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6.5 Approval of Amendments. If City has not responded to any submission, <br />amendment or change of the Marketing and Management Plan or Management <br />Agent, within 30 days following City's receipt of such submission, amendment or <br />change of the Marketing Management Plan or Management Agent, shall be <br />deemed approved by City. <br />6.6 Fees, Taxes, and Other Levies. Owner shall be responsible for payment of all <br />fees, assessments, taxes, charges, liens and levies, including without limitation <br />possessory interest taxes, if applicable, imposed by any public authority or utility <br />company with respect to the Property or the Project, and shall pay such charges <br />prior to delinquency. However, Owner shall not be required to pay any such <br />charge so long as: i) Owner is contesting such charge in good faith and by <br />appropriate proceedings, ii) Owner maintains reserves adequate to pay any <br />contested liabilities, and iii) On final determination of the proceeding or contest, <br />Owner immediately pays or discharges any decision or judgment rendered against <br />it, together with all costs, charges and interest. The foregoing is not intended to <br />impair Owner's ability to apply for any applicable exemption from property taxes <br />or other assessments and fees. <br />6.7 Insurance Coverage. Throughout the term of this Agreement, Owner shall obtain <br />and maintain property insurance for the risks of direct physical loss, with <br />minimum coverage being the perils insured under the standard Causes of Loss - <br />Special form (ISO Form CP 10 30) or its equivalent, covering all improvements, <br />all fixtures, equipment and personal property, located on or in, or constituting a <br />part of, the Property ("Improvements"), in an amount equal to one hundred <br />percent (100%) of the full replacement cost of all such property. Insurance shall <br />be provided by insurers licensed to do business in the State of California and <br />having a rating of A-VII or better in Best Insurance Guide. Notwithstanding the <br />forgoing, during such time that lenders providing financing for the Project impose <br />insurance requirements that are inconsistent with the requirements set forth <br />herein, Owner may satisfy the requirements of this Section by meeting the <br />requirements of such lenders. Any insurance required for the Project shall name <br />the City, and its officers, officials, employees and agents as an additional insured. <br />Owner shall provide proof of required insurance to City promptly after written <br />request from the City. <br />6.8 Property Damage or Destruction. If any part of the Project is damaged or <br />destroyed, Owner shall repair or restore the same, consistent with the occupancy <br />and rent restriction requirements set forth in this Agreement. Such work shall be <br />commenced as soon as reasonably practicable after the damage or loss occurs and <br />shall be completed within one year thereafter, provided that insurance proceeds <br />are available to be applied to such repairs or restoration within such period and <br />the repair or restoration is financially feasible. <br />7. Recordation; No Subordination. This Agreement shall be recorded in the Official <br />Records of Alameda County. Owner hereby represents, warrants and covenants that with <br />the exception of easements of record, if any, absent the written consent of City, this <br />Affordable Housing Regulatory Agreement — Centro Callan <br />November 28, 2022 <br />12 <br />