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7.A. - Page 163 (c) No Representation. Neither Party makes any representation that the limits, scope, or forms of insurance coverage this Agreement requires are adequate or sufficient. (d) No Claims Made Coverage. None of the insurance coverage required under this Agreement may be written on a claims-made basis. (e) Fully Paid and Non Assessable. All insurance obtained and maintained by the Developer in satisfaction of the requirements of this Agreement shall be fully paid for and non-assessable. (f) City Option to Obtain Coverage. After notice to Developer and during the continuance of an Event of Default arising from the Developer's failure to carry any insurance required by this Agreement, the City may, at its sole option, purchase any such required insurance coverage and the City shall be entitled to immediate payment from the Developer of any premiums and associated costs paid by the City for such insurance coverage. Any amount becoming due and payable to the City under this Section 4.12 that is not paid within fifteen (15) calendar days after written demand from the City for payment of such amount, with an explanation of the amounts demanded, will bear interest from the date of the demand at the rate of ten percent (10%) per annum or the maximum rate allowed by California law, whichever is less. Any election by the City to purchase or not to purchase insurance otherwise required by the terms of this Agreement to be carried by the Developer shall not relieve the Developer of its obligation to obtain and maintain any insurance coverage required by this Agreement. (g) Deductibles and Self-Insured Retentions. The Developer shall disclose and pay or cause to be paid any and all self-insured retentions under all insurance policies issued in satisfaction of the terms of this Agreement. Developer self-insurance retentions are subj ect to City approval. (h) Insurance Independent of Indemnification. The insurance requirements of this Agreement are independent of the Developer's indemnification and other obligations under this Agreement and shall not be construed or interpreted in any way to satisfy, restrict, limit, or modify the Developer's indemnification or other obligations or to limit the Developer's liability under this Agreement, whether within, outside, or in excess of such coverage, and regardless of solvency or insolvency of the insurer that issues the coverage; nor shall the provision of such insurance preclude the City from taking such other actions as are available to it under any other provision of this Agreement or otherwise at law or in equity. 4.13 Certificate of Completion. 4.13.1 Issuance. Following the Completion (as defined herein) of the Project, excluding any normal and minor building "punch-list" items to be completed by the Developer, the Developer may request that the City inspect the completed Project and issue a Certificate of Completion for the Project. As used in this Agreement, "Completion" shall mean the completion of a"warm shell" without tenant improvement work including all of the following: (i) Base building electrical, mechanical, fire protection, and life safety systems distribution shall be in accordance with the plans and 82483.00009\7571312.11 3 5 ATTY/AGR/2013.118/BLOCK 2 HUNTER STORM REV: 07-19-13 PT