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17.1 Policies Required. While any obligation of Developer under the Loan <br />Documents remains outstanding, Developer shall maintain at Developer's sole expense, <br />with insurers either (i) admitted in California or (ii) are not admitted to California but <br />have an A.M. Best Rating of "A" or above and reasonably approved by the City, the <br />following policies of insurance in form and substance reasonably satisfactory to the City <br />Attorney: <br />(a) worker's compensation insurance and any other insurance <br />required by law in connection with the construction; <br />(b) prior to commencement and following completion of the <br />construction, fire and hazard "all risk" insurance covering 100% of the replacement cost <br />of the Improvements in the event of fire, lightning, windstorm, vandalism, malicious <br />mischief and all other risks normally covered by "all risk" coverage policies in the area <br />where the Property is located (including loss by flood if the Property is in an area <br />designated as subject to the danger of flood); <br />(c) upon commencement of the constriction and at all times prior to <br />completion of the construction, builder's risk -all risk insurance covering 100% of the <br />replacement cost of all hmprovements (including offsite materials) during the course of <br />constriction in the event of fire, lightning, windstorm, vandalism, earthquake, malicious <br />mischief and all other risks normally covered by "all risk" coverage policies in the area <br />where the Property is located (including loss by flood if the Property is in an area <br />designated as subject to the danger of flood); <br />(d) public liability insurance in amounts reasonably required by City <br />from time to time, and in no event less than $1,000,000 for "single occurrence;" <br />(e) property damage insurance in amounts reasonably required by <br />City from time to time, and in no event less than $1,000,000; and <br />(f) any other insurance reasonably required by City. <br />All such insurance shall provide that it may not be canceled or materially modified <br />without thirty (30) days prior written notice to City. The policies required under <br />subparagraphs (b) and (c) shall include a "lender's loss payable endorsement" in form <br />and substance satisfactory to City, showing the City as encumbrance. The City shall be <br />named as an additional insured(s) in the policies required under subparagraphs (d) and (e) <br />with primary coverage. Certificates of insurance for the above policies (and/or original <br />policies, if required by City) shall be delivered within ten (10) days after demand <br />therefore, and prior to start of any constriction work. All policies insuring against <br />damage to the Improvements shall contain an agreed value clause sufficient to eliminate <br />any risk of co- insurance. No less than thirty (30) days prior to the expiration of each <br />policy, Developer shall deliver to City evidence of renewal or replacement of such policy <br />reasonably satisfactory to City Attorney. <br />17.2 City Attorney May Modify. The City Attorney may modify <br />32 <br />