25B - AGMT - 815 N HARBOR LOAN - Laserfiche WebLink

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17.1 Policies Regained. While any obligation of Developer tinder the, Loan Documents rornains outstanding, Developer shall maintain at Devolopci's sole expense, with imarm either (i) admitted in California or (ii) are not admitted to California but have im A.M. Best Rating of "A,' or above and reasonably approved by the City, the following policies of insurance in form and substance reasonably satisfactory to the City Attorricy: (a) worker's compensation insurance and any other insurance reqaired by law in connection with the construction, (b) prior to commencement and following completion of the construction, fire and hazard "all risk" insurance covering 100% of the replacement cost of the Improvements in the event of fire, lignming, witidstonrf, vandalism, malicious tniqchicf and all other risks normally covered by "tall risk" coverage policies in the area where the Property is located (including loss by flood if the Property is in an area designated as subject to the danger of flood); (c) ripen cornami neon tint 0 r the construction and at all times prior to completion of the construction, boulder's risk-all risk insurance covering 100% of the replacement cost of all Triaprovements (including offshc materials) during the course of construction in the event of fire, lightning, windstorm, vandalism, earthquake, malicious mischief and all other risks normally covered by "all risk" coverage policies in the Brea where the Property is located (including loss by flood if the Property is in art area designated as subject to the danger ofilood); (d) public liability insurance in amourits reasonably required by City from time to time, mid in no event less than $ 1,000,000 for "single occurrence;" (c) -property damage insurance in amounts reasonably required by City from time to time, and in no event less than $1,000,0ft and any other insurance reasonably required by City. All such insurance shall provide that it may not be canceled or materially modified without thirty (30) days prior written notice to City. The policies required undQr subparagraphs (b) and (c) shall include a "'gender's loss payable endorsement!' in form and substance satisfactory to City, showing the City as encumbrance. The City shall be named as an additional insured(s) in the policies required under subparagraphs (d) and (c) with primary coverage. Certificates of insurance for the above policies (and/or original policies, if required by City) shall be delivered within ton (10) days after dermind therefore, and prior to start of any construction work, All policies insuring against damage to the Itaprovetrionts shall contain an agreed value clause sufficient to eliminate any risk of car- insurance. No loss than thirty (30) days prior to the expiration of each policy, Developer shall deliver to City evidence of renewal or replacement of such policy reasonably satisfactory to City Attorney. 17.2 City Attorney May Nfodifl, The City Attorney may modify 32 25B-38