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DCB:rks 6/06/84 <br /> <br />against liability for loss or damage for personal injury <br />including death, and property damage occasioned by the operation <br />of Subdivider or its contractors or subcontractors under the <br />terms of this agreement, and shall be in the minimum limits of <br />$500,000 for personal injury or death of any one person, <br />$1,000,000 for personal injury or death arising out of any one <br />occurrence, and property damage limits of not less than $500,000 <br />arising out of any one occurrence. The policies mentioned herein <br />shall contain a provision that City shall receive an <br />unconditional notice in writing thirty (30) days in advance of an <br />insurer's intention to cancel or to materially change the terms <br />of said policies given to City. If such insurance covers the <br />Subdivider, other entity, or person in addition to the City of <br />Redwood City, such policy shall contain the standard form of <br />cross liability or severability of interest endorsement, and <br />shall be evidenced on the insurance certificate. Such insurance <br />shall also specifically insure any contractual liability assumed <br />by Subdivider under the terms of this agreement, including, but <br />not limited to, the provisions of Paragraph 1 above. <br /> <br /> 5. Time is of the essence of this agreement; provided, <br />however, that in the event good cause is shown therefor to City <br />by Subdivider, City may extend the time in which the <br />aforementioned improvements may be made and completed under this <br />agreement; provided, however, that said extensions of time, if <br />any, may be granted without notice to the surety, escrow agent or <br />guarantor and any extensions so granted shall not relieve the <br />surety, escrow agent or guarantor of any responsibility or <br /> <br /> <br />