Item 16 - Affordable Housing Project at 801, 807, 809 and 809 ½ E. Santa Ana Blvd

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Page | 23 9138-126780\1512539.3 current audited financial report. If the Tenant fails to maintain insurance acceptable to the Agency for the full term of this Lease, the Agency may terminate this Lease. 8.1.6. All policies of insurance required under this Article VIII must be issued by an insurer with a minimum rating of A- (Secure A.M. Best's Rating) and VIII (Financial Size Category as determined by the most current edition of the Best's Key Rating Guide/Property- Casualty/United States or ambest.com). It is preferred, but not mandatory, that the insurer must be licensed to do business in the state of California. (a) If the insurance carrier does not have an A.M. Best Rating of A-/VIII, the Lessor retains the right to approve or reject a carrier after a review of the carrier's performance and financial ratings. (b) If the insurance carrier is not an admitted carrier in the state of California and does not have an A.M. Best rating of A-/VIII, the Lessor retains the right to approve or reject a carrier after a review of the company's performance and financial ratings. (c.1) The policy or policies of insurance maintained by the TENANT DURING CONSTRUCTION shall provide the minimum limits and coverage as set forth below: Coverages Minimum Limits Builder's Risk (during the Construction Period) naming retained General Contractor Project value and no coinsurance provision. Commercial General Liability $5,000,000 per occurrence $5,000,000 aggregate Automobile Liability including coverage for owned, non-owned and hired vehicles $1,000,000 limit per occurrence Workers' Compensation Statutory Minimum Employers' Liability Insurance $1,000,000 per occurrence (c.2) The policy or policies of insurance maintained by the TENANT’S GENERAL CONTRACTOR DURING CONSTRUCTION shall provide the minimum limits and coverage as set forth below: Coverages Minimum Limits Commercial General Liability $5,000,000 per occurrence EXHIBIT 5