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Draft 9/8/94 <br /> <br /> [ <br />having the coverage required herein, in which event the Developer shall deposit with the City a <br />certificate or cer!ificates of the respective insurers as to the amount of coverage in force upon the <br />Minimum ImproYements. <br /> <br /> (c) The Developer agrees to notify the City immediately in the case of damage <br />exceeding $100,000 in amount to, or destruction of, the Minimum Improvements or any portion <br />thereof resulting}from fire or other casualty. In such event, the Developer either will forthwith <br />repair, reconstruct and restore the Minimum Improvements to substantially the same or an <br />improved condiffon or value as it existed prior to the event causing such damage and, to the extent <br />necessary to accomplish such repair, reconstruction and restoration, the Developer will apply the <br />Net Proceeds of Oy insurance relating to such damage received by the Developer to the payment or <br />reimbursement of the costs thereof. <br /> <br /> The Developer shall complete the repair, reconstruction and restoration of the Minimum <br />Improvements, Whether or not the Net Proceeds of insurance received by the Developer for such <br />purposes are sufficient to pay for the same. Any Net Proceeds remaining after completion of such <br />repairs, construct ion and restoration shall be the property of the Developer. <br /> <br /> (d) Ttie Developer and the City agree that all of the insurance provisions set forth in this <br />Article V shall terminate upon the termination of this Agreement. <br /> <br />Page <br /> <br />I1 <br /> <br />55 <br /> <br /> <br />