4.6 Indemnification: CDFA’s only obligation shall be to release funds to the Grantee in
accordance with the terms of this Contract. CDFA shall have no liability with respect to the
property, the Project, or the renovation, development, construction or operations
contemplated by the Project, and Grantee agrees to indemnify and hold harmless CDFA, its
officers and employees, from and against such cost, loss, damage, or liability suffered by the
Grantee and any and all claims, liabilities or penalties assessed the Grantee to the extent
allowed under state law.
4.7 Security: To protect CDFA’s investment of public funds, a relevant form of security
(the “Security”) will be required based upon the Project Purpose up to the net amount of
funding. The CDFA Security will self-amortize over a period of ten years, effective upon Grant
Start Date.
Tax credit funds will not be released until the Security is recorded and received at CDFA.
Grantee will be responsible for requesting a written release of said Security after the ten-
year period expires.
4.7.1 Grantee shall provide a performance lien on the project property, up to
the net amount of funding. The lien shall amortize over a 10-year period.
4.8 Liability Insurance: Grantee shall, at its sole expense, obtain and maintain in force,
and shall require any Subrecipient to obtain and maintain in force, for the benefit of CDFA
and duration of the Grant Period the following insurance: 1) if applicable and only to the
extent required by law, statutory worker’s compensation and employers liability insurance for
all employees engaged in the performance of the Grant Activities, and; 2) comprehensive
general liability insurance against claims of bodily injury, death or property damage arising
out of negligence in whole or part of the grantee, in amounts of not less than $1,000,000 per
occurrence and $2,000,000 aggregate. Each policy shall contain a clause prohibiting
cancellation or modification of the policy earlier than thirty (30) days after written notice
thereof has been received by CDFA. CDFA shall be named as a certificate holder. Any change
in this requirement shall require the approval of CDFA.
4.9 Property Insurance: If applicable, the Grantee, at its sole expense, shall obtain and
maintain in full force, fire and extended coverage insurance covering all property purchased
or improved with Grant Funds in an amount not less than 100% of the whole replacement
value of the property. CDFA shall be named as a certificate holder.
4.10 Builders’ Risk Insurance: If applicable, the Grantee shall ensure that all contractors
and subcontractors involved shall possess builders’ risk insurance in amounts sufficient to
cover the value of the property and its contents.
4.11 Taxes: The Grantee shall be required to pay all taxes, assessments, charges, fines,
and impositions attributable to the property, as applicable.
4.12 Project Publicity: The Grantee shali acknowledge CDFA appropriately in all
organizational and public forums as to the support, financial and otherwise, that has been
provided to your Project. This recognition shall include, but not be limited to,
print/electronic media, publications, interviews, brochures, etc. This will support our efforts
to be visible, which in turn will aid in generating additional financial support for New
Hampshire community development efforts.
