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200506707 15.4 I_nsurance Obtained by Owners. An insurance policy issued to the Association does not prevent a unit owner from obtaining insurance for his own benefit. 15.5 Certificates of Insurance. An insurer that has issued an insurance policy under this Article shall issue certificates or memorandum of insurance to the Association and, on written request, to any unit owner, mortgagee or beneficiary under a deed of trust. The insurer issuing the policy shall not cancel or refuse to renew it until 30 days after notice of the proposed cancellation or no renewal has been mailed to the Association, each unit owner and each mortgagee or beneficiary under a deed of trust to which a certificate or memorandum of insurance has been issued at their respective last known addresses. 15.6 Repair and Replacement of Damaged or Destroyed Property. Any portion of the condominium for which insurance is required under this Section which is damaged or destroyed shall be repaired or replaced promptly by the Association unless any of the following apply: 15.6.1 The condominium is terminated. 15.6.2 repair or replacement would be illegal under any state or local health or safety statute or ordinance. 15.6.3 80% of the unit owners, including every owner of a unit or allocated limited common element which will not be rebuilt, vote not to rebuild. 15.7 The Election Not to Repair or Replace. The cost of repair or replacement in excess of insurance proceeds and reserves is a common expense. If the entire condominium is not repaired or replaced: 15.7.1 The insurance proceeds attributable to the damaged common elements in proportion to their common element interests shall be used to restore the damaged area to a condition compatible with the remainder of the condominium. 15.7.2 The insurance proceeds attributable to units and allocated limited elements which are not rebuilt shall be distributed in proportion to their common element interests or as otherwise provided in this Declaration to the owners of those units and the owners of the units to which the limited common elements where allocated, or to lienholders as their interest may appear. 15.7.3 The remainder of the proceeds shall be distributed to all the unit owners or lienholders as their interests may appear in proportion to the common element interests of' all the units. 15.8 Distribution of Insurance Proceeds on Termination. Notwithstanding the provisions of Sections 15.4, 15.5 and 15.6 of this Article, Article VX. Of this Declaration governs the distribution of insurance proceeds if the condominiumi is terminated. -20-