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(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 <br /> Lender's stated fair market value shall constitute an endorsement or approval of the Lender's <br /> stated fair market value by the City for any purpose whatsoever. The City's policy covering the <br /> Work will contain the usual exclusions for loss or damage due to war, invasion, hostilities, <br /> rebellion, terrorism, insurrection, confiscation by order of any government or public authority, <br /> risks of contraband or illegal transpiration and/or trade, nuclear damage, wear and tear, <br /> gradual deterioration, insects, vermin and inherent vice, and for damage sustained due to and <br /> resulting from any repairing, restoration or retouching process unless caused by fire and/or <br /> explosion. The Lender agrees that, in the event of loss or damage, recovery shall be limited to <br /> such amount, if any, as may be paid by the insurer, thereby releasing the City, and the officers, <br /> agents and employees of the City from liability for any and all claims arising out of such loss or <br /> damage. <br /> C. Lender's Insurance <br /> If the Lender chooses to maintain his own insurance, the Lender must provide to the City: (a) a <br /> certificate of insurance evidencing coverage; (b) an endorsement naming the City as an <br /> additional insured; and (c) waiver any rights of subrogation against the City from any liability in <br /> connection with the Work. The City shall not be responsible for any error or deficiency in <br /> information furnished to the Lender's insurer or for any lapses in the Lender's insurance <br /> coverage. <br /> 14. LIMITS ON LIABILITY <br /> The City shall not be liable to, or claims by,third parties. <br /> The City shall not be liable for loss of or damage to the Work due to or resulting from normal <br /> wear and tear, gradual deterioration, vermin, inherent vice, pre-existing flaw or condition, <br /> radioactive contamination, wars, terrorism, strikes, riots, civil commotion, or repair, <br /> restoration <br /> or retouching processes other than those repair, restoration or retouching processes <br /> undertaken as emergency conservation measures. <br /> Sculpture Loan Agreement 2020 <br /> Page 4 <br />