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(a) All liability policies required by this Lease or any of the Lenders shall be written on an occurrence basis, and shall name the Indemnitees as additional insureds Duplicate copies of such policies or certificates of such insurance shall be promptly furnished to Lessor (b) All policies of insurance shall include an endorsement that provides that notice of any change or cancellation of said policy must be made in wnting and sent to Lessee and Lessor at their respective principal offices at least thirty (30) days before the effective date of change or cancellation (c) The rights of Lessor to receipt of any insurance proceeds will be subject and subordinate to the nghts of any Lender pursuant to and in accordance with applicable Loan Documents (d) Companies writing the insurance required hereunder shall be licensed to do business in the State of California Insurance shall be placed with insurers with a current A M Best's rating of no less than A. VII. (e) If any insurance policy or coverage required hereunder is canceled or reduced, Lessee shall, within fifteen (15) days after receipt of notice of such cancellation or reduction in coverage, but in no event later than the effective date of cancellation or reduction, file with Lessor a certificate showing that the required insurance has been reinstated or provided through another insurance company or companies Upon failure to so file such certificate, Lessor may, with notice and at its option, procure such insurance coverage at Lessee's expense, and Lessee shall promptly reimburse Lessor for such expense upon receipt of billing from Lessor. (f) Coverage provided by Lessee shall be pnmary insurance and shall not be contributing with any insurance, or self-insurance maintained by Lessor, and the policies shall so provide The insurance policies shall contain a waiver of subrogation for the benefit of the Lessor Lessee shall furnish the required certificates and endorsements to Lessor prior to the commencement of rehabilitation or construction work on the Project, and shall provide Lessor with certified copies of the required insurance policies upon request of Lessor (g) 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 Commencement Date, they shall be subject to approval by, 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 Lessee shall procure a bond guaranteeing payment of losses and related investigations, claims administration and defense expenses. (h) 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 Commencement Date nor more than once in every three (3) year period) to address changes in circumstances, including, but not limited to, changes in the purchasing power of the dollar and the litigation climate in California, provided that such 15 191\52\1656915 8 OAK#4834-9609-1684 v9