pf_02229 - Laserfiche WebLink

Home

(f) In the event that a reconstruction contract is, for any reason, not entered into pursuant to the provisions of paragraphs (b) and (c) above. within 180 days after deposit of insurance proceeds with the title insurance company, as herein provided, or in the event there are any insurance proceeds remaining in the escrow after completion of the reconstruction and payment of all the costs thereof, the first mortgagees or Association shall disburse said proceeds to the mortgagees of record of the affected Lot as their interests may appear, in the order of their priority, to retire the indebtedness secured under said mortgages, and disburse the remaining deposits, if any, to such Lot Owner, as such Owner's interests may appear. Section 3. Waiver of Subr02ation. All policies of physical damage insurance' obtained under Section 1 hereof shall contain waivers of subrogation and waivers of any defense based on co-insurance or of invalidity arising from any acts of the insured. The Board of Directors shall obtain casualty insurance policies which provide that the insurer waives any right of subrogation as to claims against Owners'. their families, guests. tenants, servants and agents. Each insurance policy obtained by any Owner shall provide that the insurer waives any right of subrogation against the Association and its officers, directors, agents and employees and against Owners. their families. guests, tenants, servants and agents. Such policies may not be cancelled or substantially modified without at least ten (10) days' prior written notice to all of the insureds (including but not limited to the Association) and all of the mortgagees of record of the Lots. Section 4. Lien for Premiums. The Association may but shall not be required to make payment of insurance premiums on behalf of any Owner who becomes delinquent in such payment. In the event that the Association does make such payment, then such payment and the cost thereof shall be treated as if it is part of the annual assessment as described in Article III hereof (but not subject to the maximum therein stated) and shall be a charge on the Lot and a continuing lien on the Lot for whose benefit such premium payment is made and also the personal obligation of the Owner of such property at the time when such premium payment is made. Section 5. Exterior ReDairs. Repair or rebuilding of the exterior walls of the Living Units on each Lot shall follow the original construction as closely as practicable. Minor variations shall be permitted where necessary to accomplish the repair or rebuilding in an efficient or economical manner. Section 6. Public Liabilitv Insurance. The Association shall maintain a policy or policies of comprehensive general public liability insurance insuring the Association and all Owners with such limits as the Board may deem sufficient but, in any event. with single limit coverage of not less than $1.000,000. against all acts. omissions to act and negligence of the -18-