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2 <br /> the calculation of the costs to the City for the completion of work under Section <br /> 1.2(d) includes all costs incurred by the City for the work,plus a 15% <br /> administrative surcharge on such incurred costs. <br /> Opti ,,o: If the City reasonably determines that the total cost to the <br /> City to complete the work under Section 1.12(d) and to complete the conveyance <br /> of Transfer Lot 3 as set forth in this Amendment is in excess of the Transfer Lot 3 <br /> Secured Amount,then the City may elect to reject conveyance of Transfer Lot 3, <br /> in which case(i)the City shall retain the Transfer Lot 3 Secured Amount <br /> (together with the$2 million of Installment Payments) as liquidated damages and <br /> as the City's sole remedy for Owner's failure to convey Transfer Lot 3 and to <br /> complete work on Transfer Lot 3, and(ii)the Title Company shall return the <br /> Transfer Lot 3 Deed to Owner. <br /> (d) Remedies. The City retains all other rights and remedies that it may have <br /> law or e uity in the event of a Default(or a breach followed by the expiration of a cure period, <br /> in q <br /> if any)by Owner of the terms of the Development Agreement. <br /> 1.13 Insurance. <br /> (a) For the duration of the Development Agreement, Owner shall obtain at its <br /> own expense,maintain'in full force and effect, and file with the City a Certificate of Insurance <br /> for arimary policy of Commercial General Liability insurance that includes the coverages set <br /> p � pp the City below. These policies and Certificates of Insurance shall be subject to approval by <br /> as to company,terms and coverages. <br /> Such liability insurance policies shall by endorsement specifically name <br /> (b) Such <br /> thereunder. Subject to the provisions of such policies,the <br /> the City as an additional insure <br /> 24 <br />