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1987484.v5 4
<br />Obligations” at its sole cost and expense pursuant to the Amended Easement and Maintenance
<br />Agreement, Maintenance Party shall maintain or cause the Drainage Facilities and Outlot
<br />Improvements to be maintained in full compliance with applicable federal, state, and municipal laws,
<br />orders, rules, codes and regulations and in a condition otherwise consistent with a first-class, mixed
<br />use (with a luxury residential component) center located in the Twin Cities metropolitan area. All
<br />such costs so incurred by the Maintenance Party shall constitute Common Expenses.
<br />8.Maintenance Party and the Owners of the Outlots (each an “Insured Owner”) shall
<br />each maintain or cause to be maintained in full force and effect (i) Commercial General Liability
<br />Insurance covering the Outlots with a combined single limit of liability of not less than Three Million
<br />Dollars ($3,000,000.00) for bodily injury to or personal injury or death of any person, and for
<br />property damage arising out of any one occurrence or in the aggregate; and (ii) pollution liability
<br />insurance covering the Outlots with a combined single limit of liability of not less than Five Million
<br />Dollars ($5,000,000.00); provided, however, that from time to time, these coverage limits may be
<br />raised or lowered in accordance with industry standard recommendations for comparable policies.
<br />Each Insured Owner shall be a named additional insured under each such policy on a primary/non-
<br />contributory basis with respect to losses for which any other Insured Owner is responsible hereunder.
<br />Each Insured Owner hereby covenants and agrees that it shall not self-insure for purposes of
<br />satisfying any insurance requirements imposed under this Agreement, but rather, each Insured
<br />Owner shall procure its required insurance coverages from one or more independent insurance
<br />companies satisfying the requirements of this Section 8. All insurance required by this Section 8
<br />shall be procured from companies licensed in Minnesota and shall be rated by Best’s Insurance
<br />Reports not less than A-X (“Permitted Insurer”). All insurance may be provided under (i) an
<br />individual policy covering one or more of the Outlots, (ii) a blanket policy or policies which includes
<br />other liabilities, properties and locations of an Insured Owner; provided, however, that if such
<br />commercial general liability insurance policy or policies contain a general policy aggregate of less
<br />than $7,000,000, then such Insured Owner shall also maintain excess liability coverage necessary to
<br />establish a total liability insurance limit of $7,000,000, or (iii) a combination of any of the foregoing
<br />insurance programs. Each Insured Owner shall furnish to all other Insured Owners, no less frequently
<br />than once in each twelve (12) month period during the term of this Agreement, an ACORD (or
<br />comparable, if ACORD is no longer applicable) certificate of insurance (in form and substance
<br />reasonably acceptable to the recipient Party) evidencing such Insured Owner’s compliance with the
<br />requirements of this Section 8.
<br />Notwithstanding anything to the contrary set forth in this Agreement, each Insured Owner hereby
<br />waives any and all claims against the other Insured Owners for any claims, damages, causes of
<br />action, costs, expenses and losses (collectively, “Losses”), if and to the extent such Losses are
<br />insured against (or are required, under the terms of this Agreement, to be insured against), by the
<br />Insured Owner suffering any Losses, which waiver includes, but is not limited to, Losses, deductibles
<br />or self-insured retentions covered by each Insured Owner’s respective commercial property,
<br />business income/extra expense/rental value insurance, commercial general liability, business auto
<br />liability, workers’ compensation or employers’ liability policies. The risk to be borne by each
<br />Insured Owner shall also include the satisfaction of any deductible (or self-insured retention)
<br />amounts required to be paid under the applicable insurance carried by the Insured Owner incurring
<br />the Losses, and each of the Insured Owners hereto agrees that the other Insured Owners shall not be
<br />responsible for satisfaction of such deductible (or self-insured retention amount). The waivers set
<br />forth above in this Section 8 shall apply if the Losses in question would have been covered by a
<br />normal and customary "all risks” or “special form” property insurance policy, even if the Insured
<br />Owner suffering the Losses fails to maintain such coverage. If available through a Permitted Insurer,
<br />the respective insurance policies of each Insured Owner shall include a waiver of all rights of
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