09-19-1988 Planning Packet - Laserfiche WebLink

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private use families, lintain the tation the pairing the Bicycles, ire allowed Lted. isociation, e right to :he use and lers and no facilities ne or more Association Lon on the and main is thereon, m Expenses lion. How- art of the hrough the willful or an Owner, Ided to and ot is sub- Common ements and damage by ainst such d extended ly covered red by the cover 100% ^ered. The sr real or damage by eem desir- ry of such the Common ds thereof Is shall be !nt of the ns for all insurance carried by the Association are Common Expenses included in the Common Assessments made by the Association. Section 2. Liability Insurance. The Association shall maintain liability insurance for the protection of all Members against claims arising out of injuries or damages sustained on or about the Common Areas in an amount of at least one million dollars ($1,000,000) per occurrence or such higher amount as the Board deems appropriate. Section 3. Fidelity Bond. The Association shall maintain blanket fidelity bonds for all Association officers, employee.-^ agents who handle or are responsible for the funds of the Association. The bonds shall be in an amount equal to all funds in the possession of the Association at any time and in no event less than three months assessments for all Lots plus the Association reserve funds. Section 4. Replacement or Repair of Property. In the event of damage to or destruction of any property of the Association, the Association shall repair or replace the same from the insu rance proceeds available. If such insurance proceeds are insuf ficient to cover the costs of repair or replacement of the property damaged or destroyed, the Association may make a Recon struction Assessment against all Lot Owners to cover the addi tional cost of repair or replacement not covered by the insurance proceeds, in addition to any other Common Assessments made against the Lot Owners. Section 5. Coverage, Loss Adjustment. The coverage and provisions of all insurance obtained by the Association shall be in conformity with FNMA requirements. Section 6. Other Insurance? Annual Review of Policies. The Association shall maintain any other insurance required by law or by the FNMA or that it determines desirable and appropriate. All insurance policies shall be reviewed at least annually by the Board of Directors of the Association in order to ascertain whether the coverage contained in the piolicies is sufficient to make any necessary repairs or replacement of property which may have been damaged or destroyed. ARTICLE V MEMBERSHIP AND VOTING RIGHTS Section Association. Association, separated fr ment. !• Every Lot is subject to assessment by the Every Owner of a Lot shall be a member of the Membership shall be appurtenant to and may not be a ownership of any Lot which is subject to assess- - 6 5. Se< members ex< VO' Owi Shi SOI wh: OWI to fo: Sec levy asi safety, the imp; reasonab ment. Sec Assessme perties, tance of in such Associat Art Art and