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(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 wnting 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 nghts 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 /> (f) Coverage provided by Lessee shall be pnmary 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 if such deductibles or retentions differ from those specified in the insurance <br /> policies approved by City as of the Commencement Date, they shall be subject to approval by, <br /> City's Risk Manager. At the option of and upon request by City's Risk Manager if the Risk <br /> Manager determines that such deductibles or retentions are unreasonably high, either the insurer <br /> shall reduce or eliminate such deductibles or self-insurance retentions as respects the <br /> Indemnitees or Lessee shall procure a bond guaranteeing payment of losses and related <br /> investigations, claims administration and defense expenses. <br /> (h) Adjustments The limits of the liability coverage and, if necessary, the <br /> terms and conditions of insurance, shall be reasonably adjusted from time to time (not less than <br /> every five (5) years after the Commencement Date nor more than once in every three (3) year <br /> period) to address changes in circumstances, including, but not limited to, changes in the <br /> purchasing power of the dollar and the litigation climate in California, provided that such <br /> 15 <br /> 191\52\1656915 8 <br /> OAK#4834-9609-1684 v9 <br />