iv) title insurance on the real estate included in the <br /> Project in the form of a mortgagee title policy ( including, <br /> if available, mechanics ' lien coverage) in an amount of <br /> $1, 500,000 insuring the interests of the Authority and the <br /> Holder under the Deed of Trust as a holder of a first lien <br /> of record, subject only to Permitted Encumbrances. <br /> 22. <br /> Mr <br />