Agmt82 Price Company (now COSTCO)

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� �, , .� or its contractors or subcontractors under the terms of this agreement, and shall be in the minimum limits of $1 ,000 , 000 for personal injury or death of any one person, $2 , 000 , 000 for personal injury or death arising out of any one occurrence, and property damage limits of not less than $500 , 000 arising out of any one occurrence. The policies mentioned herein shall contain a provision that City shall receive an unconditional notice in writing thirty (30) days in advance of an insurer' s intention to cancel or to materially change the terms of said policies given to City. If such insurance covers the Developer, other entity, or person in addition to the City of Redwood City, such policy shall contain the standard form of cross liability or severability of interest endorsement, and shall be evidenced on the insurance certificate. Such insurance shall also specifically insure any contractual liability assumed by Developer under the terms of this agreement, including, but not limited to, the provisions of Paragraph 1 above. 5 . Time is of the essence of this agreement; provided, however, that in the event good cause is shown therefor to City by Developer, City may extend the time in which the aforementioned improvements may be made and completed under this agreement; provided, however, that said extensions of time, if any, may be granted without notice to the surety, escrow agent or guarantor and any extensions so granted shall not relieve the surety, escrow agent or guarantor of any responsibility or guarantee and shall not affect the bond, deposit or instrument of credit given to secure Developer ' s performance under this agreement. City shall be the sole and final judge of whether or not good cause has been shown to entitle Developer to an extension of time hereunder. Developer shall provide a copy of the agreement to surety or otherwise inform surety of the 4