Agmt21 Home Program Affordable Housing Regulatory

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(e) Professional Liability/Errors and Omissions. Developer shall require the Project architect, engineer, and general contractor to maintain Professional Liability/Errors and Omissions ("E&O") insurance with limits not less than Two Million Dollars ($2,000,000) each claim. Certificates evidencing this coverage must reference both the Developer and the Indemnitees. If the professional liability/errors and omissions insurance is written on a claims made form: (i) the retroactive date must be shown and must be before the Effective Date, (ii) insurance must be maintained and evidence of insurance must be provided for at least three (3) years after completion of Project construction, and (iii) if coverage is cancelled or non -renewed and not replaced with another claims made policy form with a retroactive date prior to the Effective Date, Developer must purchase, or require the provision of, extended period coverage for a minimum of three (3) years after completion of construction. (f) Pro e . Commencing upon completion of construction of the Project, Developer or the Homeowners' Association shall maintain property insurance covering all risks of loss (including earthquake and flood (if required)) for 100% of the replacement value of the Project with deductible, if any, in an amount acceptable to City, with a lender's loss payable endorsement for the benefit of City. (g) Insurance Providers. Companies writing the insurance required hereunder shall be approved to furnish insurance in the State of California. Insurance shall be placed with insurers with a current A.M. Best's rating of no less than ANII. (h) Evidence of Insurance: Endorsements, Policies. Prior to the Effective Date of this Agreement, Developer shall furnish City with certificates of insurance in form acceptable to City evidencing the required insurance coverage required under paragraphs (a), (b), (c) and (e) above, duly executed endorsements evidencing the Indemnitees status as additional insured (except for E&O and Workers' Compensation policies), and all other endorsements and coverage required hereunder pertaining to such coverage. Prior to commencement of Project construction, Developer shall furnish City with certificates of insurance in form acceptable to City evidencing the insurance coverage required under paragraph (d) above together with duly executed endorsements evidencing the City's status as lender's loss payee. Prior to City's issuance of a final certificate of occupancy or equivalent for the Project, Developer shall furnish City with certificates of insurance in form acceptable to City evidencing the insurance coverage required under paragraph (f) above with a duly executed endorsement evidencing City's status as lender's loss payee. All insurance certificates shall contain a statement of obligation on the part of the carrier to notify City of any material adverse change, cancellation, termination or non -renewal of the coverage at least thirty (30) days in advance of the effective date of any such material adverse change, cancellation, termination or non -renewal. Upon City's request, Developer shall, within thirty (30) days of the request, provide or arrange for the insurer to provide to City, complete certified copies of all insurance policies required under this Agreement. City's failure to make such request shall not constitute a waiver of the right to require delivery of the policies in the future. SF #4821-4436-6284 v2 1619\01\3064651.1