During the Term, Seller shall maintain a general liability insurance policy, with coverage in an amount not less than $2,000,000.00, insuring for covered losses arising out of Seller’s presence and activities on the Property. In lieu of coverage in the amount of $2,000,000, Seller may maintain general liability coverage on a per occurrence basis of $1,000,000 and excess umbrella coverage on a per occurrence basis of $1,000,000. The aforesaid insurance shall be obtained from a company reasonably satisfactory to Owner and licensed to do business in the State of Oregon. Such insurance policy or policies shall name Owner and Owner’s manager, CatchMark Timber Operating Partnership, L.P., as additional insureds, and shall provide for at least thirty (30) days’ written notice to Owner prior to cancellation, termination, modification or change of any such policy. A certificate thereof, together with satisfactory evidence of payment of the premium thereon, shall be deposited with Owner on or before the commencement of harvest by Seller or any timber buyer or, if later, the date of this Agreement. Owner makes no representation that the limits of liability specified to be carried by Seller under the terms hereof are adequate to protect Seller. If Seller deems this insurance to be inadequate, Seller shall, at its own expense, provide such additional insurance as necessary.