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the Minimum Improvements. Approval of the Construction Plans by the City shall not relieve the Developer of any obligation to comply with the terms and provisions of this Agreement, or the provision of applicable federal, state and local laws, ordinances and regulations, nor shall approval of the Construction Plans by the City be deemed to constitute a waiver of any Event of Default If the Developer desires to make any material change in the Construction Plans after their approval by the City, the Developer shall submit the proposed change to the City for its approval. If the Construction Plans, as modified by the proposed change, conform to the approval criteria listed in this Section 4.2 with respect to the original Construction Plans and do not constitute a material modification to the appearance, quality, scope, size or use of the respective Phase or Sub-Phase or to the site plan therefore, the City shall approve the proposed change. Such change in the Construction Plans shall be deemed approved by the City unless rejected in writing within ten (10) days by the City with a statement of the City's reasons for such rejection. Approval of Construction Plans hereunder is solely for purposes of this Agreement and shall not constitute approval for any other City purpose. Section 4.3. Timing of Construction. The timing of construction of each Phase or Sub- Phase of the Minimum Improvements shall, subject to Unavoidable Delays, occur in accordance with a schedule agreed upon by the City and Developer prior to the Developer's commencement of the Phase or Sub-Phase. The construction of Phase I will occur in accordance with the Schedule set forth on Schedule I. The currently anticipated commencement dates for the remainder of the Phases and Sub-Phases are set forth on Schedule I hereto. ARTICLE V INSURANCE Section 5.1. Insurance. (a) The Developer will provide and maintain or cause to be maintained at all times during the process of constructing each Phase and Sub-Phase (and, from time to time at the request of the City, furnish the City with certificates of insurance on): (i) Builder's risk insurance, written on the so-called ''Builder's Risk - Completed Value Basis" in an"amount equal to one hundred percent (100%) of the insurable value of the Phase or Sub-Phase at the date of completion, and with coverage available on the so-called "all risk" form of policy; the interest of the City shall be protected by naming the City as an additional named insured; (il) Commercial general liability insurance (including operations, premises, "X.C.U." where applicable, Products/Completed Operations, Contractual Liability, Broad Form Property Damage and Independent Contractors with limits against bodily injury and property damage of not less than $1,000,000, together with excess umbrella limits of not less than $1,000,000; and 20