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6. PAYMENT OR REIMBURSEMENT OF COSTS OF PROJECT. Upon compliance
<br />with the conditions precedent set forth in Section 3.1, Developer shall be reimbursed by
<br />the LRC for the costs of the Project, in an amount not to exceed the Reimbursement
<br />Amount as follows:
<br />6.1 The LRC shall reimburse the Reimbursement Amount of Six Hundred Fifty -
<br />Thousand Dollars ($650,000.00). Developer shall be solely responsible for all other costs
<br />of the Improvements.
<br />7. INSURANCE. On or prior to the Commencement of Construction, Developer will
<br />provide the City and the LRC with certificates of insurance showing that Developer is
<br />carrying, or causing prime contractors to carry, the following insurance: General Liability,
<br />with a general aggregate of Two Million Dollars ($2,000,000); fire damage of One
<br />Hundred Thousand Dollars ($100,000); medical expense of Five Thousand Dollars
<br />($5,000); products/completed operations aggregate of Two Million Dollars ($2,000,000);
<br />personal and advertising injury of One Million Dollars ($1,000,000) with each occurrence
<br />up to One Million Dollars ($1,000,000), with deductible of Twenty-five Hundred Dollars
<br />($2,500) per claim.
<br />8. INDEMNIFICATION. From Commencement of Construction of the Project through
<br />Completion of Construction of the Project, and for any action arising during that time
<br />period, Developer agrees to indemnify, defend and hold harmless the City and the LRC,
<br />its officers, agents and employees, from and against all liability, claims, demands, and
<br />expenses, including fines imposed by any applicable state or federal regulatory agency,
<br />court costs and attorney fees, on account of any injury, loss, or damage to the extent
<br />arising out of any of the work to be performed by Developer, any subcontractor of
<br />Developer, or any officer, employee, agent, successor or assign of Developer under this
<br />Agreement, but only to the extent such injury, loss, or damage is caused by the negligent
<br />act or omission, error, professional error, mistake, accident, or other fault of Developer,
<br />any subcontractor of Developer, or any officer, employee, agent, successor or assign of
<br />Developer, but excluding any injuries, losses or damages which are due to the gross
<br />negligence, breach of contract or willful misconduct of the LRC.
<br />9. REPRESENTATIONS AND WARRANTIES.
<br />9.1 Representations and Warranties by the LRC. The LRC represents and
<br />warrants as follows:
<br />(a) The LRC is a body corporate and politic of the State of Colorado, duly
<br />organized under the Act, and has the power to enter into and has taken all actions
<br />to date required to authorize this Agreement and to carry out its obligations.
<br />(b) The LRC knows of no litigation, proceeding, initiative, referendum,
<br />investigation, or threat of any of the same contesting the powers of the LRC or its
<br />officials with respect to this Agreement that has not been disclosed in writing to
<br />Developer.
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<br />10/23/2024
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