Condominium declaration - Laserfiche WebLink

Home Browse Search

.�� • y, �. � ' i occurrence,against claims for death,bodily injury,property damage, and such othe risks ' jas are customarily covered by such policies for projects similar in constivction, lo ation land use to the Property. The palicy shall contain a"severability of iriterest"endors ment 'which shal! preciude the insurer from denying the claim of an Owner or Occ pant because of negligent acts of the Association or other Owners or Occupants. T'he olicy shall include such additiana! endorsements, coverages and limits with respect to such hazards as rnay be required by the regulations of the FHA, VA, FNMA,or FHLM as a precondition to their insuring,purchasing,or financin�a mort�age on a Unit. � � 'i • � I 10.1.3 Fide]ity bond or insurance coverage against dishonest acts on the p rt of � directors, officers, managers, trustees, emp}oyees, or persons responsible for ha dling . funds belonging to or administered by the Association, if deemed to be advisable y the Board or required by the regulations of any financing-related institution as a precon itian to the purchase, insurinb, guarantee, or financing of a mortgage on a Unit. The fr elity bond ar insurance shall name the Association as the named insured, and shall c mply ��with the regulations of the FNMA, FHLMC, FHA or VA, if required by one o such 'agencies as a precondition to the purchase, financing, insuring, or gvarantee of a mortgage on a Unit. An appropriate endorsement to the policy to cover any person who ' serve without compensation shall be added if the policy would not otherwise over volunteers, or a waiver af defense based upon the exclusion of persons serving w thout compensation shall be added, , �� L0.1.4 Workers' Compensation insurance as applicable and required by law. � l0.].5 Directors and officer liabiiity insurance with such reasonable limit and coverages as the Board shall determine from time to time. 10.].6 Such other insurance as the Board may determine from.time to time to be lin the best interests of the Association and the Owners. ]0.2 Premiums; Improvements; Deductibles. Except as provided in Section 6_ , all insurance premiums shall be assessed and paid as part of an annual Assessment If improvements and betterments to the Units are covered by the Association's property insu nce, any increased cost may be assessed against the Units affected. The Association may, in th case of a cl�im for damage to one or more than one Unit,(i) pay the deductible amount as a Co on i Expen�e, (ii) assess the deductible amount against one or more than one Unit affected i#► any reason2�ble manner, or(iii) require the Owners of one or more than one Unit affected to p y the deductible amount directly. The Association's decision as to who shall be charged with p ying the deductible amount may, but need not, be based on fault. Notwithstanding anything the contrary in this Section ]0, the Association may, in the case of claim against the Associa ian's property insurance�,assess the deductible amount against all of the Units equally in the eve t that the deductible amount is calculated by the insurance company based upon the percentage f the value dr eost(replacement or otherwise)of one or more than one Unit or Building. ' 10.3 Loss Pavee; Insurance Trustee. All insurance coverage maintained b the Associatian shall be writien in the name of, and the proceeds theceof shall be payable t , the Associ�tion (or a qualified insurance trustee selected by it) as trustee For the benefit f the MPLS-W rd 95281.11 zs � i I