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BRIGGS&MORGRN Fax:6512236645 Dec 11 '98 16:59 P. 18 <br /> "full insurable replacement value" shall mean the <br /> actual replacement cost of the Minimum Improvements <br /> (excluding foundation and excavation costs and costs of <br /> underground flues, pipes, drains and other uninsurable <br /> items) and equipment. All policies evidencing <br /> insurance required by this subparagraph (i) with <br /> respect to the Minimum Improvements shall be carried in <br /> the 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 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 operation of <br /> automobiles or other motorized vehicles on or about the <br /> Development Property, in the minimum amount for each <br /> year of $1, 000, 000 (together with excess umbrella <br /> limits of not less than $1, 000, 000) . <br /> (iii) Such other insurance, including worker's <br /> compensation insurance respecting all employees of the <br /> Developer, in such amount as is customarily carried by <br /> like organizations engaged in like activities of <br /> comparable .size and liability exposure; provided that <br /> the Developer may be self-insured with respect to all <br /> or any part of its liability for worker' s compensation. <br /> (c) All insurance required in this Article V shall be <br /> taken out and maintained in responsible insurance companies <br /> selected by the Developer which are authorized under the <br /> laws of the State to assume the risks covered thereby. The <br /> Developer shall deposit annually with the City a certificate <br /> or certificates or binders of the respective insurers <br /> stating that such insurance is in force and effect. Unless <br /> otherwise provided in this Article V, each policy shall <br /> contain a provision that the insurer shall not cancel or <br /> materially modify it without giving written notice to the <br /> Developer and the City at least thirty (30) days before the <br /> cancellation or modification becomes effective. As soon as <br /> reasonably possible, the Developer shall furnish the City <br /> evidence satisfactory to the City that the policy has been <br /> renewed or replaced by another policy conforming to the <br /> provisions of this Article V, or that there is no necessity <br /> therefor under the terms hereof. In lieu of separate <br /> policies, the Developer may maintain a single policy, or <br /> blanket or umbrella policies, or a combination thereof, <br /> which provide the total coverage required herein, in which <br /> event the Developer shall deposit with the City a <br /> certificate or certificates of the respective insurers as to <br /> 965316.Red <br /> V2 to 1,1; 12/11/98 14 <br />