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first mortgagee shall be a sum immediately due and owing by the - <br /> Association to such first mortgagee together with interest at the highest _ <br /> rate allowed by law from the date of payment of the money by the first <br /> mortgagee to the date of reimbursement by the Association. The first ' <br /> mortgagee making such advance shall have the right to sue upon and <br /> enforce the foregoing covenant, and this covenant shall have the same <br /> effect and stand in lieu of any separate agreement covering such rights <br /> between the Association and such first mortgagee advancing funds. The <br /> Association is further authorized to enter into a separate agreement in <br /> favor of all first mortgagees,which shall further authorize the first <br /> mortgagee to secure its own replacement policy in the event the one held <br /> by the Association fails to comply with the requirements of this <br /> Declaration. <br /> b. Comprehensive public liability insurance covering the use, Ownership and <br /> maintenance of structures and grounds of the Condominium (i.e., the common <br /> elements thereo fl, with the minimum limits of$1,Q00,000.00 per occurrence, <br /> against claims for death, bodily injury and property damage, and such other risks <br /> as are customarily covered by such policies for projects similar in construction, <br /> location and use to the Condominium. Such public liability insurance shall <br /> contain a "severability of interest" endorsement which shall preclude the insurer <br /> from denying the claim of a exnit owner or occupant because of negligent acts of <br /> the Association or other unit owners or occupants. If required by the lending <br /> Association or other unit owners or occupants. If required by the lending <br /> requirements of any first mortgagee the coverage shall include water damage <br /> liability, liability for non-owned and hired automobiles, liability for property of <br /> owners, and, if applicable,elevator collision, garage keeper's liability and host <br /> liquor liabiiity. <br /> c. Fidelity coverage against dishonest acts on the part of directors, officers, <br /> managers who are employees of the Association, trustees, employees or <br /> volunteers responsible for handling funds belonging to or administered by the <br /> Association if deemed to be advisable by the Board of Directors of the <br /> Association or required by FNMA, FHLMC, FHA or VA(whichever is <br /> applicable). The fidelity bond or insurance shall name the Association as the <br /> named insurance and shall be written in an amount sufficient to provide protection <br /> which is in no event less than 1-1/2 times the insured's estimated annual operating <br /> expenses and reserves. An appropriate endorsement to the policy to cover any <br /> persons who serve without compensation shall be added if the policy would not <br /> otherwise cover volunteers, or a waiver of defense based upon the exclusion of <br /> persons serving without compensation shall be added. <br /> d. Workers' Compensation insurance as required by law. <br /> e. Such other insurance as the Board of Directors may determine from time to time <br /> to be in the best interests of the Association and the unit owner. <br />