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Thousand Dollars ($250,000), Lessee shall require any contractor to provide builders' risk <br /> insurance for the full insurable cost of the work and liability insurance in an amount not less than <br /> One Million Dollars ($1,000,000) combined single limit for bodily injury or property damage <br /> insuring the interests of Lessor, Lessee and any contractors and subcontractors. <br /> Section 6.2 Insurance Policies and Premiums. <br /> (a) All liability policies required by this Lease or any of the Lenders shall be <br /> written on an occurrence basis, and shall name the Indemnitees as additional insureds. Duplicate <br /> copies of such policies or certificates of such insurance shall be promptly furnished to Lessor. <br /> (b) All policies of insurance shall include an endorsement that provides that <br /> notice of any change or cancellation of said policy must be made in writing and sent to Lessee <br /> and Lessor at their respective principal offices at least thirty (30) days before the effective date of <br /> change or cancellation. <br /> (c) The rights of Lessor to receipt of any insurance proceeds will be subject <br /> and subordinate to the rights of any Lender pursuant to and in accordance with applicable Loan <br /> Documents. <br /> (d) Companies writing the insurance required hereunder shall be licensed to <br /> do business in the State of California. Insurance shall be placed with insurers with a current <br /> A.M. Best's rating of no less than A: VII. <br /> (e) If any insurance policy or coverage required hereunder is canceled or <br /> reduced, Lessee shall, within fifteen(15) days after receipt of notice of such cancellation or <br /> reduction in coverage, but in no event later than the effective date of cancellation or reduction, <br /> file with Lessor a certificate showing that the required insurance has been reinstated or provided <br /> through another insurance company or companies. Upon failure to so file such certificate, <br /> Lessor may, with notice and at its option, procure such insurance coverage at Lessee's expense, <br /> and Lessee shall promptly reimburse Lessor for such expense upon receipt of billing from <br /> Lessor. <br /> (t) Coverage provided by Lessee shall be primary insurance and shall not be <br /> contributing with any insurance, or self-insurance maintained by Lessor, and the policies shall so <br /> provide. The insurance policies shall contain a waiver of subrogation for the benefit of the <br /> Lessor. Lessee shall furnish the required certificates and endorsements to Lessor prior to the <br /> commencement of rehabilitation or construction work on the Project, and shall provide Lessor <br /> with certified copies of the required insurance policies upon request of Lessor. <br /> (g) Deductibles/Retentions. Any deductibles or self-insured retentions shall <br /> be declared to, and be subject to approval by, City's Risk Manager. At the option of and upon <br /> request by City's Risk Manager if the Risk Manager determines that such deductibles or <br /> retentions are unreasonably high, either the insurer shall reduce or eliminate such deductibles or <br /> self-insurance retentions as respects the Indemnitees or Lessee shall procure a bond guaranteeing <br /> payment of losses and related investigations, claims administration and defense expenses. <br /> 15 <br /> 191A52V1656915.8 <br /> OAK#4834-9609-1684 v8 <br />