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200409559 200210181 200.109184
<br />instruments. Assessments delinquent.more than ten (10) days after the due
<br />date shall bear interest at the highest legal. rate from:the due.date until
<br />paid. The delinquency of one installment of an annual,assessment. shall
<br />cause. all remaining installments, at the option of the Association, to
<br />immediately become due and payable. The Executive Board shall have the
<br />right and duty.to attempt to recover such common charges,.together with
<br />interest thereon,,and the expenses of the proceeding, including attorney
<br />fees_, in an action to. recover the same brought against such unit owner, or
<br />by foreclosure of the lien on such unit granted by Section 76 -874 of the
<br />Nebraska Condominium Act. In any action brought by the Executive, Board to
<br />foreclose a lien on a unit because of unpaid assessments, the.unit.owner
<br />shall be required to pay a reasonable rental.for the use of his unit, and
<br />the plaintiff in such foreclosure action shall,... be entitled to 'the
<br />appointment of a receiver to collect the same. The xecutive.Board, acting
<br />on behalf of all. unit owners, shall have power to purchase such unit at the
<br />foreclosure sale, and to acquire, hold, lease, mortgage, Vote the votes
<br />appurtenant, to.convey or otherwise deal,with the same. A suit to recover
<br />a money judgment for unpaid assessments shall. be maintainable without
<br />foreclosing or waiving the lien securing the same..
<br />Section 8.. Statement of Unpaid Assessments.
<br />Upon the written request of any owner, prospective purchaser or of
<br />any mortgagee of a condominium unit, the Executive Board, or the Managing
<br />.Agent; shall issue a. written. statement setting 'forth. the amount of the
<br />.unpaid assessments, if any, with respect,to the subject unit,.-the amount
<br />of the current periodic assessment and the date that -such assessment became
<br />due, any penalties due, and credit for advance payments or for prepaid
<br />items, which statement shall be conclusive upon the. Association in favor.
<br />of all persons who rely thereon in good faith.
<br />Section 9 Nonwaiver.
<br />The omission or failure to timely fix any.ass�essments,or deliver or
<br />mail a statement for any period shall not be deemed .a waiver,.modification
<br />or a release of the owners from their obligation to pay the same.
<br />ARTICLE VI. INSURANCE
<br />Section 1. Coverage.
<br />The Executive. Board shall obtain and maintain; to the extent
<br />obtainable:,
<br />(a) Property insurance on the property (units) including.the
<br />common elements insuring agaii}st all risks of direct
<br />physical loss commonly insured_against..:The total amount
<br />of insurance after application of any deductibles shall
<br />be not less than ninety.percent (90 %).of.the actual cash
<br />value of the insured property,�,t the time the insurance
<br />is purchased and at each renewal -date, exclusive of land,
<br />excavations, foundations, and .other.., items normally
<br />excluded from property policies; and
<br />(b) Liability insurance, including medical payments
<br />insurance-, in an amount determined by the Executive
<br />Board, but not less than. $1,000,000.00, covering all
<br />occurrences commonly insured against for death, bodily
<br />injury, and property damage arising, of or in
<br />connection with the use, ownership or.maintenance of the
<br />common elements. The Executive Board may determine that
<br />additional coverage may be necessary and may obtain such
<br />additional coverage if it deems*..it necessary.
<br />If the aforementioned insurance is not reasonably available, the
<br />Association promptly shall cause notice of that fact to be hand delivered
<br />or sent prepaid by United States mail, to all unit owners.
<br />Section 2. Provisions.
<br />Insurance policies must provide that:
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