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15.6.1 Except as provided in Paragraph 15.6.2, the respective interest of unit owners are the fair market values of their unit, their interest in the common elements and limited common elements before the termination, as determined by an independent appraiser selected by the Association. The determination of the independent appraiser shall be distributed to the unit owners and becomes final unless disapproved within 30 days after the distribution by the unit owners of units of which 50% of the votes in the Association are allocated. The proportion of any unit owner's interest to that of all unit owners is determined by dividing the fair market value of that unit owner's unit and common element interest by the total fair market value of all the units and common elements. 15.6.2 If the interest of all unit owners or their respective common elements immediately before the termination, if any unit or any limited common element is destroyed to the extent that an appraisal of the fair market value of the unit or element before destruction cannot be made. 15.7 Lien Foreclosure or Enforcement Not a Termination. Foreclosure or enforcement of a lien or encumbrance against the entire condominium does not of itself terminate the condominium, and foreclosure or enforcement of a lien or encumbrance against a portion of the condominium does not withdraw that portion from the condominium. ARTICLE XVI. INSURANCE 201404665 16.0 Scope of Coverage. Commencing not later than the time of the first conveyance of a unit to a person other than the Declarant, the Association shall maintain, to the extent reasonably available, both of the following: 15.0.1 Property insurance on the common elements insuring against all risks of direct physical loss commonly insured against or as determined by the Executive Board against fire and extended coverage perils. The total amount of insurance after application of any deductibles shall be not less than 80% of the actual value of the insured property at the time the insurance is purchased and each renewal date, exclusive of land, excavations, foundations and other items normally excluded from property policies. 16.0.2 Liability insurance in an amount determined by the Executive Board, but not less than $1,000,000 covering all occurrences commonly insured against for death, bodily injury and property damage arising out or in connection with the use, ownership or maintenance of the common elements. Insurance policies carried pursuant to this Section shall provide the following: (a) Each unit owner is an insured person under the policy with respect to liability arising out of his interest in the common elements or membership in the Association. (b) The insurer waives its right to segregation under the policy against any unit owner or members of his household. (c) No act or omission by any unit owner, unless acting within the scope of his authority on behalf of the Association, will void the policy or be in a condition to recovery under the policy. (d) If, at the time of a loss under the policy, there is other insurance in the name of a unit owner covering the same property by the policy, the Association's policy provides primary insurance. - 15 -