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Developer or its successors or assigns from an insurance company duly licensed to engage in the business of issuing such insurance in the State and delivered to the City prior to the issuance of any building permit for any portion of the Affordable Development. Insurance shall be placed with insurers with a current A.M. Best's rating of no less than A: VII (a) Prior to commencement of construction, Affordable Developer or its successors and assigns acquiring title to the Affordable Site shall furnish City with certificates of insurance in form acceptable to City evidencing the required insurance coverage and duly executed endorsements evidencing such additional insured status. The 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, except for ten (10) days advance notice for cancellation due to nonpayment of premium. (b) Upon commencement of construction and continuing until issuance of a certificate of occupancy, Affordable Developer or its successors and assigns acquiring title to the Affordable Site and all contractors working on behalf of Affordable Developer shall maintain a policy of builder’s all-risk insurance in an amount not less than the full insurable cost of the Affordable Development on a replacement cost basis. (c) Upon completion of Affordable Development construction, Affordable Developer or its successors and assigns acquiring title to the Affordable Site and Affordable Development shall maintain property insurance covering all risks of loss (other than flood or earthquake). Section 4.5 Section 8 Certificate Holders. The Affordable Developer will accept as residents, on the same basis as all other prospective residents, persons who are recipients of federal certificates or vouchers for rent subsidies pursuant to the existing housing program under Section 8 of the United States Housing Act, or its successor. The Affordable Developer shall not apply selection criteria to Section 8 certificate or voucher holders that are more burdensome than criteria applied to all other prospective residents, nor shall the Affordable Developer apply or permit the application of management policies or lease provisions with respect to the Affordable Development which have the effect of precluding occupancy of units by such prospective Residents. ARTICLE 5 AFFORDABLE SITE MANAGEMENT AND MAINTENANCE Section 5.1 Management Responsibilities. (a) The Affordable Developer is responsible for all management functions with respect to the Affordable Development, including without limitation the marketing of Affordable Units, selection of residents, certification and recertification of household size and income, evictions, collection of rents and deposits, maintenance, landscaping, routine and extraordinary repairs, replacement of capital items, and security. The City shall have no responsibility over management of the Affordable Development. The Affordable Developer shall retain a professional property management company, approved by the City in its reasonable discretion, to perform its ATTY/RESO.0034/CC RESO APPROVING PROJECT (901 EL CAMINO REAL) - EXHIBIT C REV: 04-22-25 VR Page 179 of 224