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15 <br />4859-3312-3005v4 <br />and Lessor at their respective principal offices at least thirty (30) days before the effective date of <br />change or cancellation. <br />(c) The rights of Lessor to receipt of any insurance proceeds will be subject <br />and subordinate to the rights of Senior Lender pursuant to and in accordance with the Senior <br />Loan Documents. <br />(d) Companies writing the insurance required hereunder shall be licensed to <br />do business in the State of California. Insurance shall be placed with insurers with a current <br />A.M. Best’s rating of no less than A:VII. <br />(e) If any insurance policy or coverage required hereunder is canceled or <br />reduced, Lessee shall, within five (5) days after receipt of notice of such cancellation or <br />reduction in coverage, but in no event later than the effective date of cancellation or reduction, <br />file with Lessor a certificate showing that the required insurance has been reinstated or provided <br />through another insurance company or companies. Upon failure to so file such certificate, <br />Lessor may, with notice and at its option, procure such insurance coverage at Lessee’s expense, <br />and Lessee shall promptly reimburse Lessor for such expense upon receipt of billing from <br />Lessor. <br />(f) Coverage provided by Lessee shall be primary insurance and shall not be <br />contributing with any insurance, or self-insurance maintained by Lessor, and the policies shall so <br />provide. The insurance policies shall contain a waiver of subrogation for the benefit of the <br />Lessor. Lessee shall furnish the required certificates and endorsements to Lessor prior to the <br />commencement of rehabilitation or construction work on the Project, and shall provide Lessor <br />with certified copies of the required insurance policies upon request of Lessor. <br />(g) Deductibles/Retentions. Any deductibles or self-insured retentions shall <br />be declared to, and shall be subject to Lessor approval. At the option of and upon request by the <br />Lessor, if Lessor determines that such deductibles or retentions are unreasonably high, either the <br />insurer shall reduce or eliminate such deductibles or self-insurance retentions as respects the <br />Indemnitees or Lessee shall procure a bond guaranteeing payment of losses and related <br />investigations, claims administration and defense expenses. <br />(h) Adjustments. The limits of the liability coverage and, if necessary, the <br />terms and conditions of insurance, shall be reasonably adjusted from time to time (not less than <br />every five (5) years after the Commencement Date nor more than once in every three (3) year <br />period) to address changes in circumstances, including, but not limited to, changes in inflation <br />and the litigation climate in California, provided that such adjustments are consistent with <br />generally prevailing requirements for residential multi-family developments similar to the <br />Project and located in the San Francisco/Alameda County area. Within thirty (30) days <br />following Lessor’s delivery of written notice of any such adjustments, Lessee shall provide <br />Lessor with amended or new insurance certificates and endorsements evidencing compliance <br />with such adjustments. <br />(i) Additional Insured. For all liability insurance required by this Lease, <br />Lessee (and Lessee’s contractors, as applicable) shall obtain endorsements that name the <br />Page 95 of 428