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i. The Retroactive Date must be shown and must be before the date <br />of the Agreement or the beginning of work. <br />ii. Insurance must be maintained and evidence of insurance must <br />be provided for at least five (5) years after completion of the <br />work. <br />iii. If coverage is canceled or non -renewed, and not replaced with <br />another claims -made policy form with a Retroactive Date prior <br />to the contract effective date, the Developer must purchase <br />"extended reporting" coverage for a minimum of five (5) years <br />after completion of work. <br />8. Verification of Coverage: Developer shall furnish the City with <br />original Certificates of Insurance including all required amendatory <br />endorsements (or copies of the applicable policy language effecting <br />coverage requiredby this clause) and a copy of the Declarations and <br />Endorsement Page of the CGL policy listing allpolicy endorsements to <br />City before work begins. However, failure to obtain the required <br />documents prior to the work beginning shall not waive Developer's <br />obligation to provide them. The City reserves the right to require <br />complete, certified copies of all required insurance policies, including <br />endorsements required by these specifications, at any time. <br />9. Subcontractors: Developer shall require and verify that all <br />subcontractors maintain insurance meeting all the requirements stated <br />herein, and Developer shall ensure that City is an additional insured on <br />insurance required from subcontractors. <br />10. Special Risks or Circumstances: City reserves the right to modify <br />these requirements, including limits, based on the nature of therisk, prior <br />experience, insurer, coverage, or other special circumstances. <br />19.2. Claims and Proceedings. Developer shall give City immediate notice of <br />any material casualty to any portion of the Property, whether or not covered by insurance, <br />and of the initiation or threatened initiation of any proceeding for the condemnation or <br />other taking for public or quasi -public use of any portion of the Property (collectively, <br />"Condemnation"), and shall provide City with copies of all documents which pertain to any <br />such casualty or Condemnation. Developer shall take all action reasonably required by City <br />in connection therewith to protect the interests of Developer and/or City, and City shall be <br />entitled (without regard to the adequacy of its security) to participate in any action, claim, <br />adjustment or proceeding and to be represented therein by counsel of its choice. Developer <br />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 />19.3. Delivery of Proceeds to City. If the proceeds from any casualty insurance <br />is in excess of $500,000, Developer shall, subject to any superior rights of the Senior <br />Lender, deliver such proceeds to the City immediately upon receipt. <br />44 <br />The Crossroads at Washington <br />City HOME Loan Agreement <br />