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<br />b) Providing that Contractor's insurance shall apply separately to each insured against <br /> <br />whom claim is made or suit is brought, except with respect to the limits of the insurer's <br /> <br />liability (cross liability endorsements); <br /> <br />c) Naming City, its Council, commissions, boards, committees, officers, employees and <br /> <br />agents as additional insureds; and <br /> <br />d) Providing that Owner's insurance shall be primary insurance relating to Contractor's <br /> <br />work hereunder with respect to City, its Council, commissions, boards, committees, <br /> <br />officers, employees and Agents, and further providing that any insurance or self- <br /> <br />insurance maintained by City for itself, its Council, commissions, boards, committees, <br /> <br />officers, employees and agents shall not be excess of Contractor's insurance and shall <br /> <br />not be contributory with it. <br /> <br />e) Such insurance shall also specifically insure any contractual liability assumed by <br /> <br />Owner under the terms of this Agreement, including, but not limited to, the provisions of <br /> <br />Paragraph 1 above. <br /> <br />Notwithstanding any other provision hereof, Owner shall have the right to satisfy its <br /> <br />insurance obligations hereunder by means of self-insurance to the extent of all or part of the <br /> <br />insurance required hereunder, but only so long as: (i) Owner shall have a net worth of at least <br /> <br />$25,000,000; and (ii) Owner shall, upon request, provide a financial statement, prepared in <br /> <br />accordance with generally accepted accounting principles, showing the required net worth. <br /> <br />Owner shall be deemed to have obtained the insurance for which Owner elects to self-insure. <br /> <br />5. Ownership of Improvements. It is agreed that title and ownership of all <br /> <br />Improvements constructed for the respective benefit of City and Owner hereunder by <br /> <br />Owner shall vest absolutely in City and Owner respectively upon completion and <br /> <br />acceptance of such Improvements by Owner. <br /> <br />ATTY/AGR/2008.014 <br />030308 <br /> <br />6 <br />