11-28-1988 Council Packet - Laserfiche WebLink

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insurance carried by the Association are Common Ex=eases included in the Com.^ncn Assessments made by the Association. Section 2. liaoili:v lnsurance. The Association snal: maintain 1 ability insurance for the protection of all Members !:a_n3Z _-.a_.?S .: :amaces sustained= on zr about the Common Areas in an amount of at least one million (3 ,000,00�) per dodo.:-ance or such higne_ amount as the Board deems appropriate. Sec 3 ♦y 3 z n e Association sna_I :^a_ ._-_.. bonds for a-_ Assz:c_3t_J:1 of_iceri, agents who handle or are responsible for the funds Jof the Association. T!:e bonds snail be in an amount e,:ua: to all finds in the possession of the Asso-__,at:on at any time and in no event less than three months assessments for all Lots plus the Association reserve finds. Section 4. Reolacement or Reoair of Prouerty. In tle event of damage to or destruction or any property or tide Association, the Association shall repair or replace the same °rote the insu- rance proceeds available. IF such insurance proceeds are insuf- ficient to cover the costs of repair or replacement of the Property damaged cr destroyed, the Association may Mae a Recon- struction Assessment against all Lot Owners to cover the addi- tional cost of re -a:- or replacement not covered by the insurance proceeds, in addition to any other Common assessments made against the Lot Owners. Section 5. Coverage, Loss Ad-ustment. The coverage and provisions of all insurance ootained by the Association shall be in conformity with FNMA requirements. Section 6. Ot.ier Insurance; Annual Review of Policies. The Association snall maintain any other insurance required by law or by the FNMA or that it determines desirable and appropriate. All insurance policies snall be reviewed at least annually by the Hoard 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 cr destroyed. ARTICLE V : L4SERSH:P AND VOTING RIGHTS Sec` Zver,r L _3 3ao-ect assessment by _ne Association. Every Owner of a Lot seal, be a memcer of �::e Association. Membership shall be appurtenant to and may not be secarated from cwr.ersn.p ,g any Lot wnicn is s.o.ect to assess- ment. - 6 -