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(v) Fidelity/Crime and Employment Practices Liability: <br /> [Limits and coverages as commonly carried by owners of Comparable <br /> Properties.] <br /> (vi) Professional Liability Insurance: <br /> $1,000,000 each claim and annual aggregate <br /> 19.1.6 Failure to Maintain Insurance <br /> If OM fails to initially obtain or, thereafter, maintain any required insurance pursuant to <br /> the requirements herein, the City may(but shall not be obligated to)purchase such insurance for <br /> the protection of the City as the City may consider necessary or appropriate and the cost thereof <br /> shall be paid by OM plus fifteen percent(15%)of the premium cost. <br /> 19.1.7 Notice of Change <br /> All policies of insurance shall contain a provision that the company writing such policy <br /> will give to all insureds and additional insureds, including the City in all situations, at least thirty <br /> (30) days' notice in writing in advance of any cancellation or lapse or the effective date of any <br /> reduction in the amount of or other material change of insurance. <br /> 19.1.8 Waivers of Claims and Subrogation <br /> Solely by being subject to the terms of this Agreement, OM and the City, for themselves <br /> and for their respective officers, board members, members, partners and shareholders, waive and <br /> release all claims for defense or damages and all rights of subrogation for any loss or liability <br /> sustained in connection with any act or occurrence to the extent the same are covered by the <br /> proceeds of any property insurance policy payable to the waiving Person; provided, however, <br /> this Section 19.1.8 shall not have the effect of abrogating or impairing any insurance policy and <br /> to the extent it would do so shall automatically be inapplicable. <br /> 19.2 No Encumbrances Except Mortgages, Deeds of Trust, Sales and Leasebacks, <br /> or Other Financing for Development <br /> Notwithstanding Section 16.9 above, mortgages, deeds of trust, sales and leasebacks or <br /> any other form of conveyance secured by the City Property and required for any reasonable <br /> method of financing are permitted with respect to any portion of the City Property at any time <br /> before issuance of a Certificate of Completion for the Minimum Development Elements, but <br /> only for the purpose of securing loans of funds to be used for financing the acquisition of the <br /> City Property, the construction of improvements as part of the Development Plan, and any other <br /> expenditures necessary and appropriate to develop the City Property in accordance with the <br /> Development Plan; provided, however, until the City and OM have entered into a Rezone <br /> Development Agreement and OM acknowledges in writing that all Key Development Permits <br /> have been obtained with conditions acceptable to OM, no such mortgage, deed of trust, sale and <br /> leaseback, or method of financing that individually or collectively could not be released by a <br /> payment from the City of an amount less than Ten Million Dollars ($10,000,000.00) and the use <br /> -49- <br /> 06107-0063/LEGAL 13023969.1 <br />