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etc. The Developer acknowledges that the bid specifications for construction of the Phase I Public Improvements have been completed to the Developer's satisfaction. (5) The City's obligation to construct the Public Improvements shall be subject to satisfaction of the following conditions precedent: (a) There shall not at any time be an Event of Default that has occurred and continuing under this Agreement; (b) This Agreement shall not have been rescinded pursuant to Section 5.2(b); (c) The Developer shall have submitted to the City Construction Plans for the Project and such Construction Plans shall have been approved by the City pursuant to Section 3.3 of this Agreement. The City acknowledges that the Developer has satisfied this requirement with respect to the current Construction Plans for the Project; (d) The Developer shall have caused the Assessment Agreement to be filed for record in the office of the county recorder or registrar of titles of Ramsey County. (e) The Developer shall have granted an easement across and under the Easement Property to the City. (f) The City has prepared the Public Improvement Plans. (g)_ Prior to unclertakiamy element of the Phase 111 Public Improvements which would ctutie the Phase Ell Public improvement Costs to result in a City Phase tl[ Shortfall Amountrthe City shall notifythe Developer of the amount of the City Phase HI Shortfall Amount. If the City Phase III Shortfall Amount is greater than $100,000 then, at the Developer's request the City will meet with the Developer to give the Developer the opportunity to present suggestions for addressingthe risk that some portion of the Phase [II Shortfall Note or the Guaranty Note might not be repaid due to the City Phase [[[ Shortfall Amount (including, without limitation, reordering_the priority of payment of the City Phase I11 Shortfall Amount, the Phase 11I Shortfall Note and the Guaranty Note and the possibility of any additional development on the Development Property). (6) The City shall provide to Developer, prior to commencing work on each phase of the Public Improvements, certified copies of insurance policies or certificates of insurance for all and each contractor working on such Public Improvements on or within either the Development Property or the Easement Property, with the following limits and identifying the Developer as an Additional Insured. (a) Worker's Compensation statutory limits. (b) Comprehensive General Liability Insurance, with a two million dollar ($2,000,000) combined single limit. (c) Comprehensive Automobile Liability Insurance, with one million dollar ($1,000,000) for each accident. 2139197v6 Dooii 2561638V9 9