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8 <br />4.06 Inspection of the Project. The Developer shall, upon five business days advance <br />written notice delivered to the Developer, permit the City to perform an inspection of the Project, <br />which inspection may be conducted by a third party inspector engaged by the City for such purpose, <br />to determine compliance with the provisions of this Agreement and any applicable plans, <br />specifications, permits or other related Project documentation which may have been approved by <br />the City in connection therewith. Within five business days or less after such an inspection, the <br />City may deliver to Developer a non-compliance notice in the event the City reasonably determines <br />there is a material defect in the Project. Such non-compliance notice shall specify the material <br />defect identified by the City. If the City timely delivers a non-compliance notice, then Developer <br />shall correct, or cause to be corrected, as soon as is practicable, all material defects identified in the <br />non-compliance notice, except and to the extent that any such material defects previously have been <br />accepted, or deemed to have been accepted, by the City. Notwithstanding anything to the contrary <br />set forth herein, all items or components of the Project with respect to which no material defects <br />are identified in a timely non-compliance notice shall be deemed to be accepted by the City. <br />Additionally, and to the greatest extent possible, all identified material defects shall be corrected <br />immediately and all field changes shall be noted by the inspection and approved by the City. In the <br />case of any such inspections, the personnel conducting the inspection shall: (i) comply with all <br />health and safety rules of which such individuals have been informed that have been established for <br />personnel present on the Project Site and (ii) coordinate the timing of the inspection so that the <br />inspection does not interfere with the performance of construction. The Developer shall have the <br />right to accompany, and/or have its construction manager accompany, the personnel conducting the <br />inspection. Such inspection rights provided hereunder in no way otherwise limits the City from <br />undertaking inspections pursuant to applicable Laws. Notwithstanding the foregoing, this Section <br />shall only apply to the City’s ability to ensure the Developer’s compliance with this Agreement. <br />Within ten (10) business days after receipt of a written request from the Developer, the City shall <br />certify to the Developer and to any lender of the Developer or purchaser of the Project the status of <br />inspections of the Project and whether any material defects in the Project identified in any <br />non-compliance notice have been remedied. <br />4.07 Insurance. During construction of the Project, the Developer shall maintain or <br />cause to be maintained the policies of insurance described on Exhibit F. Notwithstanding the <br />foregoing, the Parties have agreed that Developer may satisfy such insurance obligations through a <br />self-insurance program maintained by the Developer or an affiliate of Developer, subject to <br />providing evidence reasonably satisfactory to the City that (i) such program provides coverages, <br />limits, and protections (including additional insured status or its functional equivalent) substantially <br />comparable to those required under Exhibit F and (ii) the Developer or affiliate of the Developer, <br />as the case may be, has sufficient financial resources to provide coverage for potential claims or <br />losses in the amounts listed on Exhibit F. Each such policy or self-insurance program shall: (a) be <br />written by a company reasonably acceptable to City or self-insured by a responsible entity <br />reasonably acceptable to the City; and (b) provide that it shall not be modified or canceled without <br />written notice to City at least thirty (30) days in advance. The policy of general liability insurance <br />shall name the City Bodies as additional insureds. The Developer shall deliver to City (i) <br />certificates of the insurance policies required by this Section 4.07, executed by the insurance <br />company or the general agency writing such policies, or (ii) in the event insurance coverage is <br />provide through a self-insurance program, the Developer or an affiliate of the Developer shall <br />provide evidence reasonably satisfactory to the City, if requested, that the Developer or its affiliate