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t 4 :: <br /> ,L <br /> , • <br /> u comparable mixcd-use complex conducted in accordance with good and generally accepted standards of operations. <br /> or (iii) any noise, litter, odor or other activity which may constitute a public or private nuisance. . <br /> IUNSURANCE <br /> 8,1 All-Risk Insurance. Each Party shall carry a policy or policies of all risk property insurance on the •. ' <br /> impmvements on its Parcel in an amount equal to the full replacement value of the Improvements.being insured <br /> (excluding the costs of foundation, excavations and footage). <br /> I <br /> 8.2 Liability Insurance. Each Party shalt carry comprehensive general liability with blanket contractual , <br /> endorsement, with a combined single limit of 51,000,000 per occurrence, for personal and bodily injury, death and . <br /> property damage occurring on or around their respective Parcels or arising from the activities conducted thereon. <br /> s.3 Worker's Compensation Insurance. Each Party shall maintain adequate workers' compensation • <br /> insurance to the extent required by law with a limit no less than the statutory requirement and employer's liability • <br /> coverage with u limit not less than One Million Dollars($1,000,000) per occurrence, covering all persons employed <br /> in connection with work on the Property and with respect to whom death or bodily injury claims could be asserted <br /> against.s Patty. Insurance in excess of Five Hundred Thousand Dollars ($500,000) for each accident may be covered . <br /> by a so-called "umbrella" or " excessive coverage" policy. •. , <br /> CC* <br /> . 8.4 General Requirements. CA <br /> CD I <br /> .(l) All insurance policies shall be carried under a valid and enforceable policy or policies issued y I <br /> . <br /> by insurers licensed in California and with a rating of 9+ or better.from Best's Rating Service in the most current w . <br /> edition of Best's Insurance Reports, or if such rating is modified or discontinued, the most nearly equivalent rating. <br /> . - . a • <br /> • (2) All insurance policies shall name the Person procuring such insurance-as the.named insured, N . . <br /> and the-additional Panics and the Morigagee(s) of each Parcel(s) as additional insureds, as their respective interests <br /> may appear. All liability policies shall name the Person procuring such insumnce as the named insured; the other • <br /> Parties and their respective Mortgagees as additional insureds to the extent indemnified under Section 8.6 hereof. <br /> and may name the Mortgagees of such parties. . <br /> (3) All policies shall provide that any losses payable to a Mortgagee of the Party procuring such I . <br /> insurance shall he payable notwithctandingany act or negligence of the Party procuring such insurance. The liability <br /> • policies shall provide that they constitute primary insurance to any other insurance available to any additional insured. <br /> • with respect to claims insured by such policies, and such insurance shall include a sevembility of interest provision. ,-. <br /> Such severability of'interest provision shell not increase the limit of liability of the respective insurers. . <br /> • <br /> (4) All insurance policies shalt provide that no cancellation:modification or termination thereof . <br /> for any reason other than nonpayment of premiums shall be effective as to the Persons) entitled to be named as <br /> additional insureds until at least thirty (30) days. and in the case of nonpayment of premiums until at least ten (10) . <br /> 'days, after giving written notice thereof to each additional insured thereunder.. . <br /> (5) ' The Parties may from•time.tu time agree to adjust the•amounts of the insurance.required • , <br /> hereunder to meet commercially prudent standards. <br /> • <br /> • 83 Use of Policy Proceeds. Alt-risk insurance proceeds actually*received by and made available by <br /> I Mortgagee.to any Party by reason of-damage to or destruction of the improvements on its ParceI, subject to the . <br /> . provisions of Article S hereof, shall be used by such Party to pay the cost of Restoration of such damaged or • , <br /> 1 destroyed Improvements. All-risk property insurance of any of the Patties pursuant to this Article shall contain a <br /> clause providing that any loss covered by the insurance required to be carried hereunder shall be payable to the <br /> i • Mortgagee holding a Mortgage which is u lien against such parcel. if such Mortgagee so elects. Each Party shall <br /> use good faith efforts to obtain Mortgages which provide that all amounts collected on any such policies and paid �t <br /> . to a Mortgagee shall he made available far the Restoration of any Improvement damaged or destroyed. provided, <br /> 1 <br /> ti • . <br /> ..- . • <br /> ` , �— '` . <br /> ..a <br /> .... , • • . • . <br /> • • a <br /> . • • ♦• <br /> •♦ . • r • • . . , • ♦ , \. <br /> . .J <br /> .. • i. <br /> . <br /> • -..1 <br />