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Section 6. Costs. The Association shall operate and maintain <br /> the Common Area and the Association's improvements thereon or <br /> elsewhere, at the cost of all the Owners. Such costs are common <br /> expenses included in the common assessments levied by the <br /> Association. However, if the need for maintenance or repair of any <br /> part of the Common Area or the Association's improvements thereon <br /> or elsewhere is caused through the willful or negligent act of an <br /> Owne�, or through the willful or negligent act of a family member, <br /> guest or invitee of an Owner, then the cost of such maintenance or <br /> repair shall be added to and become part of the assessment to which <br /> the Owner' s Lot is subject. <br /> ARTICLE IV <br /> INSURANCE <br /> Section 1. Casualty Insurance on Insurable Common Area. The <br /> Association shall keep all insurable improvements and fixtures of <br /> the Common Area insured against loss or damage by fire or other <br /> casualty. The Association may obtain insurance against such other <br /> hazards that are normally covered by the standard extended coverage <br /> endorsement and all other perils customarily covered for similar <br /> types of projects, including those covered by the standard "All <br /> Risk" endorsement. Such insurance shall cover 100� of the current <br /> replacement cost of the property covered. The Association may also <br /> insure any other property whether real or personal, owned by the <br /> Association, against loss or damage by fire and such other hazards <br /> as the Association may deem desirable, with the Association as the <br /> owner and beneficiary of such insurance. The insurance coverage <br /> with respect to the Common Area shall be written in the name of, <br /> and the proceeds thereof shall be payable to the Association. <br /> Insurance proceeds shall be used by the Association for the repair <br /> or replacement of the property for which the insurance was carried. <br /> Premiums for all insurance carried by the Association are Common <br /> Expenses included in the Common Assessments levied by the <br /> Association. <br /> Section 2 . Liability Insurance. The Association shall <br /> maintain liability insurance for the protection of all Members <br /> against claims arising out of injuries or damages sustained on ar <br /> about the Common Areas in an amount of at least One Million Dollars <br /> ($1, 000, 000) per occurrence or such higher amount as the Board <br /> deems appropriate. <br /> Section 3 . Fidelity Bond. The Association shall maintain <br /> blanket fidelity bonds for all Association officers, employees or <br /> agents who handle or are responsible for the funds of the Asso- <br /> ciation. The bonds shall be in an amount equal to all funds in <br /> the possession of the Association at any time and in no event less <br /> than three months' assessments for all Lots plus the Association's <br /> reserve funds. <br /> 7 <br />