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from time to time designate in writing), by not later than July 151 of each year, an annual report and <br /> certification in the form required by the City. The report shall include at a minimum: (I) 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 /> (S 1,000,000)each occurrence and Two Million Dollars($2,000,000)annual aggregate or such other <br /> policy limits as City may require in its reasonable discretion, including coverage for bodily injury, <br /> property damage,products,completed operations and contractual liability coverage. Such policy or <br /> policies shall be written on an occurrence basis and shall name the City and its elected and appointed <br /> officers,officials,employees,agents,consultants, and contractors(collectively,the"Indemnitees") <br /> as additional 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(S1,000,000), 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 />