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6 <br /> 3238974.3 CDBG Loan <br />Agreement <br />2) Verification of coverage. Prior to commencing or authorizing the commencement of any <br />work under this Agreement, Participant shall furnish City with complete copies of all <br />policies delivered to Participant by the insurer, including complete copies of all <br />endorsements attached to those policies. All copies of policies and endorsements shall <br />show the signature of a person authorized by that insurer to bind coverage on its behalf. <br />If the City does not receive the required insurance documents prior to the Participant <br />beginning work, it shall not waive the Participant’s obligation to provide them. <br />3) Deductibles and Self-Insured Retentions. Participant shall disclose to and obtain the <br />written approval of City for the self-insured retentions and deductibles before beginning <br />any of the services or work called for by any term of this Agreement. At the option of <br />the City, either: the insurer shall reduce or eliminate such deductibles or self-insured <br />retentions as respects the City, its officers, officials, employees, and volunteers; or the <br />Participant shall provide a financial guarantee satisfactory to the City guaranteeing <br />payment of losses and related investigations, claim administration and defense <br />expenses. <br />4) Wasting Policies. No policy required by this Section shall include a “wasting”policy limit <br />(i.e. limit that is eroded by the cost of defense). <br />5) Waiver of Subrogation. Participant hereby agrees to waive subrogation which any <br />insurer or contractor may require from vendor by virtue of the payment of any loss. <br />Participant agrees to obtain any endorsements that may be necessary to affect this <br />waiver of subrogation. The Workers’ Compensation policy shall be endorsed with a <br />waiver of subrogation in favor of the entity for all work performed by the Participant, its <br />employees, agents, and subcontractors. <br />D. Subcontractors. Participant shall include, or require its general or prime contractor to include, <br />all subcontractors as insureds under its policies or shall furnish separate certificates and <br />endorsements for each subcontractor. All coverages for subcontractors shall be subject to all of <br />the requirements stated herein. <br />The City Risk Manager may approve a variation in those insurance requirements upon a <br />determination that the coverages, scope, limits and forms of such insurance are either not commercially <br />available or that the City's interests are otherwise fully protected. <br />3.4 MAINTENANCE. Participant shall maintain the Improvements to the City’s standards and <br />repair Improvements at Participant’s own expense for a period of not less than ten (10) years after completion <br />thereof. <br />3.5 INDEMNIFICATION. Participant shall indemnify, defend (with counsel reasonably <br />acceptable to City), and hold harmless the City and its respective elected and appointed officials, officers, <br />agents, and employees (collectively the Indemnitees"), from and against, and shall pay on demand,any and <br />all losses, liabilities, damages, costs, claims, demands, penalties, fines, orders, judgments, injunctive or other <br />relief, expenses and charges (including attorneys’ fees and expenses of attorneys) (collectively “Liabilities”) <br />235