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ATTY/RESO.0020/CC RESO APPROVING AMENDMENTS TO HPP GUIDELINES – EXHIBIT B REV: 05-04-26 LF Page 66 of 86 as the management agent for the Development. [If no approved agent, delete] 3.1.1 Performance Review. Upon Notice from the City, the Owner shall, with the participation of the City, periodically review the management practices and financial status of the Development and the Owner or management agent. The City shall not request such periodic review more frequently than twice each calendar year. The purpose of each periodic review will be to enable the City to determine whether or not the Development is being operated, maintained, and managed in accordance with the requirements and standards of this Regulatory Agreement and all applicable Law relevant to the Regulatory Agreement. 3.1.2 Replacement of Management Agent. Any contract for the operation or management of the Development entered into by the Owner with a Person shall provide that the contract shall have a term of no more than three (3) calendar years and that the contract is subject to the provisions of this Regulatory Agreement. The management agent shall operate and manage the Affordable Units in accordance with the requirements and standards of this Regulatory Agreement and all applicable Law. If the management agent is in material violation of the above requirements, the City shall provide written notice to the Owner of such deficiency and the Owner shall within 60 days following the receipt of such notice remove the management agent and replace the management agent with a different Person approved by the City, pursuant to Section 3.1. The Owner’s failure to remove and replace the management agent in any such circumstance shall constitute a Default by the Owner under this Regulatory Agreement. 3.2 Insurance. 3.2.1 Owner to Insure. To protect the City Parties against all insurable Claims resulting from the actions of Owner or the management agent in connection with this Regulatory Agreement, the Property or the Development, Owner shall maintain, at the sole cost and expense of Owner, insurance that complies with the Insurance Requirements, as applicable to the activities of the Owner and Management Agency as set forth herein. 3.2.2 Insurance Independent of Indemnification. The Insurance Requirements of this Regulatory Agreement are independent of the Owner’s indemnification and other obligations under this Regulatory Agreement and shall not be construed or interpreted in any way to satisfy, restrict, limit, or modify the Owner’s indemnification or other obligations under this Regulatory Agreement or to limit the Owner’s liability under this Regulatory Agreement, whether within, outside, or in excess of such coverage, and regardless of solvency or insolvency of the insurer that issues the coverage. Further, the Owner’s provision of the insurance required by this Regulatory Agreement shall not preclude the City from taking such other actions as are available to the City under any other provision of this Regulatory Agreement or otherwise at law or in equity. 3.2.3 Deductibles and Self-Insured Retentions. All deductibles and self- insured retentions under the Owner’s insurance policies are subject to the City’s prior written approval, which shall not be unreasonably withheld. The Owner shall pay or get the insurance company to waive any and all deductibles and self-insured retentions under all insurance policies issued in satisfaction of the terms of this Regulatory Agreement regarding any Claims relating to the City Parties, except to the extent that any such Claims arise from the negligence or willful