Condominium declaration - Laserfiche WebLink

Home Browse Search

.., • . I . 9.7 Dutv to Report Defects. Owners or Occupants shall promptly report to the . Association any defect or need for repair to those parts of the Property which the Associatio is obligated to maintain. � 9.8 Damaee Caused bv Owner. Notwithstanding any provision to the contrary in his Declaration, if, in the judgmerit of the Association, the need for maintenance of any part of the � Property is caused by the willfii!or negliger.t a�t or omission of an Owner or Qccupant,the� est or invitee of an Owner or Occupant,or by a condition in or on the Property which the Owne or the Occupant has wi]lfully or negligentty allowed to exist, the Association may cause s ch damage or condition to be repaired or corrected (and enter upon any Unit and Limited Co on Element ta do so). The cost of the repair or correction may be assessed against the Unit of the Owner responsible for the damage, and shall be a personal obligation of the Owner and a �en against that Owner's Unit. SECTION lU 1NSURANCE l0.i Required Coverage. The Association shail obtain and maintain, at a rninim m, one or more than one master poticy of insurance in accordance with the insurance requirem ts set forth in the Act and the additional requirements set forth here'tn issued by one or more an one reputable insurance company authorized to do business in the state of Minnesota,as follo s: I0.1.1 Property insurance in broad form covering all risks of physical loss in an arnount equal to one hundred percent�of the insurable"replacement cost"of the Prope y, exclusive of (i}deductibles; and (ii) land, footings,excavation and other items nor lly excluded from coverage (but including all building service equipment and machine )_ • � The Association, at its sole discretion, may or may not insure the following ite s: � ceiling and wall finishing rnaterials, floor coverings, cabinetry, finished millw rk, electrica} or plumbing fixtures serving a single Unit, built-in appliances, improveme ts and betterments regardless of when installed, and any items referred to in Sect on ' S15B3-113(b)(i) through (vii) of the Act, hut must do so if required hy the Fed ra] � National Mortgage Association ("FNMA"), the Federal Home Loan Mortg ge Corporation ("EHLMC"), the Federal Housing Administration ("FHA"), or the secret � of Veteran's Affairs{"VA"). The policy or policies shall cover personal property o ed by the Associa#ion. The policy or policies shall also contain "Inflation Guard" nd "Agreed Amount" endorsements, if reasonabiy available. Such policy or policies s all include such additional endorsements, coverages and limits with respect to the forego ng and other hazards as may be required from time to time by the regulations of the F A, VA, FNMA or FHLMC as a precondition to their insurir�g, purchasing or financin a mortgage on a Unit. The Board may also,on behalf of the Association, enter into bind ng written agreements with a mortgagee, insurer or servicer, including without limitation he FHA, VA, FNMA or FHLMC, obligating the Association to keep certain speci ed coverages or endorsements in effecE. 10.12 Commercia! general liability insurance covering the use, operation, d maintenance of the Common Elements, with minimum limits of one million dollars er MPLS-Word 9§281.11 24 �