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If, at any time, the foregoing policies shall fail to meet the above requirements, the <br /> Agency shall, upon notice to that effect from the City, promptly obtain a new policy, <br /> and shall submit the same to the City, with appropriate certificates and endorsements, <br /> for approval. <br /> 10. Verification of Coverage <br /> The Agency shall furnish the City with certificates of insurance and endorsements <br /> required by this Agreement. The certificates and endorsements for each insurance <br /> policy are to be signed by a person authorized by that insurer to bind coverage on its <br /> behalf. The certificates and endorsements for each insurance policy are to be on forms <br /> approved by the City prior to the commencement of activities associated with the <br /> Agreement. The City reserves the right to require complete, certified copies of all <br /> required insurance policies at any time. <br /> 11. Subcontractors <br /> The Agency shall include all subcontractors as insureds under its policies or shall <br /> require separate certificates of insurance and policy endorsements from each <br /> subcontractor. If the Agency is relying on the insurance coverages provided by <br /> subcontractors as evidence of compliance with the insurance requirements of this <br /> Agreement, then such requirements and documentation shall be subject to all of the <br /> requirements stated herein. <br /> 12. Municipal or State Agency Provisions <br /> If the Agency is a municipal corporation or an agency of the state of Washington and <br /> is self-insured for any of the above insurance requirements, a certification of self- <br /> insurance shall be provided for the self-insured requirements and attached hereto and <br /> be incorporated by reference and shall constitute compliance with this Section. If the <br /> certificate of self-insurance does not cover all mandatory requirements, the Agency <br /> shall provide separate certificates and endorsements that document coverage. <br /> 13. Casualty & Condemnation. <br /> In the event of any fire or other casualty to the Premises or eminent domain <br /> proceedings resulting in condemnation of the Premises or any part thereof, the Owner <br /> shall have the right to rebuild the Premises, and to use all available insurance or <br /> condemnation proceeds therefor, provided that: <br /> a. such proceeds are sufficient to keep the Loan in balance and rebuild the Premises <br /> in a manner that provides adequate security to the City for repayment of the Loan, <br /> or, if such proceeds are insufficient, then the Owner shall have funded any <br /> deficiency; <br /> b. the City shall have the right to approve plans and specifications for any major <br /> rebuilding and the right to approve disbursements of insurance or condemnation <br /> proceeds for rebuilding under a construction escrow or similar arrangement; and <br /> c. no material default then exists under the Loan Documents. <br /> Loan Agreement <br /> Cocoon House <br /> Page 35 of 51 <br />