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special form insurance policy), builders risk coverage (if applicable), workers' compensation insurance, and <br />such other insurance reasonably required by the City and its attorneys in amount sufficient to avoid any <br />significant out -of- pocket payment by borrower in the event of a reasonably insurable loss (except a reasonable <br />deductible). The aforementioned insurance shall be issued by companies reasonably satisfactory to the City <br />with language specifically indicating that the City is an "additional insured" and /or "loss payee," as appropriate <br />to the type of coverage, and that any insurance proceeds will be paid to the City. <br />Section 5.04 Payment of Taxes <br />Grantee shall duly pay and discharge all applicable taxes, assessments, and governmental charges <br />levied upon it or against its properties prior to the date on which penalties would attach thereto, except that <br />Grantee shall not be required to pay any such tax, assessment or governmental charge which is being <br />contested by Grantee in good faith and by appropriate and timely proceedings, provided that Grantee provides <br />prior written notice to the City of the contest and proceedings. <br />Section 5.05 Information <br />During the term of this Agreement, Grantee shall: <br />(1) Keep and maintain records, books of account and other documents relating directly to all <br />matters covered by this Agreement, including its receipt and disbursement of Grant funds, in <br />which complete entries will be made reflecting all of its business and financial transactions, such <br />entries to be made in accordance with generally accepted accounting principles consistently <br />applied. <br />Section 5.07 Disclosure of Documents <br />All of the records, information, data, reports, etc., prepared or assembled by the Grantee under this <br />Agreement are confidential and the Grantee does covenant and agree that those items shall not be made <br />available to any individual or organization, other than an agency of the United States Government, without the <br />prior written approval of the City. <br />Applicable federal, state, and local laws shall govern disclosure of documents, which are in the <br />possession of the City. <br />Section 5.08 Inspection <br />Grantee shall permit any duly authorized representative of the City, or any other appropriate <br />governmental official, at all reasonable hours, upon reasonable notice, and as often as reasonably requested, <br />to have the right to (1) inspect Borrower's books of account with respect to this Project (and to make copies of <br />and /or extracts therefrom); or (2) discuss with agents and employees of Grantee: Grantee's affairs, <br />employment and contracting goals, finances, accounts and compliance with the terms of this Agreement with <br />respect to this Project. <br />Grantee shall provide statements, records, data and the City free access and entry to any portion of <br />Grantee's premises for the purposes of such inspections and discussions until the terms of this Agreement <br />have been complied with and fulfilled. <br />Page 8 of 18 <br />