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policies, or a eombination thereof, having the coverage required herein, in which event the Developer sha]] deposit with the Ciry a certificate or ce�tifcates of the respective insurers as to the amount of coverage in force upon the Minimum Irnprovements. {d) ln case of darrtage to the Minirr�um Improvements af $250,000 or less, Developer may in its discretio» determine whether to repair, recanstruct or reconstr�ct sueh portion of the Minimum Irnprovements. The Developer agrees to notify the City immediately in the case o� damage exceeding $250,000 in aanount to, or destruction of, the Minirrtu� 13nprovements or any partion thereof resulting from fire or other casualty. ln such event the Developer, to the extent insurance proceeds are available to it, wi}I �orthwith repair, reconstruct and restore the Minimum �mprovements to substantially the same or an ir�provecf condi�ion or value as it existed prior to the event causing such damage and, to the extep� necessary to accomplish such repair, reconstruction and restoration, the DeveIoper will apply the Net Proceecfs of any ins�rance relating ta such damage received by the Developer ta the payment or reimburseznent of the costs thereof. Ar�y Net Proceeds re�naini�tg after completio�i of sucl� reparrs, construction and restoration shall be the properiy of the Developer. (e) Notwithstanding anything to the contrary contained in this Agreement, in the event of damage to the Minimum Improvernents in excess of $250,000 and the Developer fails to complete any repair, reconstruction or restaration of the Minimum Improvernents withirr two years from the date of darnage, the City r�tay, at its option, #erminate t3�e Note_ If the City terminates the Note, such terEnination shal} constit�te the City's sole remedy under this Agreement as a result of the Developer's failure to repair, reconstrEict or restore the Minimum Impravements. Thereafter, the City shail have no further obl igations to make any payments under ilie Note. {f} The Deve�oper and the City agree that al] of the insarance provisions set forth in this Articie V shalI terminate upon the tert�ination oithis Agreement. Section 52. Subordination. Notwithstandii�g anytlaing to the contrary contained in this Article V, the rights of tl�e City with respect to the receipt and application of any proceeds of insurance shall, in all respects, be sub�ect and subordinate to the rights of any lender under a Mortgage. - (The remainder of this page is intentionaIly ]eft blank.) I8