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200900728
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Last modified
2/4/2009 3:28:31 PM
Creation date
2/4/2009 3:23:20 PM
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DEEDS
Inst Number
200900728
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<br />200900728 <br /> <br />21. INSURANCE. <br /> <br />The Board shall obtain and maintain on behalf of the Association at all times, to the extent <br />obtainable, insurance policies with amounts and the coverage to be determined by the Board as <br />defined by the Nebraska Uniform Condominium Act and in the Operating Agreement; the cost of <br />the insurance shall be assessed to the Unit Owners in the manner set out in the Operating Agreement; <br />provided, however, liability insurance, including medical payments insurance, shall be maintained <br />in an amount not less than $1,000,000. <br /> <br />22. TORT AND CONTRACT LIABILITY. <br /> <br />Notwithstanding the duty of the Association to maintain and repair parts of the Condomin- <br />ium, the Association shall not be liable to Owners for injury or damage, other than the cost of <br />maintenance and repair, caused by any latent condition of the Property to be maintained and repaired <br />by the Association, or caused by natural elements or other Owners or persons. <br /> <br />23. CONDEMNATION. <br /> <br />If part of the General Commons is acquired by eminent domain, the portion of the award <br />attributable to the General Commons taken must be paid to the Association. Any portion of any <br />award attributable to the acquisition of Limited Commons must be allocated among the Owners of <br />the Units to which the Limited Commons benefitted at the time of acquisition. <br /> <br />24. DESTRUCTION. <br /> <br />Any damage to the Condominium caused by a partial taking through eminent domain, fire <br />or other casualty shall be promptly repaired by the Association in the manner set forth in the <br />Operating Agreement, unless (I) the Condominium is terminated, (ii) repair or replacement would <br />be illegal under any state or local health or safety statute or ordinance, or (iii) eighty percent (80%) <br />of the votes in the Association, by vote or agreement, including every Voting Member of a Unit or <br />assigned Limited Commons which will not be rebuilt, decide not to rebuild. The cost of repair or <br />replacement in excess of insurance proceeds and reserves is a Common Expense. If the entire <br />Condominium is not repaired or replaced, (I) the insurance proceeds attributable to the damaged <br />Common Elements must be used to restore the damaged area to a condition compatible with the <br />remainder of the Condominium, (ii) the insurance proceeds attributable to Units and Limited <br />Commons which are not rebuilt must be distributed to the Owners of those Units and the Owners <br />of the Units to which those Limited Commons benefitted, or the lienholders, as their interests may <br />appear, and (iii) the remainder of the proceeds must be distributed to all the Unit Owners or <br />lienholders, as their interests may appear, in proportion to the Allocated Interests of all the Units. <br /> <br />-15- <br />
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