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• <br /> 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. I Party 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 />