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RES 2024040
City of Pleasanton
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CITY CLERK
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2024
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RES 2024040
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6/18/2024 4:24:22 PM
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6/18/2024 4:22:47 PM
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CITY CLERK
CITY CLERK - TYPE
RESOLUTIONS
DOCUMENT DATE
6/4/2024
DESTRUCT DATE
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15 <br />4859-3312-3005v3 <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 />(f) Deductibles/Retentions. Any deductibles or self-insured retentions shall <br />be declared to, and shall be subject to Lessor approval. At the option of and upon request by the <br />Lessor, if Lessor determines that such deductibles or retentions are unreasonably high, either the <br />insurer 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 />(g) 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 inflation <br />and the litigation climate in California, provided that such adjustments are consistent with <br />generally prevailing requirements for residential multi-family developments similar to the <br />Project and located in the San Francisco/Alameda County area. Within thirty (30) days <br />following Lessor’s delivery of written notice of any such adjustments, Lessee shall provide <br />Lessor with amended or new insurance certificates and endorsements evidencing compliance <br />with such adjustments. <br />(h) Additional Insured. For all liability insurance required by this Lease, <br />Lessee (and Lessee’s contractors, as applicable) shall obtain endorsements that name the <br />Indemnitees as additional insured in the full amount of all applicable policies, notwithstanding <br />any lesser minimum limits specified in this Lease. This Lease requires Lessee (and Lessee’s <br />contractors) to obtain and provide for the benefit of the Indemnitees, additional insured coverage <br />in the same amount of insurance carried by Lessee (or Lessee’s contractors, as applicable), but in <br />no event less than the minimum amounts specified in this Lease. In the event that Lessee (or <br />Lessee’s contractors as applicable) obtain insurance policies that provide liability coverage in <br />excess of the amounts specified in this Lease, the actual limits provided by such policies shall be <br />deemed to be the amounts required under this Lease. Without limiting the foregoing, the limits <br />of liability coverage specified in this Lease are not intended, nor shall they operate, to limit <br />Lessor’s ability to recover amounts in excess of such minimum amounts. <br />Section 6.3 Proceeds of Insurance. <br />(a) For so long as the Senior Deed of Trust or any deed of trust securing a loan <br />approved by Lessor that refinances the Senior Loan, is outstanding: all fire and standard risk or <br />extended coverage (casualty) insurance proceeds shall be applied to the payment of the costs of <br />repairing or rebuilding that part of the Leased Premises damaged or destroyed if (i) Lessee <br />agrees in writing within ninety (90) days after payment of the proceeds of insurance that such <br />repair or rebuilding is economically feasible, and (ii) the Senior Lender or the holder of the <br />refinanced Senior Loan permits such repair or rebuilding, provided that the extent of the Lessee’s <br />obligation to restore the Leased Premises shall be limited to the amount of the insurance <br />proceeds.
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