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2018-03-06 P & Z Packet
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2018-03-06 P & Z Packet
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waivers of any defense based on co-insurance or of invalidity from any acts of the <br /> insured. <br /> 10.6 Cancellation; Notice of Loss. All policies of property insurance and <br /> comprehensive liability insurance maintained by the Association shall provide <br /> that the policies shall not be cancelled or substantially modified, for any reason, <br /> without at least thirty (30) days prior written notice to the Association, to the FHA <br /> or FNMA (if applicable), all of the insureds and all Eligible Mortgagees. <br /> 10.7 Restoration in Lieu of Cash Settlement. All policies of property insurance <br /> maintained by the Association shall provide that, despite any provisions giving <br /> the insurer the right to elect to restore damage in lieu of a cash settlement, such <br /> option shall not be exercisable (i) without the prior written approval of the <br /> Association (or any Insurance Trustee) or (ii) when in conflict with provisions of <br /> any insurance trust agreement to which the Association may be a party, or any <br /> requirement of law. <br /> 10.8 No Contributions. All policies of insurance maintained by the Association shall <br /> be the primary insurance where there is other insurance in the name of the Owner <br /> covering the same property, and may not be brought into contribution with any <br /> insurance purchased by Owners or their Eligible Mortgagees. <br /> 10.9 Effect of Acts Not Within Association's Control. All policies of insurance <br /> maintained by the Association shall provide that the coverage shall not be voided <br /> by or conditioned upon (i) any act or omission of an Owner or Eligible <br /> Mortgagee, unless acting within the scope of authority on behalf of the <br /> Association, or (ii) any failure of the Association to comply with any warranty or <br /> condition regarding any portion of the Property over which the Association has no <br /> control. <br /> SECTION 11 <br /> RECONSTRUCTION, CONDEMNATION AND EMINENT DOMAIN <br /> 11.1 Reconstruction. Any repair or reconstruction shall be substantially in <br /> accordance with the plans and specifications of the Property as initially <br /> constructed and subsequently improved, unless otherwise determined by the <br /> ACC, in its sole discretion. Notice of substantial damage or destruction shall be <br /> given pursuant to Section 17. <br /> 11.2 Condemnation and Eminent Domain. In the event of a taking of any part of the <br /> Property by condemnation or eminent domain, notice shall be given pursuant to <br /> Section 17. Eligible Mortgagees shall be entitled to priority for condemnation <br /> 26 <br /> 022818 <br />
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