Condominium Declaration - Laserfiche WebLink

Home Browse Search

9.7 Dut�+ to Reoort Defects. Owners or Occupants shall promptly report to the • Association any deiect or need for repair to those parts of the Property which the Association is obligated to maintain. 9.8 Dama�e Caused bv Owner. Natwithstanding any provision to the contrary in this � Declaration, if, in the judgment of the Association, the need for maintenance of any part of the f Property is caused by the willful or negligent a�t or or.-►ission of an Owner or Qccupant,the guest � or invitee of an Owner or Occupant, or by a condition in ar on the Property which the Owner or � the Occupant has willfuliy or negligently allowed to exist, the Association may cause such � damage or condition to be repaired or corrected (and enter upon any Unit and Limited Cominon Element to do so). The cost of the repair or correction may be assessed against the Unit of the Owner responsible for the damage, and shali be a personal obiigation of the Owner and a lien . against that Owner's Unit. SECTION 10 I INSURANCE i ]0.i Required Covera�e. The Association shall obiain and maintain, at a minimum, one or more than one master policy of insurance in accordance with the insurance requirements set forth in the Act and the additional requirements set forth herein issued by one or more than one reputable insurance company authorized to do business in the state of Minnesota,as follows: i0.1.1 Property insurance in broad form covering all risks of physical loss in an amount equal to one hundred percent�of the insurable"replacement cost",of the Property, exclusive of (i)deductibles; and (ii) land, footings, excavation and other items normally excluded from coverage (hut including all building service equipment and machinery): • � The Association, at its sole discretion, may or may not insure the following items: ceiling and wall finishing materials, floor coverings, cabinetry, finished mil]work, electrical or plumbing fixtures serving a single Unit, built-in appliances, impr.ovements and betterments re�ardless of when installed, and any items referred to in Section ' 515B.3-113(b)(i) -through (vii) of the Act, but must do so if required by the Federal ' Nationat Mortgage Association ("FNMA"), the Federal Home Loan Mortgage Corporation ("FHLMC"), the Federal Housing Administration ("FHA"), or the secretary � of Veteran's Affairs ("VA"). The policy or policies shall cover personal property owned by the Association. The policy or policies shall aiso c�ntain "lnflation Guard" and "Agreed Amount" endorsements, if reasonably available. Such policy or policies shall include snch additionat endorsements, coverages and limits with respect to the foregoing and other hazards as may be required from time to time by the regulations of the FHA, VA, FNMA or FHLMC as a preconditian to their insurir�g, purchasing or financing a mortgage on a Unit. The Board may also,on behalf of the Association, enter into binding written agreements with a mortgagee, insurer or servicer, including without limitation the FHA, VA, FNMA or FHLMC, obligating the Association to keep certain speci�ed coverages or endorsements in effect. 10.1.2 Commercia! general liability insurance covering the use, operation, and maintenance of the Cominon Elements, with minimum limits of one million dollars per MPLS-Word 45281.I I 24 . �