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(1) Deductibles/Retentions Any deductibles or self-insured retentions shall be declared to, and if such deductibles or retentions differ from those specified in the insurance policies approved by City as of the Closing Date, they shall be subject to approval by the City's Risk Manager. At the option of and upon request by City's Risk Manager if the Risk Manager determines that such deductibles or retentions are unreasonably high, either the insurer shall reduce or eliminate such deductibles or self-insurance retentions as respects the Indemnitees or Developer shall procure a bond guaranteeing payment of losses and related investigations, claims administration and defense expenses Notwithstanding the foregoing, for so long as MUFG Union Bank N A has in place an outstanding construction or permanent loan secured by the Project, the deductibles and self-insured retentions permitted by the Bank's insurance requirements shall be deemed satisfactory to the City (k) Adjustments The limits of the liability coverage and, if necessary, the terms and conditions of insurance, shall be reasonably adjusted from time to time (not less than every five (5) years after the Effective Date nor more than once in every three (3) year penod) to address changes in circumstances, including, but not limited to, changes in inflation and the litigation climate in California, provided that such adjustments are consistent with generally prevailing requirements for residential multi-family developments similar to the Project and located in the San Francisco/Alameda County area. Within thirty(30) days following City's delivery of wntten notice of any such adjustments, Developer shall provide City with amended or new insurance certificates and endorsements evidencing compliance with such adjustments. Notwithstanding the foregoing, for so long as MUFG Union Bank N A. has in place an outstanding construction or permanent loan secured by the Project, the City's insurance requirements shall be deemed to be satisfied if the liability policy limits conform to the requirements of the Bank (1) Additional Insured. For all liability insurance required by this Agreement, Owner(and Owner's contractors, as applicable) shall obtain endorsements that name the Indemnitees as additional insured in the full amount of all applicable policies, notwithstanding any lesser minimum limits specified in this Agreement This Agreement requires Owner(and Owner's contractors) to obtain and provide for the benefit of the Indemnitees, additional insured coverage in the same amount of insurance carried by Owner(or Owner's contractors, as applicable), but in no event less than the minimum amounts specified in this Agreement In the event that Owner(or Owner's contractors as applicable) obtain insurance policies that provide liability coverage in excess of the amounts specified in this Agreement, the actual limits provided by such policies shall be deemed to be the amounts required under this Agreement. Without limiting the foregoing, the limits of liability coverage specified in this Agreement are not intended, nor shall they operate, to limit City's ability to recover amounts in excess of such minimum amounts. ARTICLE XII MISCELLANEOUS PROVISIONS OAK#4822-6539-6013 v5 36