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d. Developer shall maintain property insurance covering all risks of loss (other than <br />earthquake), including flood (if required) for 100% of the replacement value of the Project with <br />deductible, if any, in an amount acceptable to City, naming City as a loss payee. <br />e. Companies writing the insurance required hereunder shall be licensed to do business <br />in the State of California. Insurance shall be placed with insurers with a current A.M. Best's rating <br />of no less than A: VII. The Commercial General Liability and comprehensive automobile policies <br />required hereunder shall name the Indemnitees as additional insureds. Builder's Risk and property <br />insurance shall name City as loss payees as their interests may appear. <br />f. Prior to commencement of construction work, Developer shall furnish City with <br />certificates of insurance in form acceptable to City evidencing the required insurance coverage and <br />duly executed endorsements evidencing such additional insured status. The certificates shall contain <br />a statement of obligation on the part of the carrier to notify City of any material adverse change, <br />cancellation, termination or non-renewal of the coverage at least thirty (30) days in advance of the <br />effective date of any such material adverse change, cancellation, termination or non-renewal. <br />g. If any insurance policy or coverage required hereunder is canceled or reduced, <br />Developer shall, within fifteen (15) days after receipt of notice of such cancellation or reduction in <br />coverage, but in no event later than the effective date of cancellation or reduction, file with City a <br />certificate showing that the required insurance has been reinstated or provided through another <br />insurance company or companies. Upon failure to so file such certificate, City may, without further <br />notice and at its option, procure such insurance coverage at Developer's expense, and Developer <br />shall promptly reimburse City for such expense upon receipt of billing from City. <br />h. Coverage provided by Developer shall be primary insurance and shall not be <br />contributing with any insurance, or self-insurance maintained by City, and the policies shall so <br />provide. The insurance policies shall contain a waiver of subrogation for the benefit of the City. <br />Developer shall furnish the required certificates and endorsements to City prior to the <br />commencement of construction of the Project, and shall provide City with certified copies of the <br />required insurance policies upon request of City. <br />20. Miscellaneous. <br />20.1 Assignment of City's Rights. The City retains the right, at its sole discretion, to <br />assign all or part of its rights under this Regulatory Agreement for the purpose of ensuring <br />compliance and enforcement of Developer's duties and obligations hereunder. In addition, the City <br />may designate an agent to act on its behalf in monitoring compliance and enforcing the provisions <br />hereof. <br />20.2 Amendment. This Regulatory Agreement shall not be altered or amended except in <br />writing, executed by the parties hereto. <br />20.3 Partial Invalidity. If any portion of this Regulatory Agreement shall be invalid, illegal <br />or unenforceable, the validity, legality and enforceability of the remaining provisions hereof shall not <br />in any way be affected or impaired thereby. <br />2220342.1 Page 8 <br />