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Waiver of Subrogation <br />Contractor hereby grants to City a waiver of any right to subrogation which any insurer of said <br />Contractor may acquire against the City by virtue of the payment of any loss under such <br />insurance. Contractor agrees to obtain any endorsement that may be necessary to affect this <br />waiver of subrogation, but this provision applies regardless of whether or not the City has <br />received a waiver of subrogation endorsement from the insurer. <br />Verification of Coverage <br />Contractor shall furnish the City with original Certificates of Insurance including all required <br />amendatory endorsements (or copies of the applicable policy language effecting coverage <br />required by this clause) and a copy of the Declarations and Endorsement Page of the CGL policy <br />listing all policy endorsements to City before work begins. However, failure to obtain the <br />required documents prior to the work beginning shall not waive the Contractor's obligation to <br />provide them. The City reserves the right to require complete, certified copies of all required <br />insurance policies, including endorsements required by these specifications, at any time. <br />Special Risks or Circumstances <br />City reserves the right to modify these requirements, including limits, based on the nature of the <br />risk, prior experience, insurer, coverage, or other special circumstances. <br />Section 4.03 Property Insurance <br />Lessee shall provide to Lessor, before entering the Property, and shall maintain in force during <br />the entire term of this Agreement, property insurance with extended coverage endorsements <br />thereon, on the Property in an amount equal to the full replacement cost and/or value thereof; <br />this policy shall contain a replacement cost endorsement naming Lessee as the insured and <br />shall not contain a co-insurance penalty provision. The policy shall contain a special <br />endorsement that such proceeds shall be used to repair or rebuild any such improvements so <br />damaged or destroyed; and if not so used, such proceeds shall be paid to Lessor. The proceeds <br />of any such insurance payable to Lessor shall be used for rebuilding or repair as necessary to <br />restore the Property at the discretion of Lessor. <br />The policy shall name Lessor as an Additional Insured. <br />The policy or policies shall also contain the following endorsements: <br />The insurer will not cancel or reduce the insured's coverage without thirty (30) days <br />prior written notice to Lessor; and <br />Lessor will not be responsible for premiums or assessments on the policy. <br />A complete and signed certificate of insurance with all endorsements required by this Section <br />shall be filed with Lessor prior to the execution of this Agreement. At least thirty (30) days' <br />prior to the expiration of any such policy, a signed and complete certification of insurance <br />showing that coverage has been renewed, shall be filed with Lessor. <br />