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5 .1) InsuranceARTICLE V <br /> • I.nsurance and Condemnation <br /> (01) Upon completion of construction of the Minimum <br /> Improvements and prior to the Termination Date, the Developer <br /> shall maintain, or cause to be maintained, at its cost and <br /> expense, and from time to time at the request of the EDA <br /> shall furnish proof of the payment of premiums on, insurance <br /> as follows: <br /> (a) Insurance against loss and/or damage to the <br /> Minimum Improvements under a policy or policies <br /> covering such risks as are ordinarily insured <br /> against by similar businesses, including (without <br /> limiting the generality of the foregoing) fire, <br /> extended coverage, vandalism and malicious <br /> mischief, boiler explosion, water damage, <br /> demolition cost, debris removal, collapse and <br /> flood in an amount not less than the full <br /> insurable replacement value of the Minimum <br /> Improvements, but any such policy may have a <br /> deductible amount of not more than $25, 000.00. No <br /> policy of insurance shall be so written that the <br /> proceeds thereof will produce less than the <br /> • minimum coverage required by the preceding <br /> sentence, by reason of co-insurance provisions or <br /> otherwise, without the prior consent thereto in <br /> writing by the EDA. The term "full insurable <br /> replacement value" shall mean the actual <br /> replacement cost of the Minimum Improvements <br /> (excluding foundation and excavation costs and <br /> costs of underground flues, pipes, drains and <br /> other uninsurable items) and equipment, and shall <br /> be determined from time to time at the request of <br /> the EDA, but not more frequently than once every <br /> three years, by an insurance consultant or <br /> insurer. All policies evidencing insurance <br /> required by this subparagraph (a) with respect to <br /> the Minimum Improvements shall be carried in the <br /> names of the Developer and the EDA as their <br /> respective interests may appear and shall contain <br /> standard clauses which provide for Net Proceeds of <br /> insurance resulting from claims per casualty <br /> thereunder to the Minimum Improvements which are <br /> equal to or less than $25, 000.00 for loss or <br /> damage covered thereby to be made payable directly <br /> to the Developer, and Net Proceeds from such <br /> claims in excess of $25, 000 .00 to be made payable <br /> directly to the EDA. The EDA and the Developer <br /> shall jointly agree on the amount of settlement. <br /> 8 . <br />