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14.8 Verification of Coverage. Grantee shall furnish City with original Certificates <br />of Insurance including all required amendatory endorsements (or copies of the applicable policy <br />language effecting coverage required by this clause). A statement on a Certificate(s)/Evidence <br />of Insurance will not be accepted in lieu of the actual endorsements required herein. Failure to <br />obtain the required documents prior to the work beginning shall not waive Grantee’s obligation <br />to provide them. City reserves the right to require complete, certified copies of all required <br />insurance policies, including endorsements, required by these specifications, at any time. <br />14.9 Sub-Contractors. Grantee shall require and verify that all sub-contractors <br />maintain insurance meeting all requirements stated herein, and Grantee shall ensure that City is <br />an additional insured on insurance required from sub-contractors. For CGL coverage, sub- <br />contractors shall provide coverage with a form at least as broad as CG 20 38 04 13. <br />14.10 Surety Bonds. Grantee shall provide the following Surety Bonds: <br />(a)Bid Bond <br />(b)Performance Bond <br />(c)Payment Bond <br />(d)Maintenance Bond <br />The Payment Bond and the Performance Bond shall be in a sum equal to the contract <br />price. If the Performance Bond provides for a one-year warranty a separate Maintenance Bond <br />is not necessary. If the warranty period specified in the contract is for longer than one year a <br />Maintenance Bond equal to 10% of the contract price is required. Bonds shall be duly executed <br />by a responsible corporate surety, authorized to issue such bonds in the State of California and <br />secured through an authorized agent with an office in California. <br />14.11 Special Risks or Circumstances. City reserves the right to modify these <br />requirements, including limits, based on the nature of the risk, prior experience, insurer, <br />coverage, or other circumstances. <br />14.12 Claims and Proceedings. Grantee shall give City immediate notice of any <br />material casualty to any portion of the Property, whether or not covered by insurance, and of the <br />initiation or threatened initiation of any proceeding for the condemnation or other taking for <br />public or quasi-public use of any portion of the Property (collectively, "Condemnation"), and <br />shall provide City with copies of all documents which pertain to any such casualty or <br />Condemnation. Grantee shall take all action reasonably required by City in connection therewith <br />to protect the interests of Grantee and/or City, and City shall be entitled (without regard to the <br />adequacy of its security) to participate in any action, claim, adjustment or proceeding and to be <br />represented therein by counsel of its choice. Grantee shall not settle, adjust, or compromise any <br />claim, action, adjustment or proceeding without prior written approval, which approval shall not <br />be unreasonably withheld or delayed. <br />14.13 Delivery of Proceeds to City. In the event that, notwithstanding the "lender's <br />loss payable endorsement" requirement set forth above, the proceeds of any casualty insurance <br />EXHIBIT 2