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(1) The City had a reasonable belief at the time the action was taken that the action <br /> was necessary to protect the Work or other property in the custody of the City, or <br /> that the Work constituted a hazard to the health and safety of the public or the <br /> staff or agents of the City; and <br /> (2) The City exercised reasonable care in the choice and application of such <br /> emergency conservation measures, considering all circumstances and knowledge <br /> reasonably available to the City at the time. <br /> If the City applied emergency conservation measures as provided above and if the Lender is the <br /> author of the Work,the Lender may require the City to remove any attribution of the Work to the <br /> Lender but otherwise agrees that 17 U.S.C. §106A(a)(3) shall not apply. <br /> 13. INSURANCE <br /> A. General <br /> Unless the Lender already has insurance on the Work that will be in effect during this <br /> Agreement, the City shall insure the Work for its fair market value at the beginning of this <br /> Agreement. Such insurance shall be for "all risks" of physical loss or damage from any external <br /> cause while at any location during the period of this loan, subject to the following limitations: <br /> (1) If the Work has been industrially fabricated and can be replaced to the artist's <br /> specifications, the amount of such insurance shall be limited to the cost of such <br /> replacement; <br /> (2) If the Work is fragile or otherwise difficult to insure, the City may insist that the <br /> Lender either self-insure or maintain its own insurance on the Work; <br /> (3) The City may in its discretion require an appraisal or other reasonable evidence of <br /> the estimated fair market value of the Work for insurance purposes; <br /> (4) If the Lender does not state a fair market value for the Work or the Lender cannot <br /> produce reasonable evidence of the Work's fair market value,the City may either <br /> (i) require the Lender to maintain its own insurance on the Work, or(ii) insure the <br /> Work in an amount determined by the City (provided that such determination <br /> shall not be construed for any purpose to be an appraisal by the City); and <br /> (5) The City will not be liable for any risk or loss beyond the coverage provided by <br /> its "all risk" policy. <br /> B. Valuation Disclaimer and Loss Exclusions <br /> Neither the execution of this Agreement nor the provision of insurance coverage at the Lender's <br /> stated fair market value shall constitute an endorsement or approval of the Lender's stated fair <br /> market value by the City for any purpose whatsoever. The City's policy covering the Work will <br /> contain the usual exclusions for loss or damage due to war, invasion, hostilities, rebellion, <br /> City of Everett Sculpture Loan Agreement <br /> Page 3 of 9 <br />