10-17-1988 Planning Packet - Laserfiche WebLink

Home Browse Search

te use lilies, in the on the ng the lycles, 1lowed ation, ght to se and and no lities r more iation 3n the main- ereon, penses How- 3f the jh the ful or Owner, to and s sub- 6insurance 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, employees or 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 ofall 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 policies 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 1. Every Lot is subject to assessment by the Association. Every Owner of a Lot shall be a member of the Association. Membership shall be appurtenant to and may not be separated from ownership of any Lot which is subject to assess ment . - 6 - mm mm Sect j membership excep vote Owner shall son's which owned to C] folio Sectic levy asses: safety, an< the improvi reasonable ment. Sectio Assessments pertxes, h€ tance of a in such de Association (. (1 Article U Articli and