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policies, or a cambination thereof, having the coverage required �erein, in which event the Developer <br />shall depasit with the City a certi�cate or certificates of the respective insurers as to the amount oF <br />coverage in force upon the Minimum Irnprovements. <br />{d} In case of damage to the Minimuxn Impeovements of $250,000 or less, Developer may in <br />its discretion determine whether ta repaix, reconstruct or reconstruct such portion of the Minimum <br />Improvements. The Developer agrees to notify the City immediately in. th.e case of damage exceeding <br />$250,000 in amount to, or destruction of, the Minimum I�nprovements or any portion thereoi resulting <br />irom iire or other casuatty. In such event t�.e Developer, to the extent insvrance proceeds are available to <br />it, wzIl forthwith repair, reconstruct and restore the Minimum Improvements to substatatially the same or <br />an improved condition or value as it axisted prior to the event causing such damage and, to the extent <br />necessary to accamplish such repair, reconstruction and restoration, th� Develaper will apply the Net <br />Proceeds of any insurance relating to such damage received by the Developer to the payment or <br />:reiznburseznent of the casts thereof. <br />Any Net Proceeds remaining after completion of suc�a :repairs, canstruction and restoration shaII be fihe <br />property of the Developer. <br />{e) Notwithstanding anything to the contrary contained in this Agreezxient, in the event of <br />damage to the Minimum Impravements in excess of $250,000 and the Develaper fails to complete any <br />repair, reconstruction ar restoration of the Minimum Improvements within two years frozn the date of <br />damage, the City may, a� its option, tei-minate the Noie. If the City terminates the Note, such termination <br />shall constitute the Ciry's sale remedy under this Agreetnent as a result af the Developer's failure �o <br />repair, reconstruct or restore the Minimum Impravements. Thereafter, the City shall have no further <br />obligations to make any payments under the Note. <br />{� The Developer and the City agree that all of the insurance provisions set forth in this <br />Article V shall terminate upon the termination of this Agreement. <br />Section 5.2. Subarc�ination. Notwithstanding a�ything to the contrary contained in �his Article V, <br />the rights of the City with respect to the receipt and applicatian of any proceeds of insurance shall, in all <br />respects, be subject and subordinate to the rights of any lender under a Mortgage. <br />(The remainder of this page is intentionally ieft blank.) <br />378990v6 SJB AR200-10 1 � <br />