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<br />that for any reason the Developer does not purchase the Property. <br /> <br /> <br />3.Insurance. Before commencing any work on the Property, the Developer or its <br />subcontractors shall furnish the City with certificates of insurance demonstrating that the Developer <br />or its subcontractors have obtained insurance coverage and showing the City as an additional named <br />insured. Such certificates shall contain a statement that the insurance coverage shall not be changed <br />or canceled without at least 10 days’ prior written notice to the City. Certificates of insurance shall <br />be signed by an authorized representative of each insurer and all coverage shall be written on policy <br />forms and by insurers acceptable to the City. <br /> <br /> <br />4.Early Start Coverage. Developer shall obtain from its title company an early start <br />endorsement to the title insurance policy. Said endorsement shall name the City as an additional <br />named insured. <br /> <br /> <br />5.Escrow. Developer shall provide to the City a deposit to an escrow account held <br />by the City in accordance with City ordinances, policies and procedures in an amount equal to <br />$_______ which is an amount intended to be reasonably sufficient to cover any costs potentially <br />incurred by the City for erosion control measures, removal of foundations and restoration of the <br />Property, as set forth in Sections 6 and 7 below, in the event the purchase of the Property does <br />not close within six (6) months of the date of this Agreement. The City agrees to release or <br />reduce the escrow deposit, subject to the further provisions of the City’s ordinances, policies and <br />procedures, upon the later of closing on the purchase of the Property and substantial completion <br />of the work required by this Agreement or any permits. <br /> <br /> <br />6.Restoration of Property. <br /> <br /> <br />(i)The Developer acknowledges that it is proceeding at its own risk in starting such <br />grading and construction of the foundations in advance of the closing on the purchase of the <br />Property, and understands that this Agreement imposes no obligation on the City to take any <br />action or do anything that would compromise the City’s ability to exercise its legislative <br />discretion. The Developer further acknowledges that the City has the authority to take all actions <br />as it determines necessary and appropriate in enforcing the provisions of its ordinances, <br />including zoning regulations. <br /> <br />(ii)The Developer further acknowledges that if, within six (6) months of the date of <br />this Agreement, the Developer and the City have not closed on the purchase of the Property in <br />accordance with the Purchase Agreement, the Developer shall demolish any foundations and <br />footings constructed on the Property and restore the Property to its condition as of the date <br />hereof. If such restoration of the Property is not completed by the Developer within eight (8) <br />months of the date of this Agreement the City may, in its sole discretion, complete such <br />restoration work using funds deposited in the escrow account in accordance with Section 5. The <br />City shall be entitled to all of its reasonable costs and expenses of enforcing this paragraph of the <br />Agreement, including, but not limited to, legal, fiscal and engineering costs and the Developer <br />shall be responsible for paying such costs if the amount deposited in the escrow account is <br />insufficient. <br />2 <br />466500v2 EL185-31 <br />