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2002. The Developer shall, however, be entitled to request additional time to complete the Improvements, together with any site improvements shown on the site and building plans approved by the City; provided, that any such request shall be made prior to the date that completion is required and that the City may require security from the Developer to assure that any uncompleted work is completed. (c) The Developer shall only be deemed to have fulfilled his obligations to construct the Improvements if upon completion of the Improvements the Improvements, exclusive of the value of the Property,have a market value for tax purposes of at least$160,000.00. ARTICLE V Insurance Section 5.1. Insurance. (a) The Developer will provide and maintain at all times during the process of constructing the Improvements and, from time to time at the request of the City, furnish the City with proof of payment of premiums on: (i) Builder's risk insurance, written on the so-called "Builder's Risk -- Completed Value Basis," in an amount equal to one hundred percent (100%) of the insurable value of the Improvements at the date of completion, and with coverage available in nonreporting form on the so called "all risk" form of policy. The interest of the City shall be protected in accordance with a clause in form and content satisfactory to the City; (ii) Comprehensive general liability insurance in amounts required by the City's code of ordinances; and (iii) Worker's compensation insurance, with statutory coverage and employer's liability protection. (b) Prior to the date that the Developer pays to the City any amount of the Assessments that is due under Section 3.8 or that it is determined that no amount is due or the date that the Developer has fulfilled all of its obligations under the Business Subsidy Agreement, whichever, is later, the Developer shall maintain, at its cost and expense, and from time to time at the request of the City shall furnish proof of the payment of premiums on, insurance as follows: (i) Insurance against loss and/or damage to the Improvements under a policy or policies covering such risk as are ordinarily insured against by similar businesses, including (without limiting the generality of the foregoing) fire, extended coverage, all risk vandalism and malicious mischief, boiler explosion, water damage, demolition cost, debris removal, and collapse in an amount not less than the full insurable replacement value of the Improvements, but any such policy may have a deductible amount of not more than $25,000.00. No policy of insurance shall be so written that the proceeds 12