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200511919 AMENDMENT TO BY-LAWS OF OAKWOOD CONDOMINIUM UNIT OWNERS ASSOCIATION, INC. The By-Laws of Oakwood Condominium Unit Owners Association, Inc. shall be amended as follows: Article VI - Insurance as previously recorded shall be deleted in its entirety and replaced with the following: ARTICLE VI - INSURANCE Section 1. Association Coveraoe. The Executive Board shall obtain and maintain the following coverages: A. Liability insurance, including medical payments insurance, in an amount determined by the Executive Board, but not less than $1,000,000 general liability and medical payments of not less than $5,000 covering all occurrences commonly insured against for death, bodily injury and property damage arising out of or in connection with the use, ownership or maintenance of the common elements, including limited common elements as defined in the various Master Deeds and Declarations filed herein in relation to Oakwood Condominiums, Grand Island, Hall County, Nebraska. B. Insurance coverage on underground wells in an amount and deductible determined by the Executive Board, but not less than $5,000 per well coverage for all perils. C. Director's and officer's coverage in an amount determined by the Executive Board, but not less than $1,000,000 coverage. If the aforementioned insurance is not reasonably available, the Association shall promptly cause notice of that fact to be hand delivered or sent prepaid by United States mail to all unit owners. D. Insurance policies must provide that: 1. Each unit owner is an insured person under the policy with respect to liability arising out of his or her interest in the common elements or membership in the Association; 2. No act or omission by any unit owner, unless acting within the scope of his or her authority on behalf of the Association, will void the policy or be a condition to recovery under the policy; and 3. If, at the time of loss under the policy, there is other insurance in the name of a unit owner covering the same risk covered by the policy, the unit owners' policy provides primary insurance. Section 2. Insurance bv Unit Owners. Each unit owner shall obtain and maintain the following coverages on the unit that they own and on their interest in said common elements: A. Property insurance on their unit, including common elements, insuring against all risks and direct physical loss commonly insured against. The total amount of insurance on said unit shall be not less than the dwelling replacement cost coverage of each individual unit. 1