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Business Interruption, not less than six months installments of Base Monthly Rent, loss of earnings by at least the perils of fire and lightning, extended coverage, vandalism, malicious mischief and sprinkler leakage Broad Form Property Damage Broad Form Contractual Coverage applicable to this specific Contract, including any hold harmless and/or indemnifi,cation agreement. Personal Injury Coverage with Employee and Contractual Exclusions removed, with minimum limits of coverage equal to those required for Bodily Injury Liability and Property Damage Liability. Before starting the work, the selected proposer will file and make sure that all certificates of insurance required by this document and by the Agreement are in the City's possession. These certificates shall contain a provision that the coverage afforded under the policies will not be canceled or materially changed until at least thirty (30) days prior written notice has been given to the City by certified mail. The City shall be named as an additional insured on the above-referenced policies. The selected proposer agrees that if any part of the work under the Agreement is sublet, they will require the Sub-Contractor(s) to carry insurance as required, and that they will require the Sub-Contractor(s) to furnish to them insurance certificates similar to those required by the City in this section. If any insurance should be canceled or changed by the insurance company or should any insurance expire during the period of the Agreement, the selected proposer shall be responsible for securing other acceptable insurance to provide the coverage specified in this section to maintain coverage during the life of the Agreement. All deductibles must be declared by the selected proposer and must be approved by the City. At the option of the City, either the selected proposer shall eliminate or reduce such deductible or the selected proposer shall procure a Bond, in a form satisfactory to the City, covering the same. 1.23 RENT AND OTHER PAYMENTS TO THE CITY The selected proposer will pay to the City, the rent as described in the Agreement, and proposed by the selected proposer in Section 1.5 above, due the first of each month. City will grant a waiver of initial rent of up to three (3) months during the construction period and up to the first three (3) months of restaurant operation. However, the percentage rent will be in effect from the date of "beneficial occupancy" (defined herein as the date on which substantial completion of the restaurant has occurred and the appropriate code enforcement and/or building department of the City has issued a certificate of occupancy or a temporary certificate of occupancy) and payable to the City provided the percentage of net sales exceed the base monthly rent. Payments to the City once the waiver period is expired will be due on the first of each month thereafter. The City will notify the selected proposer in writing as to the expiration date of the waiver period. The waiver of base monthly rent is an incentive intended to provide the selected proposer a period in which to establish clientele, adjust menu items to meet demand, and dedicate funds 16