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<br />EXHIBIT 3 <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 />19.4. Application of Casualty Insurance Proceeds. Any proceeds collected <br />(the "Proceeds") under any casualty insurance policy described in this Agreement shall be <br />disbursed to Developer as provided below, but only upon fulfillment of each of the <br />following conditions (the "Restoration Conditions") within ninety (90) days (unless <br />extended by mutual agreement of Developer and City) following the occurrence of the <br />damage for which the Proceeds are collected, or the date the City receives the Proceeds, <br />whichever is later: <br />(a)Developer shall demonstrate to City's reasonable satisfaction that <br />the Proceeds (together with amounts deposited by Developer pursuant to subparagraph (b)) <br />will be adequate to repair the Improvements and to restore the fair market value of the <br />Property, within two years (or such longer time period reasonably determined by City), to <br />at least the value it had immediately prior to sustaining the damage. Such demonstration <br />shall include delivery to City of: (i) plans and specifications reasonably satisfactory to City; <br />and, (ii) a construction contract in form and content, and with a contractor, reasonably <br />satisfactory to City. <br />(b)To the extent that the Proceeds are insufficient to accomplish the <br />restoration required above, Developer shall deliver to City (the "Shortfall Funds") in the <br />48 <br />WISEPlace Permanent Supportive Housing <br />City HOME-ARP Loan Agreement