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EXHIBIT C <br /> INSURANCE REQUIREMENTS <br /> PROPERTY INSURANCE <br /> As to Improvements while under construction: <br /> An ORIGINAL (or evidence acceptable to City of) Builder's Risk"All-Risk", Completed <br /> Value (Non-Reporting) Form POLICY naming Developer as an insured, and covering the <br /> interests of all contractors (of all tiers) in the Project, reflecting coverage of 100% of the <br /> insurable replacement cost, and written by a carrier approved by City with a current A.M. <br /> Best Company rating of at least A:VII (which is authorized to do business in the State of <br /> Minnesota), that includes: <br /> City's Loss Payable Endorsement naming the City of Elk River, Minnesota, in <br /> Elk River, Minnesota, as Mortgagee <br /> 30-day notice to City in the event of cancellation or non-renewal by either party <br /> or material adverse change <br /> Replacement Cost Measure of Recovery <br /> Stipulated Value/Agreed Amount Endorsement(No Coinsurance) <br /> Coverage for Foundations, Off-site (Unscheduled and Temporary Locations), <br /> Transit, Testing, Flood, Earthquake, Collapse, and Boiler and <br /> Machinery/Mechanical and Electrical Breakdown, in such amounts as City and <br /> Developer mutually agree is appropriate <br /> Coverage for indirect loss exposures (customarily referred to as "soft cost" <br /> exposures), "Contingent Liability from Operation of Building Laws" coverage, <br /> "Demolition Costs" coverage, "Increased Cost of Construction" coverage, and <br /> "Increased Time to Rebuild" coverage, with such additional limits for such <br /> coverages as City may reasonably require <br /> Policy to permit partial occupancy <br /> No insurer subrogation action or recovery against any party whose interests are <br /> covered under the policy <br /> Deductible not to exceed $5,000 <br /> Coverage to become effective upon the date of the Notice to Proceed, the date of <br /> site mobilization, or the start of any shipment of materials, machinery or <br /> equipment to the site, whichever is earlier, and to remain in effect until replaced <br /> by the permanent All Risk Property Insurance described below, or until such other <br /> time as may be mutually agreed upon by City and Developer <br /> As to completed Improvements: <br /> An ORIGINAL (or evidence acceptable to City of) Special Form (or so-called All Risk) <br /> Hazard Insurance POLICY naming Developer as an insured, reflecting coverage of 100% of the <br /> replacement cost, and written by a carrier approved by City with a current A.M. Best Company <br /> rating of at least A:VII (which is authorized to do business in the State of Minnesota), that <br /> includes: <br /> C-19 <br /> 455958v10 SJS EL185-31 <br />