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Attachment B ARTICLE V Insurance Section 5.1. Insurance. (a) The Association will provide and maintain or cause to be provided and maintained at all times during the process of constructing the Housing Improvements, and after completion through the Maturity Date, insurance regarding the Housing Improvements that complies with Minnesota Statutes, Chapter S15B.3-113 and Section 11 of the Associations common interest community declaration. (b) The insurance required in Article V of this Agreement shall be taken out and maintained in responsible insurance companies selected by the Association which are authorized under the laws of the State to assume the risks covered thereby. Upon request, the Association will deposit annually with the City policies evidencing all such insurance, or a certificate or certificates or binders of the respective insurers stating that such insurance is in force and effect. Unless otherwise provided in this Article V of this Agreement each policy shall contain a provision that the insurer shall not cancel nor modify it in such a way as to reduce the coverage provided below the amounts required herein without giving written notice to the Association and the City at least thirty (30) days before the cancellation or modification becomes effective. In lieu of separate policies, the Association may maintain a single policy, blanket or umbrella policies, or a combination thereof, having the coverage required herein, in which event the Association shall deposit with the City a certificate or certificates of the respective insurers as to the amount of coverage in force upon the Housing Improvements. (c) The Association agrees to notify the City immediately in the case of damage exceeding $100,000 in amount to, or destruction of, the Property, the Housing Improvements or any portion thereof resulting from fire or other casualty. In such event the Association will forthwith repair, reconstruct and restore the Housing Improvements to substantially the same or an improved condition or value as it existed prior to the event causing such damage and, to the extent necessary to accomplish such repair, reconstruction and restoration, the Association will apply the Net Proceeds of any insurance relating to such damage received by the Association to the payment or reimbursement of the costs thereof. The Association shall complete the repair, reconstruction and restoration of the Housing Improvements and the Property, whether or not the Net Proceeds of insurance received by the Association for such purposes are sufficient to pay for the same. Any Net Proceeds remaining after completion of such repairs, construction and restoration shall be the property of the Association. Nothing in this Section 51(b) will be construed to require the Association to repair, reconstruct or restore any portions of the Properry that belong solely to owners of individual Housing Units and are not covered by the Association's master insurance policy. (d) The Association and the City agree that all of the insurance provisions set forth in this Article V shall terminate upon the earlier of the Maturity Date or termination of this Agreement. 11