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from time to time designate in writing), by not later than July 1St of each year, an annual report and <br />certification in the form required by the City. The report shall include at a minimum: (1) the <br />number of persons in the Assisted Unit; (2) tenant name; (3) initial occupancy date; (4) rent paid per <br />month; (5) annual gross income of the tenant; (6) percent of rent and utility allowance per month in <br />relation to gross income; and (7) copies of those documents used by Developer to certify or re- <br />certify the tenant, if requested by the City. <br />18. Use of Income from Operations. Developer, or its management agent, shall promptly deposit all <br />operating income in a segregated account established exclusively for the Development with an <br />FDIC- or other comparable federally -insured financial institution. <br />19. Hazard and Liability Insurance. Developer shall at all times, including during construction, <br />cause the Development to be insured against loss by fire, and such other hazards, casualties, <br />liabilities and contingencies, and in such amounts and for such periods as are reasonably acceptable <br />to the City, all in accordance with the requirements of the City. All insurance policies and renewals <br />thereof shall be issued by a carrier and in a form acceptable to the City. Property insurance policies <br />shall name the City as an additional insured, as approved by the City. Insurance that meets the <br />requirements of the Loan Agreement shall be deemed to meet the requirement of this Section 19. <br />a. Prior to initiating work on the Project and continuing through the issuance of the <br />Certificate of Completion, Developer and all contractors working on behalf of Developer on the <br />Project shall maintain a commercial general liability policy in the amount of One Million Dollars <br />($1,000,000) each occurrence, Two Million Dollars ($2,000,000) annual aggregate, together with <br />Three Million Dollars ($3,000,000) excess liability coverage, or such other policy limits as City may <br />require in its reasonable discretion, including coverage for bodily injury, property damage, products, <br />completed operations and contractual liability coverage. Such policy or policies shall be written on <br />an occurrence basis and shall name the City and its elected and appointed officers, officials, <br />employees, agents, consultants, and contractors (collectively, the "Indemnitees") as additional <br />insureds. <br />b. Until issuance of the Certificate of Completion, Developer and all contractors <br />working on behalf of Developer shall maintain a comprehensive automobile liability coverage in the <br />amount of One Million Dollars ($1,000,000), combined single limit including coverage for owned <br />and non -owned vehicles and shall furnish or cause to be furnished to City evidence satisfactory to <br />City that Developer and any contractor with whom Developer has contracted for the performance of <br />work on the Property or otherwise pursuant to this Agreement carries workers' compensation <br />insurance as required by law. Automobile liability policies shall name the Indemnitees as additional <br />insureds. <br />C. Upon commencement of construction work and continuing until issuance of a <br />Certificate of Completion, Developer and all contractors working on behalf of Developer shall <br />maintain a policy of builder's all-risk insurance in an amount not less than the full insurable cost of <br />the Project on a replacement cost basis naming City as a loss payee. <br />2220342.1 Page 7 <br />