Agmt15 Hamiilton & Winslow Properties, LLC - DDA

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(b) Workers' Compensation Insurance. Developer shall also provide, or cause to be provided, Workers' Compensation insurance as required by law, covering employees of Developer and employees of any contractor, subcontractor, agent or representative of Developer. (c) General Requirements for Insurance. Each policy of insurance carried by Developer hereunder shall provide that it may not be cancelled without at least thirty (30) days' prior written notice to City. Upon request of City, Developer shall furnish to City a copy of each policy of insurance carried hereunder, or a certificate thereof, stating that such insurance is in full force and effect and, in the case of the public liability insurance, showing City named as an additional insured. Subject to City's approval, any insurance required to be maintained by Developer hereunder may be maintained under a so-called "blanket policy", insuring other parties and other locations, so long as the amount of insurance required to be provided hereunder is not thereby diminished. In addition, any and all insurance required to be obtained and the coverage of City required thereunder shall be primary insurance and not contributing with any other insurance maintained by the City of Redwood City. 5.3 No Supersedure. The provisions of this Article 5 relating to indemnity and insurance shall not supersede and shall be in addition to any requirements contained in any Project Approval or any other land use entitlement pertaining to the Site. ARTICLE 6. DEVELOPER FINANCING OF PROJECT 6.1 Developer's Financing for the Project. The Developer shall complete or cause to be completed all actions necessary to secure and provide evidence of adequate sufficient to complete development of the Project in accordance with the Agreement. Funding may be in the form of equity capital, preferred equity, debt financing, including both secured and unsecured debt (a "Loan"), disposition proceeds and cash flow from operations, in an amount sufficient to complete the development and construction of the Project on the Site, and to comply with all other requirements imposed upon Developer as provided herein. Within the time established in the Performance Schedule (Exhibit C), the Developer shall submit to the City evidence, in a form reasonably acceptable to the City, that it has the funds required to meet commitments to construct the Project in accordance with this Agreement. The evidence provided must demonstrate to the City's reasonable satisfaction that the Developer's equity investment and Loan secured by the Developer are equal to or exceed the total costs of the development and construction of the Project. A loan commitment from a Lender in suitable form shall satisfy this requirement as it relates to debt financing. Any encumbrance associated with financing of the Project that is approved by the City under this Agreement shall be deemed a Permitted Encumbrance. In the event the City disapproves of Developer's evidence of equity investment and Loan or Developer is unable to obtain and deliver such evidence of financing commitments to the City as provided above, then either party may terminate this Agreement as provided herein by giving written notice to the other party, and thereafter neither party shall have any further rights or obligations hereunder. ATTY/AGR/2015.146/HAMILTON-WINSLOW DDA REV:08-18-15 VR Page 24 of 40 82483.000 I 9\96443 66.16