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200003417 insurance proceeds are less that the cost of repairs, the excess cost shall be paid by the Owner of such Lot. All damaged struc- tures shall be rebuilt and /or replaced. At the option of the Association, the Owner of any Lot within the Properties shall take all action necessary so that any company providing such insurance shall include within such insurance coverage an appropriate loss payable clause naming the Association as payee of insurance proceeds and this Article III., Paragraph 6. shall constitute the consent of any such Owner for any such company providing such insurance to include within such insurance coverage provisions for an appropriate loss payable clause naming the Association as payee of insurance proceeds. Upon receipt of any insurance proceeds hereunder, the Association shall deposit such insurance proceeds for the benefit of the Owner and disburse such insurance proceeds directly toward repairing the damages suffered. The Association shall have the right to purchase insurance on the buildings and improvements located on any Lot contained within the Properties if the Owner of such Lot does not purchase such insurance consistent with the terms of this Article III., Paragraph 6. The costs of any such insurance purchased by the Association shall be an assessment against such Lots and such assessments, together with interest, costs ancV reasonable attorneys' fees shall be and constitute, from the date levied until paid, a lien upon such Lot against which such assessment is made, without any requirement of recording further notice of such lien. Such assessments, together with interest, costs and reasonable attorneys' fees shall also be the personal obligation of each person who was an Owner of such Lot against which such assessment is made at the time when such assessment was made. 7. Each wall built as a dividing wall between separate dwellings constructed upon the Lots contained within the Proper- ties as part of the original construction of townhomes upon Lots contained within the Properties shall constitute a party wall to be used by adjoining Owners, notwithstanding the fact that the wall so constructed, through error in construction or settling of the wall so constructed, may not be located precisely on the dividing line between the Lots. To the extent not inconsistent with the provisions of this Article III., Section 7., the general rules of law regarding party walls and liability for property damage due to negligence or willful acts or omissions shall apply thereto. If a party wall is destroyed or damaged by fire or other casualty to the extent that the same is not covered by insurance, any Owner who has used the wall may restore it and shall have an easement over the premises of the adjoining Owner for purposes of construction of said wall, and if any other Owner thereafter makes any use of the wall, by commencement of con- struction on his premises adjoining said wall, such other Owner shall contribute to the costs of restoration thereof in propor- tion of which the adjoining Owner uses the wall; provided, how- ever, that any Owner may call for a larger contribution under any rule of law regarding liability for negligent or willful acts or omissions. Any owner who by his negligent or willful act causes the party wall to be exposed to the elements shall bear the whole 6