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,_,~s'R -~ -~~.~..awrr.~tia~rssw--- ' v <br />~„ . .. - <br />. $4..~ lti~0586 <br />., ._ t , ny ~.,n behal f of all suite owners, .s ball have power to <br />purchase such suite at the foreclosure sale, and to acquire, <br />hold, lr.~se, mortgage, ~~ote the votes appurtenant, to convey <br />or otherwise•deal with the same. A suit to recover a money <br />; judcpnent for unpaid assessments shall be maintainable without <br />foreclosing or waiving the lien securing the same. <br />Section 9. Statement of Unpaid Assessments. <br />Upen payment of a reasonable fee, not to exceed Fifty <br />Collars fS50.00), and upon the written request of any owner, <br />prospective purchaser or of any mortgagee of a condominium <br />suite, the Doard of Administrators, or the Managing Agent, <br />shall issue a written statement setting forth the amount of <br />the unpaid assessments,"if any, with respect to the subject <br />suite, the amount of the current periodic assessment and the <br />date that such assessment became due, any penalties due, and <br />credit for advance payments or for prepaid items, which <br />statement shall be conclusive upon the Association in favor <br />of all persons who rely thereon in goad f?ith. <br />Section 10. Nonwaiver. <br />The omission or failure to timely fix any assessments <br />or deliver or mail a statement Eor any period shall not be <br />deemed a waiver, modification or a release of the owners <br />from their obligation to pay the same. <br />ARTICLE VI. INSURANCE. <br />Section 1. Coverage. <br />The Deard of Administrators shall obtain and maintain, <br />to the extent obtainable, the following i..^.surance: fire <br />insurance with extended coverage, vandalism and malicious <br />mischief endorsements, insuring the entire condominium <br />building (but not including furniture, decoration, orna- <br />ments, furnishings or other personal property owned by the <br />individual suite owners) together with all service equipment <br />contained therein in an amount equal to the full replacement <br />value, without deduction for depreciation, and which shall <br />contain a standard non-contributory mortgage clause in favor <br />of each mortgagee of a condominium suite which shall provide <br />that the loss, if any, hereunder shall be payable to such <br />mortga~~ee as its interest may appear, subject, however, to <br />the loss payment provisions in favor of the Board of Ad- <br />ministrators hereinafter set forth in Section 1 of'Article <br />X; public liability insurance in such limits as the Board of <br />Administrators may from time to time determine, covering the <br />Association, each member of the Board, the Managing Agent, <br />age:ts and employees of the Association and each suite <br />owner; and such additional coverage as the Board of Ad- <br />ministrators may from time to time determine is appropriate. <br />Such public liability coverage ~hatl also cover cross lia- <br />bility claims of one insured against the other. <br />Certificates of all policies of physical damage in- <br />surance and of all renewals thereof, together with proof of <br />payment of pzemiums, shall be delivered to all mortgagees of <br />suites at least ten (10) days prior to expiration of the <br />then current policies. The cost of such policies shall be a <br />common expense and shall be allocated to each property <br />regime as provided in these By-Laws. <br />Th€ Berard of Administrators shall determine, at least <br />annually, the replacement value of the condominium buildings <br />and, in so doing, may employ such experts as the Board may <br />feel necessary. <br />-12- <br />