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of poymemt hereunder. Prier to making whey ether ompsMttsres from sulk 'roes revenues, A PS4CAM!! first *hall pay the installments of prinsipel and istesest them deo modes this agseemest. let. AP)P .I ! shall, (a) Punctually pay all installments of prinsipal and interest an money owed the >iltESfa. Ch) Continuously operatee sae, sa offimiont and mosomtial meaner all small craft harbor facilities morticed, eenstrsstsd, improved or a pletod in full or in part as a result of this 1.001116 (a) Make all repairs, remewels and r~e plaeeosonts amessary to the efficient operation of said facilities and keep then in good repair at all times. (d) At all time dsrrinn the term of this agreement, maintain in full feces and affect, with merest to this aporoorsent, a policy or polisios of Public Liability and Property !mss insurance with minimum limits of 0410,304/4)0140041 Parblia Liability, and $100,000/4400,000 Property Sams* insuring $fl arced the City of lsdwood City, mad their boards, ou+ewmissioor,s, offioors, agents, and employees, as additional insured* card a California standard form of Mire insures,. policy or policies oeaotaiaiap extended coverage andoarsemeft in an anent coeval to ninety p.s oat MOO of the fill insurable values of all iaaarablo its of the project. Less under said firs Lessem*. polila or paliaLos shall be payable to thee state of California its deposit in as appropriate ETATS trust fund, to be applied to the obligations data hereunder, or if MMAT2 deem desirable, to be paid to a1PPLtt&al, Mein WWI' *sties, for the reeenstsuctiea of time destroyed laeilitios. said policies shall metal* emderrsasats previdin9 that the immense sane viii not camel such policies without thirty (i0) days' prior vritts& aotiaoe to the MUNI amt that the SIMMS is oat liable to the payment of any premiums or assessments eeents oa said f