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thereof will produce less than the minimum coverage required by the preceding sentence, by reason of co-insurance provisions or otherwise, without the prior consent thereto in writing by the City which consent shall not be unreasonably withheld. The term "full insurable replacement value" shall mean the actual replacement cost of the Improvements (excluding foundation and excavating costs and costs of underground flues, pipes, drains and other uninsurable items) and equipment, and shall be determined from time to time at the request of the City, but not more frequently than once very three years, by an insurance consultant or insurer, selected and paid for by the Developer and approved by the City. All policies evidencing insurance required by this subparagraph(i)with respect to the Minimum Improvements shall be carried in the names of the Developer and the City as their respective interests may appear and shall contain standard clauses which provide for net proceeds of insurance resulting from claims per casualty thereunder to the Improvements to be made payable to the Developer. (ii) Comprehensive general public liability insurance, including personal injury. liability (with employee exclusion deleted), and automobile insurance, including owned, non-owned and hired automobiles, against liability for injuries to persons and/or property, in the minimum amount for each occurrence and for each year of $1,000,000.00, for public liability and shall be endorsed to show the City as an additional insured. The policies of insurance required pursuant to clauses (i) and (ii) above shall be in form and content satisfactory to the City and shall be placed with financially sound and reputable insurers licensed to transact business in the State, the liability insurer to be rated A or better in Best's Insurance Guide. The policy of insurance delivered pursuant to clause (i) above shall contain an agreement of the insurer to give not less than thirty (30) days' advance written notice to the City in the event of cancellation of such policy or change affecting the coverage thereunder. (c) The Developer agrees to notify the City immediately in the case of damage to or destruction of,-the Improvements or any portion thereof resulting from fire or other casualty. In the event of any such damage or destruction, the Developer will forthwith repair, reconstruct and restore the Improvements to substantially the same or an improved condition or value as existed prior to the event causing such damage. Failure by the Developer to rebuild the Improvements shall constitute an Event of Default under this Agreement which shall entitle the City to declare the Assessments due under Section-9.2 of this Agreement. (d) The City agrees that, `if requested by the Developer's lender of financing for the construction of the Improvements, it will subordinate its rights relative to the receipt and application of the proceeds of insurance under this Agreement to the lien of such lender's mortgage. 13