Agmt25 SEC-Lenders Documents 2 - Loan Agreement

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ATTACHMENT NO. 8 INSURANCE REQUIREMENTS Prior to initiating work on the Development and continuing through throughout the term of this Agreement, Borrower shall obtain and maintain the following policies of insurance: (a) a commercial general liability policy in the amount of Five Million Dollars each occurrence. If the submitted policies contain aggregate limits, such limits will apply separately to the Services, project, or location that is the subject of this Agreement or the aggregate will be twice the required per occurrence limit. The Commercial General Liability insurance policy will be endorsed to name the City, its officers, agents, employees and volunteers as additional insureds, and to state that the insurance will be primary and not contribute with any insurance or self-insurance maintained by the City. (b) a comprehensive automobile liability coverage in the amount of Two Million Dollars ($2,000,000), combined single limit including coverage for owned and non -owned vehicles and shall furnish or cause to be furnished to City evidence satisfactory to City that Owner and any contractor with whom Owner has contracted for the performance of work on the Property or otherwise pursuant to this Agreement carries workers' compensation insurance as required by law. (c) Borrower and Borrower's general partners/managing members shall furnish or cause to be furnished to City evidence satisfactory to City that Borrower and any contractor with whom Borrower has contracted for the performance of work on the Property or otherwise pursuant to this Agreement carries statutory Workers' Compensation insurance and Employer's Liability insurance in a minimum amount of One Million Dollars ($1,000,000) per accident. The policies shall contain a waiver of subrogation for the benefit of the City. (d) Upon commencement of construction and continuing until issuance of a Certificate of Occupancy, Borrower and all contractors working on behalf of Borrower shall maintain a policy of builder's all-risk insurance in an amount not less than the full insurable cost of the Project on a replacement cost basis naming City as loss payee. (e) Upon completion of Project construction, Borrower shall maintain property insurance covering all risks of loss (other than earthquake), including flood for 100% of the replacement value of the Project with deductible, if any, in an amount acceptable to City, naming City as loss payee. (1} Companies writing the insurance required hereunder shall be licensed to do business in the State of California. Insurance shall be placed with insurers with a current A.M. Best's rating of no less than A: VII. The Commercial General Liability and comprehensive automobile policies required hereunder shall name the Indemnitees as additional insureds. Builder's Risk and property insurance shall name City as loss payee as its interests may appear. 0 Prior to commencement of construction, Borrower 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 REV: 05-21-25 LF ATTV/Ar-P 9(19n, 1 M/HFART_R\/ /A17 Rtamhni inh Cf 1 !Pana RA of R51