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(' -'. Walkway are in existence, ma~ntain fire and extended coverage insurance on the Bus Shelters and Pedestrian Walkway in an amount equal to the full insurable value thereof on a replacement cost basis without deduction for depreciation and with a deductible not in excess of $10,000.00. Alternatively, the Council may self-insure for fire and casualty coverage on the Bus Shelters and Pedestrian Walkway. Such coverages shall include the risks commonly covered by endorsements in the nature of those providing coverage for "contingent liability from operation of building laws" and "demolition and increased cost to rebuild." Because of the allocation of the ownership of the Transit Hub Improvements that is contemplated in Section 2.6 hereof, to the extent necessary to confirm an insurable interest in the Bus Shelters and Pedestrian Walkway, the Owner of the Northtown Parcel shan consent to its inclusion, without cost to it, as an insured under the policy; provided, in such event the Council shall be designated as the sole loss payee. Such policy shall provide for at least thirty (30) days' notice to the Owner of the Northtown Parcel qefore cancellation or material change. 5.2 Required Reconstruction. If the Transit Hub Improvements on the Northtown Parcel or the Council Parcel are damaged by fire or other casualty occurring during the first 120 full calendar months after the month in which the Transit Commencement Date occurs, or if the Transit Hub Improvements on the NQrthtQwn Parcel Qr the CQuncil Parcel are damaged by fire or casualty thereafter and the cost to repair such damage is less than $50,000.00, the Council shall repair such damage and restore such improvements at its sole cost in accordance with the provisions of Section 5.4 hereof, notwithstanding the ownership provisions of Section 2.6 of this Agreement. 5.3 Optional Reconstruction. Notwithstanding the ownership provisions of Section 2.6 of this Agreement, if the Transit Hub Improvements on the Northtown Parcel or the Council Parcel are materially damaged by fire or other casualty (i.e., costs in excess of $50,000.00 to repair) occurring after the expiration of the first 120 full calendar months after the month in which the Transit Commencement Date occurs, the Council shall, within sixty (60) days after the date of the occurrence of such casualty, deliver to Northtown written notice (the l1Cauncil Destruction Notice") designating whether it intends to rebuild or restore the damaged Transit Hub Improvements and whether, in lieu of rebuilding or restoring the damaged Transit Hub Improvements, the Council intends to replace the damaged Transit Hub Improvements with a parking facility for non-exclusive use by public transit patrons. If the COWlcil Destruction Notice reflects an election not to rebuild or replace the damaged Transit Hub Improvements, or if the Council fails to deliver the Council Destruction Notice to Northtown within sixty (60) days of the occurrence of the casualty, the Council shall proceed to demolish and restore the site of the Transit Hub Improvements in accordance with the provisions of Section 7.3 hereof. If the Council Destruction Notice reflects an election to rebuild or restore the damaged Transit Hub Improvements or to replace the damaged Transit Hub Improvements with a parking facility for non-exclusive use by public transit patrons, then Northtown shall have the option to refuse to consent to such rebuilding, restoration, or replacement. The option to withhold consent to the restoration, rebuilding, or -10- II 'd IlVS'oN ^30 ~~OJ 3NlVl8 A1IJ ~dOO:ll IDOl '08'J\oN