200112253 - Laserfiche WebLink

Browse

2ooitx293 comprehensive general liability insurance in such coverage amounts as the Association nay request and the Association being named as an additional insured in suc;7 liability insurance policies. Additionally, the Association shall purchase insurance on the common area in such amounts as it deems reasonable. Section 2. Association as Agent. The Association is hereby irrevocably appointed agent for each Owner and his mortgagees to adjust all claims arising under insurance policies purchased by the Association on the improvements on the Properties and to execute and deliver releases upon payment of claim without joinder by the! Owner. All insurance proceeds shall be applied by the Association toward repairing the damage suffered; provided that reconstruction or repair shall not be compulsory where the damage exceeds two- thirds (213) of the value !of the buildings and irnnrovements. In such case, should the Owner so elect not to rebuild, the proceeds, along with the insurance indemnity, if any, shall be credited to each Owner in accordance with his pro rata share of the loss sustained by the damage or casualty for which the proceeds shall be payable, and said sums shall be first applied toward satisfaction of any recorded first mortgage against each Lot, next toward satisfaction of junior recorded liens in order of their priority, next toward the cost of razing the improvements or any remnants thereof from said premises and the filling and leveling of said Lot, and the remainder shall then be paid to such Owner. In case the insurance proceeds do not equal the cost of repairs, the excess cost shall be considered a maintenance expense to be assessed and collected by the Association from the Owners of the damaged improvements. In case of over- insurance, any excess proceeds of insurance received shall be credited to the Working Fund for the Association. Each Owner shall have on record with the Association a copy of the insurance policy showing the coverages are in effect, that the Association is an additional insured, or a standard mortgage clause in favor of the Association. Each Owner, upon request of Association, will deliver to the Association from time to time, the policies or certificates of : nsurance in form satisfactory to the Association, including stipulations that coverages will not be canceled or diminished without at least thirty (30) days prior written notice to the Association. Each insurance policy also shall include an endorsement providing that coverage in favor of the Association will not be impaired in any way by any act, omission, or default of the Owner or any other person. ;Section 3. Additional Insurance. Each Lot J.,vner may obtain additional insurance, at his expense, for his own benefit. We, being more than fifty (50) percent of the Owners of the (Lots, sign said Amendment to Declaration and record this in the Office of Register of Deeds of Hall County, Nebraska, whereby reaffirming all of the other provisions of said Declaration, except those amended hereby. DATED this ' "r "day of ©C7'CS6 -; 2000. (� ) fV vt Y %jl