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(k) Deductibles and Self-hnsured Retentions. The Developer shall pay <br />or cause to be paid any and all deductibles and self -insured retentions under all insurance policies <br />issued in satisfaction of the terms of this Agreement regarding any claims relating to the City <br />Parties. <br />(1) No Separate Insurance. The Developer shall not carry separate or <br />additional insurance concurrent in form or contributing in the event of loss with that required under <br />this Agreement, unless endorsed in favor of the City, as required by this Agreement. <br />(m) Insurance Independent of Indemnification. The insurance <br />requirements of this Agreement are independent of the Developer's indemnification and other <br />obligations under this Agreement and shall not be construed or interpreted in any way to satisfy, <br />restrict, limit, or modify the Developer's indemnification or other obligations or to limit the <br />Developer's liability under this Agreement, whether within, outside, or in excess of such coverage, <br />and regardless of solvency or insolvency of the insurer that issues the coverage; nor shall the <br />provision of such insurance preclude the City from taking such other actions as are available to it <br />under any other provision of this Agreement or otherwise at law or in equity. <br />5.10 Development of the Project. <br />5.10.1 City Funded Improvements. Upon Developer's satisfaction of Section 3.1 <br />City shall fund the following based on reasonable actual costs to a maximum cost of $13 million <br />dollars ($13,000,000): <br />(a) The demolition of the existing three (3) level parking structure <br />located on the Property. <br />(b) The preparation of the Project site for construction to a rough grade <br />condition. <br />(c) The construction of a Public Parking Parcel. <br />(d) The construction of a private street reconnecting Sycamore Street <br />between 3rd Street and 4th Street. Developer shall grant the City an easement for street, highway <br />and public utility purposes over, under and upon Sycamore Street between 3rd Street and 4th <br />Street. <br />5.10.2 City Financin¢. City retains its sole and unfettered discretion as to any and <br />all decisions regarding the funding of the $13 million dollars ($13,000,000) for the City Funded <br />Improvements listed in 5.10.1. <br />(a) If City utilizes bonds to finance the City Funded Improvements then <br />Developer shall be solely financially responsible for all costs and debt service until the <br />bonds have been repaid in their entirety. <br />(b) If the City utilizes an alternative source of private financing to <br />finance the City Funded Improvements then Developer shall be solely financially <br />responsible for all costs and debt service associated with the private financing until the <br />32 <br />55394.00049\33239203.12 <br />