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(a) Following Developer's acquisition of the Ground Leasehold Interest, <br />Developer and all contractors working on behalf of Developer on the Project shall maintain a <br />commercial general liability policy with a per-occurrence combined single limit of not less than <br />Five Million Dollars ($5,000,000) per occurrence, or such other policy limit as City may require <br />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 <br />on an occurrence basis and shall name the Indemnitees as additional insureds. <br />(b) Following Developer's acquisition of the Ground Leasehold Interest, <br />Developer and all contractors working on behalf of Developer shall maintain a comprehensive <br />automobile liability coverage in the amount of One Million Dollars ($1,000,000), combined <br />single limit including coverage for owned and non-owned vehicles and shall furnish or cause to <br />be furnished to City evidence satisfactory to City that Developer and any contractor with whom <br />Developer has contracted for the performance of work on the Property or otherwise pursuant to <br />this Agreement carries workers' compensation insurance as required by law. Automobile <br />liability policies shall name the Indemnitees as additional insureds. <br />(c) Upon commencement of construction 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 <br />of the Project on a replacement cost basis naming City as loss payees. <br />(d) Following Developer's acquisition of the Ground Leasehold Interest, <br />Developer shall maintain property insurance covering all risks of loss (other than earthquake), <br />including flood (if required) for 100% of the replacement value of the Project with deductible, if <br />any, in an amount acceptable to City, naming City as loss payees. <br />(e) Companies writing the insurance required hereunder shall be licensed to <br />do business in the State of California. Insurance shall be placed with insurers with a current <br />A.M. Best's rating of no less than A: VII. The Commercial General Liability and comprehensive <br />automobile policies required hereunder shall name the Indemnitees as additional insureds. <br />Builder’s Risk and property insurance shall name City as loss payees as its interests may appear. <br />(f) Prior to closing of the HOME Loan and the City Loan, Developer shall <br />furnish City with certificates of insurance in form acceptable to City evidencing the required <br />insurance coverage and duly executed endorsements evidencing such additional insured status. <br />The certificates shall contain a statement of obligation on the part of the carrier to notify City and <br />of any material adverse change, cancellation, termination or non-renewal of the coverage at least <br />thirty (30) days in advance of the effective date of any such material adverse change, <br />cancellation, termination or non-renewal. <br />(g) If any insurance policy or coverage required hereunder is canceled or <br />reduced, Developer shall, within fifteen (15) days after receipt of notice of such cancellation or <br />reduction in coverage, but in no event later than the effective date of cancellation or reduction, <br />file with City a certificate showing that the required insurance has been reinstated or provided <br />through another insurance company or companies. Upon failure to so file such certificate, City <br />may, without further notice and at its option, procure such insurance coverage at Developer’s <br />144\259\1892880.4 <br />32