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BgWe <br />D <br />single insurance carrier and single insurance agent to provide the insurance coe <br />under this Section 4.10 for the Project (the "Joint Policy"). Procurement of the Joint Policy is <br />subject to the terms of the Leases. All Lessees shall be named insureds under the Joint Policy. <br />The Family Parcel Lessee shall be designated the "first named insured" to receive all notices <br />under the Joint Policy. The Family Parcel Lessee shall provide copies of such notices and <br />evidence of insurance to the other Lessees within five (5) days of receipt. The Joint Policy shall <br />provide that all insurance proceeds shall be paid to an insurance trustee appointed by the Joint <br />Maintenance Committee pursuant to Section 5.5(c) below for subsequent disbursement to the <br />affected Lessees. To the extent obtainable, the Joint Policy shall provide that any change or <br />cancellation of such policy must be made in writing and sent to the Lessees at their respective <br />principal offices at least thirty (30) days before the effective date of change or cancellation. <br />Costs associated with the Joint Policy shall be a Joint Expense payable by the Lessees according <br />to their Designated Share. If the cost of the Joint Policy is increased due to the actions or failure <br />to act of one or more, but not all of the Lessees, the Joint Maintenance Committee may levy a <br />Special Joint Expenses Assessment pursuant to Section 4.5, to be shared solely among those <br />Lessees responsible for the increase in cost of the Joint Policy. <br />(d) Property Insurance. The Lessees shall obtain property insurance <br />covering all Lessee Parcels and Improvements, as now or hereafter erected on the Property, and <br />all equipment and fixtures located thereon or used in connection therewith, insuring the Lessees <br />against loss or damage by the perils insured under the standard Causes of Loss -- Special Form. <br />If commercially feasible, coverage shall be in amount or amounts equal to full replacement value <br />with an "agreed amount" endorsement or its equivalent, if available, or an "inflation guard" <br />endorsement. The replacement cost of the Project covered by such policy of insurance shall be <br />redetermined and the amount of coverage adjusted accordingly from time to time as frequently as <br />the Joint Maintenance Committee shall, in good faith, deem necessary to maintain the coverage <br />amounts set forth below, but, in any event, no less frequently than annually. To the extent <br />obtainable, each such policy shall provide for (i) a full waiver of subrogation by the insurer as to <br />any and all claims against the Lessees and their respective officers, directors, partners, agents, <br />employees, and tenants, and (ii) a full amount of all defenses based upon acts of the insured. <br />(e) Liability Insurance. The Lessees shall obtain a policy or policies of <br />Commercial General Liability insurance, with combined limits not less than Six Million Dollars <br />($6,000,000) per occurrence and Seven Million Dollars ($7,000,000) general aggregate limit of <br />bodily injury and property damage liability, as such limits may be increased by the Project Rules. <br />Such insurance shall name all owners as Named Insureds. Unless modified by the Project Rules, <br />such policies shall include all of the following coverages: products/completed operations, <br />independent contractors, blanket contractual liability, broad form property damage, host liquor <br />liability, non -owned and hired automobile liability, employees as additional insureds, and <br />personal injury liability (libel, slander, false arrest and wrongful eviction). Such policies shall <br />include a Severability of Interest provision, and shall not include a cross -liability exclusion, as <br />respects claims brought by one insured against another. In the event any liability insurance <br />policy required pursuant to this Section 4.10(b) is written on a claims -made basis, the Lessees <br />shall maintain liability insurance coverage for a minimum of three years following the expiration <br />of such policy for claims that arose during the policy term but were reported after policy <br />expiration. <br />21 <br />