Housing Hope HCS-15-42-1213-198(1) 7/25/2016

4. All other expenses incurred to cover operating costs, including the fee of the managing agent and any extraordinary expenses; 5. Deposits to reserve accounts, if applicable; and 6. Distributions to the Agency or other person or entity, in accordance with the approved budget and only upon prior written City approval. If other funding entities have differing requirements, the City may amend this paragraph in writing to be consistent with those other requirements. In addition, the Agency may depart from the foregoing priorities of payment only upon the express prior written approval of the City. I. Insurance INSURANCE REQUIREMENTS — GENERAL 1. Insurance Required By the date of execution of this Loan Agreement, the Agency shall procure and maintain for the duration of this Loan Agreement, insurance against claims for injuries to persons or damages to property which may arise from, or in connection with, the performance of work hereunder by the Agency, its agents, representatives, employees and/or contractor/subcontractors. The Agency or contractor/ subcontractor shall pay the costs of such insurance. The Agency shall furnish separate certificates of insurance and policy endorsements from each contractor/subcontractor as evidence of compliance with the insurance requirements of this Loan Agreement. The Agency is responsible for ensuring compliance with all of the insurance requirements stated herein. Failure by the Agency, its agents, employees, officers, contractor/subcontractors, providers and/or provider subcontractors to comply with the insurance requirements stated herein shall constitute a material breach of this Agreement. Each insurance policy shall be written on an "occurrence" form; except that insurance on a "claims made" form may be acceptable with prior City approval. If coverage is approved and purchased on a "claims made" basis, the Agency warrants continuation of coverage, either through policy renewals or the purchase of an extended discovery period, if such extended coverage is available, for not less than three years from the date of Loan Agreement termination, and/or conversion from a "claims made" form to an "occurrence" coverage form. Nothing contained within these insurance requirements shall be deemed to limit the scope, application and/or limits of the coverage afforded by said Amended HOME Loan Agreement Housing Hope's Kennedy Court Improvement Project Page 35 of 53