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Certificates of insurance for the above policies (and/or original policies, if required by City) shall <br />be delivered within ten (10) days after demand therefore, and prior to start of any Construction <br />work. All policies insuring against damage to the Improvements shall contain an agreed value <br />clause sufficient to eliminate any risk of co-insurance. No less than thirty (30) days prior to the <br />expiration of each policy, Vista Del Rio shall deliver to City evidence of renewal or replacement <br />of such policy reasonably satisfactory to City Attorney. <br />19.2 City Attorney May Modify. The City Attorney <br />may modify the type and amounts of insurance required pursuant to this Section. <br />19.3 Claims and Proceedings. Vista Del Rio shall give City <br />immediate notice of any material casualty to any portion of the Property, whether or not covered <br />by insurance, and of the initiation or threatened initiation of any proceeding for the <br />condemnation or other taking for public or quasi-public use of any portion of the Property <br />(collectively, "Condemnation"), an" shall provide City with copies of all documents which <br />pertain to any such casualty or Condemnation. Vista Del Rio shall take all action reasonably <br />required by City in connection therewith to protect the interests of Vista Del Rio and/or City, and <br />City shall be entitled (without regard to the adequacy of its security) to participate in any action, <br />claim, adjustment or proceeding and to be represented therein by counsel of its choice. Vista Del <br />Rio shall not settle, adjust, or compromise any claim, action, adjustment or proceeding without <br />prior written approval, which approval shall not be unreasonably withheld or delayed. <br />19.4 Delivery of Proceeds to City. In the event that, <br />notwithstanding the "lender's loss payable endorsement" requirement set forth above, the <br />proceeds of any casualty insurance policy described herein are paid to Vista Del Rio, Vista Del <br />Rio shall, subject to any superior rights of the Senior Lender, deliver such proceeds to the <br />Agency and City immediately upon receipt. <br />19.5 Application of Casualty Insurance Proceeds. Any <br />proceeds collected (the "Proceeds") under any casualty insurance policy described in this <br />Agreement shall be disbursed to Vista Del Rio as provided below, but only upon fulfillment of <br />each of the following conditions (the "Restoration Conditions") within ninety (90) days (unless <br />extended by mutual agreement of Vista Del Rio and City) following the occurrence of the <br />damage for which the Proceeds are collected: <br />(a) Vista Del Rio shall demonstrate to City's reasonable <br />satisfaction that the Proceeds (together with amounts deposited by Vista Del Rio pursuant to <br />subparagraph (b)) will be adequate to repair the Improvements and to restore the fair market <br />value of the Property, within a time period reasonably determined by City, to at least the value it <br />had immediately prior to sustaining the damage. Such demonstration shall include delivery to <br />City of (i) plans and specifications reasonably satisfactory to City, and (ii) a Construction <br />contract in form and content, and with a contractor, reasonably satisfactory to City. <br />(b) To the extent that the Proceeds are insufficient to <br />accomplish the restoration required above, Vista Del Rio shall deliver to City funds (the <br />"Shortfall Funds") in the amount of such shortfall, which funds shall be assigned to City as <br />35 <br />80A-111 <br />