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'® Leandro area since the last adjustment of insurance amounts, by giving Developer ninety (90) days written notice. (v) Failure to Procure Insurance - Developer's failure to procure or maintain required insurance shall constitute a material breach of the Agreement contract under which the Agency may immediately terminate the Agreement or, at its discretion, procure or renew such insurance to protect the Agency's interests and pay any and all premiums in connection therewith, and recover all monies so paid from Developer, or deduct all monies so paid from payments due Developer. (vi) Underlying Insurance - Developer shall be responsible for requiring indemnification and insurance from his/her employees, consultants, agents, and subcontractors, if any, to protect the Developer's and the Agency's interests, and for ensuring that such-persons comply with any applicable insurance statutes. Developer is encouraged to seek professional advice in this regard. (vii) Evidence of Coverages - Evidence of coverages as checked below, having as a minimum the limits shown (or such other lower limits as may from time to time be approved by the Executive Director), must be submitted and approved prior to commencement of work. Amounts shown are Combined Single Limit (CSL). Split limits may be substituted if the total per occurrence equals or exceeds the CSL amount. • Description Limits Builder's all -risk insurance Not less than $3,000,000 (c) Title to Land. The Agency is reasonably satisfied that, as of the recording of the Developer Deed of Trust, Developer shall hold good and marketable fee title to the Property and as of such time there exists thereon or with respect thereto no mortgage, lien, pledge or other encumbrance of any character whatsoever other than liens for current real property taxes and assessments not yet due and payable, the deeds of trust and other documents in connection with financing approved by the Agency pursuant to Section 3.12 hereof, and any other matters approved in writing by the Agency. (d) Lender's Title Policy. The Title Company is prepared to issue to the Agency a CLTA policy of lenders' title insurance subject only to a Conforming Senior Loan, utility easements, and such other encumbrances as may be deemed acceptable by the Executive Director or his designee. (e) No Default. There shall exist no condition, event or act which would constitute an Event of Default (as hereinafter defined) hereunder or which, upon the giving of notice or the passage of time, or both, would constitute an Event of Default. (f) Representations and Warranties. All representations and warranties of Developer herein contained shall be true and correct. 3.12 Agency Loan Provision's. As more particularly provided in the Developer Construction Note, interest under the Developer Construction Note shall accrue based upon the date and amount of each disbursement by 18 DOCS00746041 v4\24258.0002