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306. Insurance Requirements. The Developer shall take out and maintain or shall <br />cause its contractor to take out and maintain until the completion of construction pursuant to the <br />terms of this Agreement, a commercial general liability policy in the amount of Two Million <br />Dollars ($2,000,000) combined single limit policy, and a comprehensive automobile liability <br />policy in the amount of One Million Dollars ($1,000,000), combined single limit, or such other <br />policy limits as the Agency may approve at its discretion, including contractual liability, as shall <br />protect the Developer, City and Agency from claims for such damages. Such policy or policies <br />be written on an occurrence form. The Developer shall also furnish or cause to be furnished to <br />the Agency evidence satisfactory to the Agency that Developer and any contractor with whom it <br />has contracted for the performance of work on the Sites or otherwise pursuant to this Agreement <br />carries workers' compensation insurance as required by law. The Developer shall furnish a <br />certificate of insurance countersigned by an authorized agent of the insurance carrier on a form <br />approved by the Agency setting forth the general provisions of the insurance coverage. This <br />countersigned certificate shall name the City and the Agency and their respective officers, <br />agents, and employees as additionally insured parties under the policy, and the certificates shall <br />be accompanied by a duly executed enforcement evidencing such additional insured status (the <br />Agency's preferred Additional Insured Endorsement is attached hereto as Exhibit I). The <br />certificate and endorsement by the insurance carrier shall contain a statement of obligation on the <br />part of the carrier to notify City and the Agency of any material change, cancellation or <br />termination of the coverage at least thirty (30) days in advance of the effective date of any such <br />material change, cancellation or termination. Coverage provided hereunder by the Developer <br />shall be primary insurance and not be contributing with any insurance maintained by the Agency <br />or City, and the policy shall contain such an endorsement. The insurance policy or the <br />endorsement shall contain a waiver of subrogation for the benefit of the City and the Agency. <br />The required certificate shall be furnished by the Developer at the time set forth in the Schedule <br />of Performance. <br />306.1 Construction Defect Insurance. The Developer shall maintain <br />construction defect insurance coverage on each of the Affordable Units that are built for a period <br />of at least ten (10) years. <br />306.2 Builders Risk Insurance. The Developer shall take out and maintain <br />Builders Risk Insurance coverage to cover the buildings during the course of construction. Such <br />insurance shall provide coverage on an all risk basis, including theft and vandalism, for <br />accidental losses, damage or destruction of the property during construction. The limit of <br />insurance shall be in the amount of the full value of the project. <br />307. Reserved. <br />308. Rights of Access. For purposes of assuring compliance with this Agreement, <br />representatives of the Agency shall have the right of access to the Sites, without charges or fees, <br />at normal construction hours during the period of construction for the purposes of this <br />Agreement, including but not limited to, the inspection of the work being performed in <br />constructing the Improvements so long as Agency representatives comply with all safety rules. <br />The Agency (or its representatives) shall, except in emergency situations, notify the Developer <br />prior to exercising its right pursuant to this Section 308. <br />600457905v2 ~ 22~ <br />