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<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.
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