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• Declaration of Restrictions and Grant of Basements Page 4 Public Liability insurance on a comprehensive basis in an amount not less than One Million Dollars combined single limit and an aggregate of not less than Three Million Dollars for bodily injury and property damage.The policy shall list the City as an additional insured.The policy shall include Products Liability coverage if and when applicable. No modification, change, or cancellation of insurance shall be made without thirty(30) days written advance 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 Manna's, which are applicable to the operations of Owner,its successor and assigns in the performance of • this Declaration.All insurance policies required above shall be issued by companies authorized to do business under the laws of the State of Florida.Such companies shall have a general policy holders'rating of"A"or better and a financial rating of not less than"Class V" as reported by Beat's Key Rating Guide,published by A.M.Best Company,latest edition.This insurance shall be in effect as long as the easement exists.Failure to continue to provide the insurance coverage shall constitute a violation of the Declaration. Compliance with the foregoing requirements shall not relieve Owner,its successors or assigns of its liability and obligations under 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 successors or assigns. 11. Covenant RunnIne with the Land. This Declaration on the part of the Owner shall constitute a covenant running with the land and shall be recorded in the public records of Miami-Dade County,Florida and shall remain in full force and effect and be binding upon the Owner, and its heirs, successors and assigns (including, without limitation. any ensuing condominium association or operator of the Property)until such time as the same is modified or released. These restrictions,during their lifetime,shall be for the benefit of,and limitation upon, all present and future owners of the Property. However,nothing contained in this Declaration shall create a public dedication of all or any portion of the Property. 12. Term. This Declaration is to run with the land and shall bo binding on all parties and all persona claiming under it fora period of thirty(30)years from the date this Declaration is recorded,after which time it shall be extended automatically for successive periods of tear(10) years each,unless an ivatrument signed by a majority of the,then,owners of the Property has been recorded agreeing to change the Declaration in whole, or in part, provided that the Declaration has first been modified or released by the City. 13. Modification,Amendment,Release. The Basements granted in this Declaration shall be perpetual in duration,and shall not be changed,altered or amended except by instrument in writing executed by the Owner or a majority of the then owners and the City or their respective successors and assigns, provided that the same is also approved by the City Commission after public hearing. Any ensuing operator or condominium association with valid \73265067231 Y 657903 v 17 5/13/09 3:19 PM Book22317/Page2877 Page 4 of 16 Attachment B Page 21 of 33 Pages SSLL No. 130174356