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requirement of competitive bidding, whether or not any insurance policies shall have been <br />determined to be applicable to any such Claims. It is further agreed that City does not and shall <br />not waive any rights against Borrower which they may have by reason of this indemnity and hold <br />harmless agreement because of the acceptance by City, or Borrower’s deposit with Agency or City of any of the insurance policies described in this Agreement. The provisions of this Section <br />shall survive the expiration or earlier termination of this Agreement and the issuance of a <br />Certificate of Completion for the Project. Borrower’s indemnification obligations under this <br />Section shall not apply to any Claim which arises as a result of an Indemnitee’s gross negligence <br />or willful misconduct. <br /> 4.8 Assignment. Borrower may assign the Loan Documents to an affiliate of <br />Borrower or BRIDGE Housing Corporation. Borrower may also assign the Loan Documents to <br />any other entity with the consent of the City. <br />4.9 Insurance. <br /> <br />(a) Prior to initiating work on the Project and continuing through the completion of <br />the Improvements, Borrower and all contractors working on behalf of Borrower on the Project shall maintain a commercial general liability policy in the amount of One Million Dollars <br />($1,000,000) each occurrence, Two Million Dollars ($2,000,000) annual aggregate, including <br />coverage for bodily injury, property damage, products, completed operations and contractual <br />liability coverage. Such policy or policies shall be written on an occurrence basis and shall name <br />the Indemnitees (as defined in Section 5.1) as additional insureds. <br />(b) Until completion of the Improvements, Borrower and all contractors working on <br />behalf of Developer shall maintain a comprehensive automobile liability coverage in the amount <br />of One Million Dollars ($1,000,000), combined single limit including coverage for owned and <br />non-owned vehicles and shall furnish or cause to be furnished to City evidence satisfactory to City that Borrower or any contractor with whom Borrower has contracted for the performance of <br />work on the Premises or otherwise pursuant to this Agreement carries workers’ compensation <br />insurance as required by law. Automobile liability policies shall name the Indemnitees as <br />additional insureds. <br /> <br />(c) Upon commencement of construction work and continuing until completion of the <br />Improvements, Borrower shall maintain a policy of builder's all-risk insurance in an amount not <br />less than the full insurable cost of the Improvements on a replacement cost basis naming City as loss payee. Such insurance shall include coverage for risks of direct physical loss or damage, <br />excluding the perils of earthquake, flood, and earth movement. <br /> <br />(d) Companies writing the insurance required hereunder shall be licensed to do <br />business in the State of California. The Commercial General Liability policy required hereunder shall name the Indemnitees as additional insureds. <br /> <br />133