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under any of said policies, which right has been assigned by the Authority to the Assignee pursuant to the Assignment Agreement. The Net Proceeds of such insurance shall be paid to the Assignee and shall be credited towards the payment of the Lease Payments in the order in which such Lease Payments come due and payable. Section 5.6. Performance and Payment Bonds. The City shall obtain performance and payment bonds relating to the Improvements in such form as shall be acceptable to the Assignee. Section 5.7. Title Insurance. (a) The City shall provide, on the Closing Date, an ALTA title insurance policy (or an amendment to the ALTA policy issued on October 27, 2005), covering, and in the amount of not less than the principal amount of the Lease Agreement, insuring the leasehold estate created by the Site Lease. The Assignee shall be a named insured of such title insurance policy. (b) The Net Proceeds of such title insurance shall be applied as provided in Section 6.2(c) hereof. Section 5.8. Insurance Net Proceeds: Form of Policies. In the event that the City is not self -insured as hereinafter provided, the City, at its expense, shall throughout the term of this Lease Agreement keep the Property insured against theft, fire, collision (in the case of vehicles) and such other risks as may be customary for each item of Property in the amounts and for the coverage set forth in this Lease Agreement, with carriers acceptable to the Authority, under a policy or policies containing a loss payable endorsement in favor of the Authority and the Assignee, and affording to the Authority such additional protection as the Authority shall reasonably require. The City shall further, at its expense, maintain in effect throughout the term of this Lease Agreement a policy or policies of comprehensive public liability and property damage insurance in the amounts and for the coverage set forth in this Lease Agreement, with carriers satisfactory to the Authority. Such insurance may be maintained as part of or in conjunction with any other insurance carried by the City and may be maintained in whole or in part through a joint exercise of powers authority created for such purpose. The policies required hereby shall provide that they may not be canceled or materially altered without at least 30 days prior written notice to the Authority and the Assignee. The City shall deliver to the Authority and the Assignee copies or other evidence satisfactory to the Authority or the Assignee, as applicable, of each insurance policy and each renewal thereof. Failure by the Authority or the Assignee to request evidence of such insurance policies or renewals, or otherwise to verify the existence of such insurance, shall not constitute a waiver of the requirements hereof. The Authority, the Assignee and the City shall jointly make claim for, receive payment of and execute and endorse all documents, checks or drafts received in payment for loss or damage under said insurance policies. Section 5.9. Advances. If the City shall fail to perform any of its obligations under this Article V, the Authority or the Assignee may, but shall not be obligated to, take such action as may be necessary to cure such failure, including the advancement of money, and the City shall be obligated to repay all such advances as soon as possible, with interest at the rate of twelve percent (12%) per annum from the date of the advance to the date of repayment. Section 5.10. Installation of City's Equipment. The City may, at any time and from time to time in its sole discretion and at its own expense, install or permit to be installed items of equipment or other personal property in or upon any portion of the Property. All -11-