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<br />I <br />I <br />t' request of the Authority, but not more frequently than once very three years, by an <br /> insurance consultant or insurer, selected and paid for by the Redeveloper and approved by <br /> the Authority. All policies evidcncing insurance required by this subparagraph (i) with <br /> rcspect to the Minimum Improvements shall be carried in the names of the Redcveloper <br />I and the Authority as their respective interests may appear and shall contain standard <br /> clauses which provide for Net Proceeds of insurance resulting from claims per casualty <br /> thereunder to the Minimum Improvements to be made payable jointly to the Authority <br />I and Redeveloper. The Authority and the Redeveloper shall jointly agree on the amount <br /> of settlement. <br />I (ii) Comprehensive general liability insurance, including personal injury liability <br /> (with employee exclusion deleted), and automobile insurance, including owned, non- <br />I owned and hired automobiles, against liability for injuries to persons and/or property, in <br /> the minimum amount for each occurrence and for each year of $2,000,000.00, for public <br /> liability and shall be endorsed to show thc Authority as additional insured. <br />I (iii) Such other insurance, including worker's compensation insurance respecting <br /> all employees of the Redeveloper, in such amount as is customarily carried by like <br />I organizations engaged in like activities of comparable size and liability exposure; <br /> provided that the Redeveloper may be self-insured with respect to all or any part of its <br /> liability for worker's compensation. <br />Ie (c) All insurance required in Article V of this Agreement shall be taken out and <br /> maintained in responsible insurance companies selected by the Redeveloper which are authorized <br />I under the laws of the State to assume the risk covered thereby. The Redeveloper will deposit <br /> annually with the Authority binders evidencing all such insurance, or a certificate or certificates <br />I of the respective insurers stating that such insurance is in force and effect. Unless otherwise <br /> provided in this Article V of this Agreement each policy shall contain a provision that the insurer <br /> shall not cancel or modify it without giving written notice to the Redeveloper and the Authority <br />I at least thirty (30) days before the cancellation or modification becomes effective. Not less than <br /> fifteen (15) days prior to the expiration of any policy, the Redeveloper shall furnish the Authority <br /> evidence satisfactory to the Authority that the policy has been renewed or replaced by another <br />I policy conforming to the provisions of this 'Article V of this Agreement, or that there is no <br /> necessity therefor under the terms hereof. In lieu of separate policies, the Redeveloper may <br /> maintain a single policy, blanket or umbreIla policies, or a combination thereof, having the <br />I coverage required herein, in which event the Redeveloper shall deposit with the Authority a <br /> certificate or certificates of the respective insurers as to the amount of coverage in force upon the <br />I Minimum Improvements. <br /> (d) The Redeveloper agrees to notify the Authority immediately in the case of <br />I damage to or destruction of, the Minimum Improvements or any portion thereof resulting from <br /> fire or other casualty. In the event of any such damage or destruction, the Redeveloper will <br /> forthwith repair, reconstruct and restore the Minimum Improvements to substantiaIly the same or <br />~ an improved condition or value as existed prior to the event causing such damage and, to the <br /> extent necessary to accomplish such repair, reconstruction and restoration, the Redeveloper will <br />I 16 <br /> ---- <br />