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11.2.2 Each such policy or certificate of insurance mentioned and required in this <br /> Section 11 shall have attached thereto (1) an endorsement that such policy shall not be canceled <br /> without at least thirty (30) days prior written notice to Developer and the City; (2) an <br /> endorsement to the effect that the insurance as to any one insured shall not be invalidated by any <br /> act or neglect of any other insured; (3)an endorsement pursuant to which the insurance carrier <br /> waives all rights of subrogation against the parties hereto; and (4) an endorsement pursuant to <br /> which this insurance is primary and noncontributory. <br /> 11.2.3 The certificates of insurance and insurance policies shall be furnished to <br /> Developer and the City prior to commencement of construction under this Covenant. The <br /> certificate(s) shall clearly indicate the insurance and the type, amount and classification, as <br /> required for strict compliance with this Section 11. <br /> 11.3 Adjustments. The types of policies, risks insured, coverage amounts, deductibles <br /> and endorsements may be adjusted from time to time as Developer and the City may mutually <br /> determine, or as required by a Mortgagee. <br /> Section 12. Destruction or Condemnation. <br /> 12.1 Total or Partial Destruction. If the Improvements are totally or partially destroyed <br /> at any time during the term of this Agreement, and the cost of reconstruction or restoration is less <br /> than One Million Dollars ($1,000,000), Developer shall reconstruct or repair the damage <br /> consistent with the terms of this Covenant within six months of the destruction. If the cost is <br /> $1,000,000 or more, then Developer shall have the discretion to reconstruct or repair the damage <br /> to the extent necessary and appropriate for purposes of the existing use, or Developer may elect <br /> to not reconstruct or repair the Improvements by delivery of written notice to City within sixty <br /> (60) days after the destruction. If it so elects not to reconstruct, then Developer shall at its cost <br /> remove the damaged Improvements within sixty (60) days after delivery of such notice, secure <br /> the Property, clear the debris and generally make the Property as safe and attractive as practical <br /> given the circumstances (or if such work cannot be completed within such sixty (60) day period, <br /> then within a reasonable time thereafter provided that the Developer commences such work <br /> within sixty(60)days and diligently pursues it to completion). <br /> If Developer elects not to reconstruct, no further development of the Property can occur <br /> without the prior approval of City. This Covenant shall continue to restrict future development <br /> of the Property and Developer or any successor of Developer shall obtain City's approval of the <br /> redevelopment plan before the Property is redeveloped. <br /> 12.2 Condemnation. If during the term of this Covenant the whole or any substantial <br /> part of the Property is taken or condemned in the exercise of eminent domain powers (or by <br /> conveyance in lieu thereof), such that Developer can no longer materially meet its obligations <br /> under this Covenant, this Covenant shall terminate upon the date when possession of the <br /> Property or portion thereof so taken shall be acquired by the condemning authority. As used <br /> herein, "substantial" shall be defined as reasonably preventing the conduct of Developer's <br /> activities as contemplated hereby. If a taking occurs that is not substantial, this Covenant shall <br /> continue in full force and effect as to the part of the Property not taken. <br /> -16- <br /> 51083924.1 <br />