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200901988 15.6.3 80% of the unit owners, including every owner of a unit or allocated limited common element which will not be rebuilt, vote not to rebuild. 15.7 The Election Not to Repair or Replace. The cost of repair or replacement in excess of insurance proceeds and reserves is a common expense. If the entire condominium is not repaired or replaced: 15.7.1 The insurance proceeds attributable to the damaged common elements in proportion to their common element interest shall be used to restore the damaged area to a condition compatible with the remainder of the condominium. 15.7.2 The insurance proceeds attributable to units and allocated limited common elements which are not rebuilt shall be distributed in proportion to their common element interests or as otherwise provided in this Declaration to the owners of those units and the owners of the units to which the limited common elements where allocated, or to lien holders as their interest may appear. 15.7.3 The remainder of the proceeds shall be distributed to all the unit owners or lien holders as their interest may appear in proportion to the common element interests of all the units. 15.8 Distribution ofInsurance Proceeds on Termination. Notwithstanding the provisions of Sections 15.4, 15.5 and 15.6 of this Article, Article XIV of this Declaration governs the distribution of insurance proceeds if the condominium is terminated. 15.9 Additional Insurance. This Section does not prohibit the Declaration from requiring additional or greater amounts of insurance coverage, nor does it prohibit the Executive Board from acquiring additional or greater amounts of coverage as it reasonably deems appropriate. 15.10 Fidelitv Bonds. The Association may maintain blanket fidelity bonds for all officers, directors, trustees and employees of the Association and all other persons handling or responsible for funds of or administered by the Association. Where the Association has delegated some or all of the responsibility for the handling of funds to a management agent, the Association may require the management agent to provide fidelity bonds for its officers, employees and agents handling or responsible for funds of, or administered on behalf of the Association. The total amount of the fidelity bond coverage shall be based upon the best business judgment of the Board, and the fidelity bonds themselves shall name the Association as an obligee. 15.11 Payment of Premiums. Premiums for all insurance obtained by the Association pursuant to this Article shall be paid for by the Association. 15.12 Insurance Trustee. Notwithstanding any other provisions of this Article, there may be named as an insured on behalf of the Association, the Association's authorized representative, including any trustee with whom such Association may enter into any Insurance Trust {0886166.3 } - 20-