88105085 - Laserfiche WebLink

Browse

88- 105085 Section 4. Association as Agent. The Association is here- by irrevocably appointed agent for each Owner and his mort- gagees to adjust all claims arising under insurance policies purchased by the Association on the ilnprovements on the prop- erties and to execute and deliver releases upon payment of claims 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 (2/31 of the value of the buildings and improvements. 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 oayable, 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' improve- ments or any remnants thereof from said premises and the fill- ing 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 cases of over-insurance, any excess proceeds of insurance received shall be credited to the Working Fund for the Association. Section 5. Additional Insurance. Each lot Owner may obtain additional insurance at his expense. ARTICLE IX ACCESS The Association, its employees and agents,shall have the right to go on any lot or into or upon any dwelling or any lot in the properties for the purposes of performing maintenance and repair, making inspections and insuring compliance by each Owner with the duties of the Owner hereunder, and is hereby granted a specific easement for such purpose, but, except for emergencies or with the Owner's consent, no dwelling shall be entered except during daylight hours and following reasonable notice to the Owner or occupant thereof. ART!CLE X GENERAL PROVISIONS Section 1. Enforcement. The Association, or any Owner, shall have the right to enforce by any proceeding at law or in equity, all restrictions, conditions, covenants, reservations, liens and charges now or hereafter imposed by the provisions of this Declaration. Failure by the Association or by any Owner to enforce any covenants or restrictions herein contained shall in no event be deemed a waiver of the right to do so thereafter. Section 2. Severability. Invalidation of anyone of these covenants or restrictions by judgment or court order shall in no way affect any other provisions which shall remain in full force and effect. Section 3. Amendment. The covenants and restrictions of this Declaration shall run with and bind the land from the date this Declaration is recorded until January 1, 1999, after which time it shall be automatically extended for successive ~eriods of ten (101 years. This Declaration may be amended by an instrument signed by the Owners of not less than eighty percent (80%) of the lots. Any amendment must be recorded, -9-