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GMMHC has failed to complete the Improvements in accordance with the provisions of this Agreement necessary, in the opinion of the City or the GMMHC to take or perfonn in order to obtain such certification. Before the issuance of a Certificate of Completion, conditional or limited occupancy of the Improvements may be permitted under such terms as may be specified by the City. ARTICLE IV. INSURANCE Section 4.1. Insurance. The GMMHC will provide and maintain or cause to be provided and maintained at all times during the process of constructing the Improvements and, from time to time at the request of the CITY, furnish the CITY with proof of payment of premiums on: (a) Builder's risk insurance, written on the so-called "Builder's Risk -- Completed Value Basis," in an amount equal to 100% of the insurable value of the Improvements at the date of completion, and with coverage available in non-reporting fonn on the so-called" all risk" fonn of policy; (b) Comprehensive general liability insurance (including operations, contingent liability, operations of subcontractors, completed operations and contractual liability insurance) together with an Owner's Contractor's Policy with limits against bodily injury and property damage of not less than $1,000,000 for each OCCUlTence (to accomplish the above-required limits, an umbrella excess liability policy may be used); and (c) Workers' compensation insurance, with statutory coverage. The policies of insurance required pursuant to clauses (a) and (b) above shall be in fonn and content satisfactory to the CITY and shall be placed with fmancially sound and reputable insurers licensed to transact business in Minnesota. The policy of insurance delivered pursuant to clause (a) above shall contain an agreement of the insurer to give not less than thirty (30) days advance notice to the CITY in the event of cancellation of such policy or change affecting the coverage thereunder. Section 4.2. Modification. In order to facilitate obtaining financing for the construction of the Improvements, the CITY agrees to modify this Article IV to accommodate the interests of the GMMHC and the Holder of the first Mortgage; provided, however, that the CITY determines, in its reasonable judgment, that any such modification will adequately protect the legitimate interests and security of the City and CITY with respect to the Improvements. ARTICLE V. FINANCING Section 5.1. Limitation upon Encumbrance of Property. Prior to the issuance of the Certificate of Completion, neither the GMMHC nor any successor in interest to the Property or any part thereof shall engage in any financing or any other transaction creating any Mortgage or other encumbrance or lien upon the Property, whether by express agreement or operation of law, or suffer any encumbrance of lien to be made on or attached to the Property other than the liens or encumbrances attached for the pruposes of obtaining funds to the extent necessary for making the Improvements without the prior written approval of the CITY. The CITY shall not approve any Mortgage that does not contain tenus that confonn to the tenns of this Agreement. Section 5.2. Copy of Notice of Default to Lender. Whenever the CITY shall deliver any notice or demand to the GMMHC with respect to any Event of Default by the GMMHC in its obligations or covenants under 4