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required by Agency from time to time, and in no event less than $1,000,000; and <br />(f) any other insurance reasonably required by Agency. <br />All such insurance shall provide that it may not be canceled or materially modified <br />without thirty (30) days (ten (10) days for nonpayment of premium) prior written notice <br />to Agency. The policies required under subparagraphs (b) and (c) shall include a "lender's <br />loss payable endorsement" in form and substance satisfactory to Agency, showing the <br />Agency as encumbrance. The Agency shall be named as an additional insured(s) in the <br />policies required under subparagraphs (d) and (e) with primary coverage. Certificates of <br />insurance for the above policies (and/or original policies, if required by Agency) shall be <br />delivered within ten (10) days after demand therefore, and prior to start of any <br />construction work. All policies insuring against damage to the Improvements shall <br />contain an agreed value clause sufficient to eliminate any risk of co-insurance. No less <br />than ten (10) days prior to the expiration of each policy, Developer shall deliver to <br />Agency evidence of renewal or replacement of such policy reasonably satisfactory to <br />Agency Attorney. <br />19.2 RESERVED. <br />19.3 Claims and Proceedings. Developer shall give Agency <br />immediate notice of any material casualty to any portion of the Property, whether or not <br />covered by insurance, and of the initiation or threatened initiation of any proceeding for <br />the condemnation or other taking for public or quasi -public use of any portion of the <br />Property (collectively, "Condemnation"), and shall provide Agency with copies of all <br />documents which pertain to any such casualty or Condemnation. Developer shall take all <br />action reasonably required by Agency in connection therewith to protect the interests of <br />Developer and/or Agency, and Agency shall be entitled (without regard to the adequacy <br />of its security) to participate in any action, claim, adjustment or proceeding and to be <br />represented therein by counsel of its choice. Developer shall not settle, adjust, or <br />compromise any claim, action, adjustment or proceeding without prior written approval, <br />which approval shall not be unreasonably withheld or delayed. <br />19.4 Delivery of Proceeds to Agency. In the event that, <br />notwithstanding the "lender's loss payable endorsement" requirement set forth above, if <br />the proceeds from any casualty insurance is in excess of $500,000, Developer shall, <br />subject to any superior rights of the Senior Lender, deliver such proceeds to the Agency <br />immediately upon receipt. <br />19.5 Application of Casualty Insurance Proceeds. Subject to the <br />rights of the Senior Lender, any proceeds collected (the "Proceeds") under any casualty <br />insurance policy described in this Agreement shall be disbursed to Developer as provided <br />below, but only upon fulfillment of each of the following conditions (the "Restoration <br />Conditions") within ninety (90) days (unless extended by mutual agreement of Developer <br />and Agency) following the occurrence of the damage for which the Proceeds are <br />collected: <br />(a) Developer shall demonstrate to Agency's reasonable <br />29 <br />