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1054867.2 <br />(i) Insurance against loss and /or damage to <br />the Minimum Improvements under a policy or <br />policies covering such risks as are ordinarily <br />insured against by similar businesses, including <br />(without limiting the generality of the foregoing) <br />fire, extended coverage, vandalism and malicious <br />mischief, explosion, water damage, demolition <br />cost, debris removal, and collapse in an amount <br />not less than the full insurable replacement value <br />of the Minimum Improvements. No policy of <br />insurance shall be so written that the proceeds <br />thereof will produce less than the minimum <br />coverage required by the preceding sentence, by <br />reason of co- insurance provisions or otherwise, <br />without the prior consent thereto in writing by <br />the City. The term "full insurable replacement <br />value" shall mean the actual replacement cost of <br />the Minimum Improvements (excluding foundation and <br />excavation costs and costs of underground flues, <br />pipes, drains and other uninsurable items) and <br />equipment. All policies evidencing insurance <br />required by this subparagraph (i) with respect to <br />the Minimum Improvements shall be carried in the <br />name of the Developer. The City and the holder of <br />the First Mortgage will be represented on such <br />policies, as their respective interests may <br />appear. <br />(ii) Commercial general public liability <br />insurance, including personal injury liability for <br />injuries to persons and /or damages to property, <br />including any injuries resulting from the <br />operation of automobiles or other motorized <br />vehicles on or about the Development Property, in <br />the minimum amount for each year of $1,000,000 <br />(together with excess umbrella limits of not less <br />than $1,000,000). <br />(iii) Such other insurance, including <br />worker's compensation insurance respecting all <br />Page 68 <br />