Agenda - 12-20-94 - Contract - Laserfiche WebLink

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the Lender of such insurance coverage. Each insurer shall also agree by endorsement upon the policy or policies issued by it that (a) it will give thirty (30) days prior written notice to the Lender of cancellation, non-renewal or material modification of such policy, and (b) the coverage of the Lender shall not be terminated, reduced or affected in any manner, regardless of any breach or violation by the County or the Board of Education, as the case may be, of any warranties, declarations or conditions of such insurance policy or policies, other than a failure to pay premiums when due following the giving of notice as provided above. The proceeds of such insurance, at the option of Lender, shall be applied (a) toward the replacement, restoration or repair of the Property, or (b) toward the prepayment of the obligations of the County hereunder, including, but not limited to, the Installment Payments . The County or the Board of Education, as the case may be, shall make claim for, receive payment of, and execute all documents, checks or drafts received in payment of loss or damage under any such insurance policy. 5 . 7 Performance by the Lender of the County' s Responsibilities . Any performance required of the County or the Board of Education, as the case may be, or any payments required to be made by the County or the Board of Education may, if not timely performed or paid, be performed or paid by the Lender, and, in that event, the Lender shall be immediately reimbursed by the County or the Board of Education, as the case may be, for these payments and for any costs and expenses, legal or otherwise, associated with the payments or other performance by the Lender, with interest thereon at a rate equal to eight percent (80) per annum. 5 . 8 Financial Statements. The County agrees that it will furnish the Lender at such reasonable times as the Lender shall request current financial statements (including, without limitation, the County' s annual budget as submitted or approved) , and permit the Lender or its agents and representatives to inspect the County' s books and records and make extracts therefrom. The County represents and warrants to the Lender that all financial statements which have been delivered to the Lender fairly and accurately reflect the County' s financial condition and there has been no material adverse change in the County' s financial condition as reflected in the financial statements since the date thereof . 5 .9 Reports . The County agrees that it will furnish to the Lender monthly, and at such other times as may be reasonably requested by Lender, a report from the County' s architect with respect to the status of the construction of the Improvements (addressing the percentage of completion and compliance with the Plans and Specifications) , in form and content reasonably satisfactory to Lender. 7