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<br /> of any rehabilitation work. No less than thirty (30) days prior to the expiration of each policy, <br /> <br /> Developer shall deliver to City evidence of renewal or replacement of such policy reasonably <br /> satisfactory to City Attorney. <br /> 906.1 City Attorney May Modify. The City Attorney may modify the type <br /> and amounts of insurance required pursuant to this Section. <br /> 906.2 Claims and Proceedings. Developer shall give City immediate notice <br /> of any material casualty to any portion of the Property, whether or not covered by insurance, and <br /> of the initiation or threatened initiation of any proceeding for the condemnation or other taking <br /> for 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. Developer shall take all action reasonably required by City in connection <br /> therewith to protect the interests of Developer and/or City, and City shall be entitled (without <br /> regard to the adequacy of its security) to participate in any action, claim, adjustment or <br /> proceeding and to be represented therein by counsel of its choice. Developer shall not settle, <br /> adjust, or compromise any claim, action, adjustment or proceeding without prior written <br /> approval, which approval shall not be unreasonably withheld or delayed. <br /> 906.3 Delivery of Proceeds to City. In the event that, notwithstanding <br /> the "lender's loss payable endorsement" requirement set forth above, the proceeds of any casualty <br /> insurance policy described herein are paid to Developer, Developer shall, subject to any superior <br /> rights of the Senior Lender, deliver such proceeds to the City immediately upon receipt. <br /> 906.4 Application of Casualty Insurance Proceeds. Any proceeds <br /> collected (the "Proceeds") under any casualty insurance policy described in this Agreement shall <br /> be disbursed to Developer as provided below, but only upon fulfillment of each of the following <br /> conditions (the "Restoration Conditions") within ninety (90) days (unless extended by mutual <br /> agreement of Developer and City) following the occurrence of the damage for which the <br /> Proceeds are collected: <br /> (a) Developer shall demonstrate to City's reasonable satisfaction that <br /> the Proceeds (together with amounts deposited by Developer pursuant to subparagraph (b)) will <br /> be adequate to repair the Improvements and to restore the fair market value of the Property, <br /> within a time period reasonably determined by City, to at least the value it had immediately prior <br /> to sustaining the damage. Such demonstration shall include delivery to City of (i) plans and <br /> specifications reasonably satisfactory to City, and (ii) a rehabilitation contract in form and <br /> content, and with a contractor, reasonably 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 funds (the "Shortfall Funds") in the <br /> amount of such shortfall, which funds shall be assigned to City as security for Developer's <br /> obligation hereunder and held and disbursed in the same manner as the Proceeds. <br /> (c) Developer shall execute such documents as City requires to <br /> 19 <br /> 25K-55 <br /> <br />