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policies, or a co�nbination thereof, having the coverage required herein, in which event the De�eloper shall deposit with the City a certi�cate or certificates of the respective insurers as to the amount of coverage in force upon the Minimum Improvements. (d} I�t case of damage to the Minimum Improvements of $250,OOQ or less; De�e�oper may in its diseretion determ�ne whether to repair, reconstr€�ct or reconstr�et such portion of the Minimum Improvements. The DeveIoper agrees to notify the City iznrnediately �n the case of damage exceeding $250,U40 in amount to, or destruction of, the Minimum lmprovernents or any portion thereof resulting from fire or other cas�alty. Ir� such event the Developer, to ihe extent insurance proceeds are available to it, will forthwith repair, reconstruct and restore the M€ni3num Improvements to substantially the same or an improved condition or �alue as it existed prior to the event causing such dar�age and, to the extent necessary to accomplish such repair, reconstructian and restoration, the Developer wi]E apply the Net Aroceeds o� any insurance relating ta se�ch damage received by the Developer to the payment or reimburserr�ent of the costs thereaf. Any Net Praceeds remaining after completion of such repairs, co�►structian and restaration shall be the property of the De�eloper. (e) Notwithstanding any�hing to the contrary contained in this Agreeinent, �n the e�ent of damage to the Minimum Improvements in excess of $250,000 and the De�elpper fails ta complete any repair, reconstruction or restoration of the Minim�m lmprovements within two years frott� the date of damage, the City may, at its option, terminate tl�e Note. If the City termir�ates the Note, such termination shall canstitute the City's sale remedy under #his Agreement as a result of the Developer's failure to repair, reconstruct or z'estore the Minimum Improveinents. Thereafter, the City s3�all have no further obligations to make any payrnents under the Note. (f) The Developer and the City agree that ail of the insurance provisions set forEh in this Article V sha19 terminate upon the termination of this Agreement. 5ection 52. Subordination_ Notwithstantling anything to the contrary cor�tained in this Articte V, the righ#s afthe City with respect to the receipt and application af any proceeds af insura��ce shall, in a}I respects, be s�b}ect and subordinate to the rights of any Iender under a Mortgage. (The remain�er of this page is intentionatly left blank.) ��s��o�� 0 5as ARzoa-� o � g