25H - AGMT - AFFORDABLE HOUSING 2151 E 1ST ST

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24,1 d'asdieics Wuulred, While any obligation of Developer under the I,oan Documents remains outstanding, Developer shall maintain at Developer's scale expense, with insurers either (i) addnittW in California or (ii) are not admittcd to C;a liflo iia but have an A.M. Best bating of "A" or above and reasonably approved by the City" the fallowing policies o1. i:nsurancc in form and substance reasonably sutiwfatctory to the City Attorney: (aa) worker's compensation insurance and any other ida:utar.11 cc required by law in connection with the rehabiti ation; (h) prior to commcneement and following completion of the reliaibitrtation, dare: and hazard "alt risk " insurance covering Itltl",n of dic replaccment: cost of the Improvements in the event of fire, hglatnid16;, Windstorni, vundaliwsu, maalieious mischief and it] other risks norrnadlly covered by "all risk" coverage policies in the area where the Property is located (including lows by flood [f the Property is in an area designated as subject to Ow (Linger (if' flood); (c) upon caarnrrderrecrnent of the rehubiIitaation and at all bones prior to completion ol, the rehabilitation, builder's risk-all risk insurance covering 'I Of)% cad` the replacement cast of all Improvements (including offisite materials) during the course of construction in the event of dire, lightning;, windstorm, vaadalis n, carthqu*e, malicious mischief and all other ricks normally covered by "all risk" k" caves ag;e policies in the area where the Property is located (including loss by flood rt the Property is in an area designated as sal "ject io the danger of llood) (d) public livability insurance in amounts reasonably regUired. by City from time to tinge, and in no event less than S 1,000,000 for "single occu.trrcnec;" (c) property damage insurance in amounts reasonable required by City firom tonic to bone, and in no event less than $ ],000,tJ00) and (f) any other insuranec rcaasonably rcquirt:al by City, All Such inwun a nce shall provide that it may not be canceled or materially moctified mwaitbout thirty (:30) (lays prior writtela notice to City. The policies required under subparagraphs (b) and (ci) shall include a "lender's loss payable: cndorsenacaat " in llarnrr road saihstancc sadisf'actcn•y to City, showing the City as encurnhranec. The City shall be mulled as an additional insureds) in the policics required under subparagraphs (d) and (e) with primary coverage, Cerfil"icatex of insurance Iiar Ilne above policies (and/or oructrn of policies, if realuired by City) :shall Nye delivered within tun (10) days after demand therefore, and prior to strut elf any rchabilitation work. All pelliCOC;S. ln9tdd"ntt; against da.ma&e to the Impreavurients shall contain an agreed value ctanSC sufficient to e,ldrruinate any risk of co -inwn auce. No less tlum thhty (:30) days prior to the expiration of each policy, Developer shatli deliver to City evidence of renevval or replacement of such policy reasonably satisd "aartory to City Attorney. 24..2 (fit • Attorrrenv May h`fndddi" y The City Attorney may ralaralify the type and 25H -77