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Me must obtain and continuously maintain, provided that the Developer shall obtain the insurance described in clause (i) below prior to the commencement of construction of the Development (excluding excavation and footings): (a) Builder's risk insurance, written on the so-called `Builder's Risk— Completed Value Basis," in an amount equal to one hundred percent (100%) of the insurable value of the Development at the date of completion, and with coverage available in non -reporting form on the so-called "all risk" form of policy. (b) Comprehensive general liability insurance (including operations, contingent liability, operations of subcontractors, completed operations and contractual liability insurance) together with an Owner's/Contractor's Policy with limits against bodily injury and property damage of not less than $2,500,000 for each occurrence (to accomplish the above -required limits, an umbrella excess liability policy may be used), written on an occurrence basis. (c) Workers compensation insurance, with statutory coverage. (b) All insurance required in this Article shall be obtained and continuously maintained in responsible insurance companies selected by the Developer or its successors that are authorized under the laws of the State to assume the risks covered by such policies. Unless otherwise provided in this Article, each policy must contain a provision that the insurer will not cancel nor modify the policy without giving written notice to the insured at least thirty (30) days before the cancellation or modification becomes effective. Not less than fifteen (15) days prior to the expiration of any policy, the Developer, or its successor or assign, must renew the existing policy or replace the policy with another policy conforming to the provisions of this Article. In lieu of separate policies, the Developer or its successor or assign, may maintain a single policy, blanket or umbrella policies, or a combination thereof, having the coverage required herein. (c) The Developer, its successor or assign, agrees to notify the Authority promptly in the case of damage exceeding $250,000 in amount to, or destruction of the Development or any portion or Element thereof resulting from fire or other casualty. If rebuilding of the Development occurs through the use of insurance or other proceeds, the Developer, its successors or assigns, agrees to repair, reconstruct and restore the Development to substantially the same or an improved condition or value as it existed prior to the event causing such damage and in a manner consistent with the Design Drawings, unless the Authority consents to revisions, which consent will not be unreasonably withheld. ARTICLE XII TRANSFER LIMITATIONS AND INDEMNIFICATION Section 12.1 Representation as to Development. The Developer represents to the Authority that its purchase of the Development Property, and its other undertakings under this Agreement, are for the purpose of developing a rental housing development, and not for the purpose of speculation in land holding. The Developer acknowledges that, in view of the importance of the development of the Development Property to the general welfare of the 25