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Declaration of Restrictions ai1d Grant of Basements Page 4 Public Liability msurance OD a comprehensive basis in an amount not less than One Million Dollan: combined single limit and an aggrogate of not less than Three Million Dollars for bodily injw:y and property damage. The policy abal1list the City as an additional insured. The policy shall include Products Liability COVeragll .if and when applicable. No mpdification, change, or cancellation of insurance shall be made without thirty (30) days written adyalli;e notice to the City Manager with a copy to the City Attorney. The Public Liability Insurance coverage shall include those classifications as listed in Standard Liability Insurance Manuals, which are applicablo to. the operations of Owner, its suocessor and assigns in tho performance of . this Declaration. All insurance policieS required above shall be issued by companies auth.orized to do business under the laws of the State of Florida. Such companies shall havo a gen~ policy holders' rating of "A" or botter and a financial rating of not less than "Class V" as reported by Best's Key Rating Guide. published by A.M Best Company, lB.test ~tion. This insurance shall be in e.ffect as long as the easement exists. Failure to continue to provide the insurance coverago .shall constitute a violation of the Declaration. Compliance with the foregoing requirements shall not relieve Owner, its IroCCe8WI'S or assigns ofits liability and obligations tmder this section or any other portion of this Declaration. The City reserves the right to reasonably amend the insurance requirements by the issuance of a notice in writing to Owner, its succesSOl'8 or aasigns. 11. Covenant Runnin!! with fbe Land. This Declaration' on the part of the Owner shall constitute a covenant running with the land and 8ha1l be recordod in the public records of Mlami.Dade County, Florida and alui11 remain in .full force and effect and bo binding upon the Owner, and its heirs. successors and assigns (including; without limitation. anY ensuing condominiwn association or operator of the Prope,rty) until such time as the samo is modified or released. Tbese restrictiOtlB, during their lifetime, shall be for the benmit of, and limitation upon, all prosemt.aDd future O'Wner5 of the Property. However, nothing contained in this Declaration shall create a public ~edication of all or any p~)ltion of the Property. 12. Term. This DeclaratiOn is to nul with the land and shall be binding on all parties and all persons claiming tmder it fur a period of thirty (30) years from the date this Declaration is recorded. after which time,it shall be extended automatically for successive p~ods of ten (10) years each, unless an instrument signed by a majority of the, then, owners of the Property has been recorded agrecing to change the Declaration in whole, orin part, provided that the Declaration has first been modified or released by the City. 13. Modification. Amendment. Release. The Easl3IlJents granted in this Declaration shall be perpetual in duration; and sball not be changed, altered or amended except by instrument in writirig e:x:ecutod by the Owner or a majority of the then owners and tho City or their respective successors and assigns. provided that the same is also approved by the City Commission after public hearing. Any ensuing oporator or condominiwn .association with valid \13265\16'123\ Ii 657903 v 17 ~:w4J:14 PM Book22317/Page2877 Page 4 of 16 Attachment B Pa~e 18 of 30 Pa~es SSLL No. 130174356