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Exhibit B <br />INSURANCE REQUIREMENTS <br />Prior to disbursal of the Loan and continuing through throughout the term of this Agreement, <br />Developer shall obtain and maintain the following policies of insurance and shall comply with all <br />provisions set forth in this Exhibit. <br />(a) Commercial General Liability. Developer, and when formed, the <br />Homeowner's Association, (and until issuance of the final certificate of occupancy or equivalent <br />for the Project all contractors and subcontractors working on behalf of Developer on the Project) <br />shall maintain a commercial general liability policy including coverage for bodily injury, property <br />damage, products, completed operations and contractual liability coverage with coverage limits in <br />an amount equal to the greater of : (a) the amounts required by the construction and permanent <br />lenders for the Project, or (b) Two Million Dollars ($2,000,000) each occurrence, Five Million <br />Dollars ($5,000,000) annual aggregate, together with Three Million Dollars ($3,000,000) excess <br />liability coverage, or such other policy limits as City may require in its reasonable discretion; <br />provided however, the coverage requirements for subcontractors shall be One Million Dollars <br />($1,000,000) per occurrence. Such policy or policies shall be written on an occurrence basis and <br />shall name the Indemnitees as additional insureds. The coverage requirements set forth in this <br />paragraph shall apply to any Owner Controlled Insurance Program ("OCIP") used by Developer, <br />and shall apply to any exclusions from any such OCIP (e.g. for off-site fabrication). <br />(b) Automobile. Developer (and until issuance of the final certificate of <br />occupancy or equivalent for the Project, all contractors and subcontractors working on behalf of <br />Developer on the Project) shall maintain a comprehensive automobile liability coverage in the <br />amount of One Million Dollars ($1,000,000), combined single limit including coverage for owned <br />and non -owned vehicles. Automobile liability policies shall name the Indemnitees as additional <br />insureds. <br />(c) Worker's Compensation, Employer's Liability. Developer shall furnish to <br />City evidence satisfactory to City that Developer (if it has any employees) and any contractor or <br />subcontractor with whom Developer or the general contractor has contracted for the performance <br />of work on the Property or otherwise pursuant to this Agreement, carries statutory Workers' <br />Compensation insurance and Employer's Liability insurance in a minimum amount of One <br />Million Dollars ($1,000,000) per accident. <br />(d) Builder's Risk. Upon commencement of construction work and continuing <br />until issuance of the final certificate of occupancy or equivalent for the Project, Developer and all <br />contractors working on behalf of Developer shall maintain a policy of builder's all-risk insurance <br />in an amount not less than the full insurable cost of the Project on a replacement cost basis with a <br />lender's loss payable endorsement for the benefit of City. <br />19-M <br />SF #4821-4436-6284 v2 <br />1619\0113064651.1 <br />