Agmt 2006 Mercy Housing California XXXIII (4)

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performance of work on the Property or otherwise pursuant to this Agreement carries workers' compensation insurance as required by law. Automobile liability policies shall name the Indemnitees as additional insureds. Upon commencement of the work of rehabilitation and continuing until issuance of a Certificate of Completion, Developer and all contractors working on behalf of Developer shall maintain a policy of builder's all-risk insurance in an amount not less than the full insurable cost of the Project on a replacement cost basis naming Agency as loss payee. Upon completion of the rehabilitation of the Project, Developer shall maintain property insurance covering all risks ofloss (other than earthquake), including flood (if required) for 100% ofthe replacement value of the Project with deductible, if any, in an amount acceptable to Agency, naming Agency as loss payee. Companies writing the insurance required hereunder shall be licensed to do business in the State of California. Insurance shall be placed with insurers with a current A.M. Best's rating of no less than A: VII or such other rating as approved by Agency. The Commercial General Liability and comprehensive automobile policies required hereunder shall name City and Agency and their respective officers, officials, agents, employees, and representatives as additional insureds. Builder's Risk and property insurance shall name Agency and City as loss payees as their interests may appear. Prior to commencement of rehabilitation work, Developer shall furnish Agency with certificates of insurance in form acceptable to Agency evidencing the required insurance coverage and duly executed endorsements evidencing such additional insured status. The certificates shall contain a statement of obligation on the part of the carrier to notify City and Agency of any material change, cancellation, termination or non-renewal of the coverage at least thirty (30) days in advance of the effective date of any such material change, cancellation, termination or non-renewal. Coverage provided by Developer shall be primary insurance and shall not be contributing with any insurance, or self-insurance maintained by Agency or City, and the policies shall so provide. The insurance policies shall contain a waiver of subrogation for the benefit of the City and Agency. Developer shall furnish the required certificates and endorsements to Agency within the time provided in the Schedule of Performance, and shall provide Agency with certified copies ofthe required insurance policies upon request of Agency. 5.12 Certificate of Completion. Promptly after completion of renovation of the Project in accordance with this Agreement and upon City's issuance of a certificate of occupancy for the Improvements, upon request of Developer, the Agency will provide an instrument so certifying in substantially the form attached hereto as Exhibit K ("Certificate of Completion"). Such Certificate of Completion shall constitute conclusive determination of satisfactory completion of rehabilitation of the Improvements. Such Certificate of Completion shall be in such form as will enable it to be recorded among the official records of Alameda County. The Certification of Completion shall not constitute evidence of compliance with or satisfaction of any obligation of Developer to any holder of a deed of trust securing money loaned to finance the Improvements or any part thereof, shall not be deemed a notice of completion under the California Civil Code, and shall not be deemed a determination that the obligations of Developer which continue beyond the completion of rehabilitation ofthe Project (including without limitation the obligations imposed pursuant to Article VI hereof) have been fulfilled. 803698-6 18