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remove the management agent and replace the management agent with a different Person approved <br />by the City, pursuant to Section 3.1. The Owner's failure to remove and replace the Management <br />Agent in any such circumstance shall constitute a Default by the Owner under this Regulatory <br />Agreement. <br />3.2 Insurance. <br />3.2.1 Owner to Insure. To protect the City Parties against all insurable Claims <br />resulting from the actions of Owner or the Management Agent in connection with this Regulatory <br />Agreement, the Property or the Development, Owner shall maintain, at the sole cost and expense <br />of Owner, insurance that complies with the Insurance Requirements, as applicable to the activities <br />of the Owner and Management Agency as set forth herein. <br />3.2.2 Insurance Independent of Indemnification. The Insurance Requirements <br />of this Regulatory Agreement are independent of the Owner's indemnification and other <br />obligations under this Regulatory Agreement and shall not be construed or interpreted in any way <br />to satisfy, restrict, limit, or modify the Owner's indemnification or other obligations under this <br />Regulatory Agreement or to limit the Owner's liability under this Regulatory Agreement, whether <br />within, outside, or in excess of such coverage, and regardless of solvency or insolvency of the <br />insurer that issues the coverage. Further, the Owner's provision of the insurance required by this <br />Regulatory Agreement shall not preclude the City from taking such other actions as are available <br />to the City under any other provision of this Regulatory Agreement or otherwise at law or in equity. <br />3.2.3 Deductibles and Self -Insured Retentions. All deductibles and self- <br />insured retentions under the Owner's insurance policies are subject to the City's prior written <br />approval, which shall not be unreasonably withheld. The Owner shall pay or get the insurance <br />company to waive any and all deductibles and self-insured retentions under all insurance policies <br />issued in satisfaction of the terms of this Regulatory Agreement regarding any Claims relating to <br />the City Parties, except to the extent that any such Claims arise from the negligence or willful <br />misconduct of an City Party. <br />3.2.4 No Separate Insurance. The Owner shall not carry separate or additional <br />insurance relating to the Development that is concurrent in form or contributing in the event of <br />loss with the insurance required under this Regulatory Agreement, unless such insurance is <br />endorsed in favor of the City Parties as required by this Regulatory Agreement. <br />3.2.5 No Representation. Neither Party makes any representation that the limits, <br />scope, or forms of insurance coverage this Regulatory Agreement requires are adequate or <br />sufficient. <br />REV: 05-20-25 LF <br />ATTY/AGR.2025.100.3/HEART-SV (417 Stambaugh - Regulatory Agreement) (Page 18 of 35) <br />