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<br />36 <br /> <br />(e) property damage insurance in amounts reasonably required by the <br />Agency from time to time, and in no event less than $1,000,000; and <br /> <br />(f) any other insurance reasonably required by Agency. <br /> <br />All such insurance shall provide that it may not be canceled or materially <br />modified without thirty (30) days prior written notice to Agency. The policies required <br />under subparagraphs (b) and (c) shall include a "lender's loss payable endorsement" in <br />form and substance satisfactory to Agency, showing the Agency as encumbrance. The <br />Agency shall be named as an additional insured in the policies required under <br />subparagraphs (d) and (e). Certificates of insurance for the above policies (and/or original <br />policies, if required by Agency) shall be primary and delivered within ten (10) Business <br />Days after demand therefore, and prior to start of any construction work. All policies <br />insuring against damage to the Improvements shall contain an agreed value clause <br />sufficient to eliminate any risk of co-insurance. No less than thirty (30) calendar days <br />prior to the expiration of each policy, Developer shall deliver to Agency evidence of <br />renewal or replacement of such policy reasonably satisfactory to the City Attorney. <br /> <br />19.2 City Attorney May Modify. The City Attorney may modify the type and <br />amounts of insurance required pursuant to this Section. <br /> <br />19.3 Claims and Proceedings. Developer shall give Agency immediate <br />notice of any material casualty to any portion of the Property, whether or not covered by <br />insurance, and of the initiation or threatened initiation of any proceeding for the <br />condemnation or other taking for public or quasi-public use of any portion of the Property <br />(collectively, "Condemnation"), and shall provide Agency with copies of all documents <br />which pertain to any such casualty or Condemnation. Developer shall take all action <br />reasonably required by Agency in connection therewith to protect the interests of <br />Developer and/or Agency, and Agency shall be entitled (without regard to the adequacy <br />of its security) to participate in any action, claim, adjustment or proceeding and to be <br />represented therein by counsel of its choice. Developer shall not settle, adjust, or <br />compromise any claim, action, adjustment or proceeding without prior written approval, <br />which approval shall not be unreasonably withheld or delayed. <br /> <br />19.4 Delivery of Proceeds to Agency. In the event that, notwithstanding the <br />"lender's loss payable endorsement" requirement set forth above, the proceeds of any <br />casualty insurance policy described herein are paid to Developer, Developer shall, subject <br />to any superior rights of the Senior Lender, deliver such proceeds to the Agency <br />immediately upon receipt. <br /> <br />19.5 Application of Casualty Insurance Proceeds. Any proceeds collected (the <br />"Proceeds") under any casualty insurance policy described in this Agreement shall be <br />disbursed to Developer as provided below, but only upon fulfillment of each of the <br />following conditions (the "Restoration Conditions") within ninety (90) calendar days <br />(unless extended by mutual agreement of Developer and Agency) following the <br />occurrence of the receipt of the Proceeds: <br /> <br />EXHIBIT 3 <br />3-46