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<br />(iii) broad form properly damage liability; <br />(iv) additional insured and primary insured endorsements protecting Agency and <br />City and their respective elected and appointed officials, officers, employees and <br />agents; and <br />(v) personal injury endorsement. <br />C. Worker's Compensation Insurance. Worker's compensation insurance, in the <br />amount required under then applicable state law, covering Owner's employees, if any, at <br />work in or upon the Property or engaged in services or operations in connection with the <br />Project, the Improvements or the Property. Owner shall require that any general <br />construction contract entered into by Owner with regard to the Project include a contractual <br />undertaking by the general contractor to provide worker's compensation insurance for its <br />employees engaged in construction of the Project in an amount in compliance with <br />applicable state law. <br />D. Course of Construction Insurance. Course of construction insurance, naming <br />Agency as loss payee in the same amount as required in Paragraph A above for property <br />insurance, covering all construction activities on the Property. <br />E. General Insurance Provisions. All policies of insurance provided for in this Exhibit <br />shall be provided under valid and enforceable policies, in such forms and amounts as <br />hereinbefore specified, issued by insurers licensed to do business in the State of California <br />(or approved to do business in California and listed on the California Department of <br />Insurance list of Eligible Surplus Lines Insurers or successor listing) and having a rating of <br />ANTI or better in Best Insurance Guide or, if Best Insurance Guide is no longer in existence, <br />a comparable rating from a comparable rating service. Prior to the closing of the Loan, and <br />thereafter, not less than thirty (30) days prior to the expiration date of each policy furnished <br />pursuant to this Exhibit C, Owner shall deliver to Agency certificates evidencing the <br />insurance required to be carried by Owner under this Exhibit C. If requested by Agency, <br />Owner shall deliver within fifteen (15) days following such request, certified, complete <br />copies of the insurance policies required hereunder. Insurance policies to be provided <br />herein shall meet the following requirements: <br />(a) Each policy of insurance obtained pursuant to this Agreement, other than <br />worker's compensation insurance, shall contain endorsements which provide (i) a waiver by <br />the insurer of the right of subrogation against Agency, Owner or any subtenant for <br />negligence of any such person, (ii) a statement that the insurance shall not be invalidated <br />should any insured waive in writing prior to the loss any or all right of recovery against any <br />party for loss accruing to the property described in the insurance policy, and (iii) a provision <br />that no act or omission of Owner which would otherwise result in forfeiture or reduction of <br />the insurance therein provided shall affect or limit the obligation of the insurance company <br />to pay the amount of any loss sustained. <br />(b) By endorsements, Agency and its elected and appointed officials, officers, <br />employees and agents shall be named as additional insured under the policies of liability <br />insurance and as loss payee under the property damage and course of construction <br />insurance required to be maintained by Owner hereunder. <br />1172237-2 2 <br />