Parking Covenant Redwood City Partners,LLC

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3.4.4 shall be increased from time to time during the Term as reasonably requested by City in writing as follows: (i) City may request no more than once in any five (5) year period during the Term that the coverage limits be reviewed to set forth an increase in coverage limits. (ii) Upon receipt of such a request from City, Developer shall consult with Developer's insurance agent and City shall consult with its Risk Manager, and the insurance limits shall be increased, if appropriate, to equal the then -prevailing commercially reasonable levels of insurance carried by prudent and responsible owners of similar privately -owned parking facilities in San Mateo County. (c) Developer acknowledges and agrees that it is solely responsible for the operation and maintenance of the Public Parking and that City shall have no liability for any claims arising out of such operation and maintenance of the Public Parking. 2.3.5 Restoration After Casualty. Subject to the limitations contained in this Section 2.3.5, in case of a fire or other casualty resulting in damage or destruction to the parking facilities during the Term, to the extent the proceeds of insurance are sufficient to reconstruct the parking facilities (and if each lender holding a mortgage upon the Site makes the proceeds of insurance sufficient to reconstruct the parking facilities available for that purpose), Developer shall restore such parking facilities, including the Public Parking, as nearly as feasible to its condition prior to the casualty (except that Developer shall have the right to make reasonable alterations). In the event of a casualty which is not of the type included within the casualty insurance coverage required to be maintained hereunder (for example, an earthquake) resulting in damage or destruction to the parking facilities, Developer shall not be obligated to restore such parking facilities; provided, however, that if such casualty also resulted in damage or destruction to Developer's Project and if Developer elects to restore such buildings within the Project, Developer shall also restore the parking facilities. 2.3.6 Developer's Obligation to Pay Taxes. During the Term, Developer shall pay all lawfully required property taxes and assessments, including, without limitation, real estate and personal property taxes, and any and all utility, city, or county assessments, lawfully assessed, levied, confirmed, or imposed during the Term of this Parking Covenant and Agreement, whether or not now customary or within the contemplation of City and Developer. Developer will have the right to contest the amount or validity, in whole or in part, of any tax or assessment by appropriate proceedings diligently conducted in good faith, only after paying the tax or posting such security as may be reasonably and customarily necessary in order to protect the Public Parking against loss or forfeiture. Upon the termination of those proceedings, Developer will pay the amount of the tax or part of the tax as finally determined, the payment of which may have been deferred during the prosecution of the proceedings, together with any costs, fees, interest, penalties, or other related liabilities. City will not be required to join in any contest or proceedings unless the provisions of any law or AM/AGR/2013.203/CD-PARKING COVENANT & AGREEMENT REV: 10-16-13 VR Page 7 of 16