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4 . Submission by Developer to Grantee of reports that are incorrect or incomplete in any material respect. This Agreement may also be terminated for convenience by mutual agreement between Grantee and Developer, in whole or in part, , by setting forth the reasons for such termination, the effective date, and, in the case of partial termination, the portion to be terminated . If, in the case of a partial termination, Grantee determines that the remaining portion of the award will not accomplish the purpose for which the award was made, Grantee may terminate the award in its entirety. Such a termination shall be carried out only with the explicit written approval from HUD . E . Insurance and Bonding 1 . In General . Developer, at his sole expense, shall purchase and maintain in full force and effect during the term of this Agreement and any renewals thereafter, policies of insurance as provided in this section naming Grantee as co-insured on all such policies. Developer shall furnish to Grantee binders or policies showing the insurance in force as the time of commencement of the present term . 2 .Commercial General Liability and Commercial Automobile Insurance . Developer shall purchase and maintain in full force general liability insurance in an amount of not less than $ 1,000,000 .00 per occurrence for injuries or death to persons and $ 100,000.00 per occurrence for damage to property. This insurance shall be written with an acceptable company authorized and licensed to do business in the State of Florida and shall be written in a form acceptable to Grantee . Said insurance shall be taken out prior to beginning any operation and shall be kept in effect until all operations have been successfully terminated . Copies, or the originals as the case may be, shall be furnished to Grantee and shall be approved by Grantee before Developer begins performance under this agreement . Developer shall designate Grantee as an additional insured on all such policies, and such policies shall provide for thirty (30) days written notice of cancellation to the Grantee . Further, Developer shall provide Grantee with an additional insured endorsement page from each policy in a form acceptable to Grantee . Grantee reserves the right to approve or reject any deductible amounts in the required coverage . Developer shall provide at least ten ( 10) days prior notice to Grantee before any termination or reduction in coverage . Liability insurance may be obtained through a separate policy or through the required policies described in subsection (c) below. 3 . Property/Casualty and Builder' s Risk Insurance . Prior to taking title to any NSP3- assisted property, Developer will obtain a property and casualty or builder' s risk insurance policy that insures the property for losses up to the amount of estimated replacement costs, which may not be less than the estimated amount of investment in the property as described in the Project Budget . If the Project Budget is increased, the amount of coverage must be increased accordingly. If Developer cannot obtain insurance coverage in the total amount of investment in the property after making best efforts, Grantee at its sole discretion may give written approval of a lesser amount of coverage . Developer shall designate Grantee an additional insured on all such policies and such policies shall provide for thirty ( 30) days written notice of cancellation to Grantee . Further, Developer shall provide Grantee with an additional insured endorsement page from each policy in a form acceptable to Grantee . Grantee reserves the right to approve or 13 Page Amended and Re-stated NSP3 Developer Agreement: July 2 , 2013 i