6.2. SR 03-01-2010 - Laserfiche WebLink

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s 9.x,4. ~f' at the time of a lass under ~e policy there is other insurance in the name of an Owner covering the same property covered ~by the policy, the Assooiation's policy is p~.mary. . , ~.~, Cancellation; ~'~ti~c_„of loss. Property instance and comprehensive liability i~suxa~nce policies'maintai~.ed by the Assaciatiar7 shall provide that the policies shall not' be canceled ar substantially modified, far any reason, withopt at least thirty days priar~ written notice to ~e Association and. to all secured parties holding first mortgages an Units, 9.~, 1~estQratian in ~~ieu of Cash Battlement, All policies of property ins~~ance . policies maintained by the Association shall provide that, despite any provisions giving the ~ . ins~~er the right to elect to restate damage in lieu of a cash settlement, stitch option shall not be exercisable ~i} without the prior written approval of the Association for any insurance trustee), or ~ii~ When in conflict With pra~visians of any insurance trust agreement to ~rhieh the Association nosy be a party, or any requirement of law. ~ . ~.'~, Owner's personal insurance, Iaach OW.ner of a Rosicicntial CJnit shall obtain acidition~I personal insurance coverage ~con~n~.only l~nawn as ``gap coverage" .or an "~lO~" . policy} at his or hot own expense covering fire and other casualty to those parts of the intot~ior of ~ . the I~.esidentialUnit, to the extent not coveted b~ the Assacia~on's xnsuz'anCO, and the Ow.~er's personal Proporty and personal liability. each Owner of a Commercial Unit shall. obtain and. maintain comparable property insu~~.nce coverage for its personal prope~y and fix~,~res as Wcll as industry' stan.da~rd commercial general liability insurance covering the use, operation and mai~atena~ce of such Co~nmeroial Unit and the particular business operated therein. Znsuran.ce alleles maintained by Owners arc Without contxib~~tian as against the insurance purchased by p the Association, e~ccpt (i~ for insurance policies covering unique risl~s arising out of the use of a Ca~nmercial Unit, a~.d iii} as to deductible amounts or other items not covered under the Association's pq~licics, BIt C'~~0~ ~0 C~1~ST~~~T~ON~, C~I~D~MIVAT~~~ AND ~~I~~1~T ~~M.A..~l~ ~~,1, Reconstruction., The obligations and procedures for the repair, rcaonstruction ax ~ispositian of the prope~y following damage or destruction ~he~eof shall be governed by MC~OA. An repair or reconstruction shall be commenced as soon as p~rs.~ticable aver the Y casualty and shall be substantially in accordance With the plans, speciftcatians~ and design of the . Property as initially constructed and s~.~bscquently improved. Notice of substantial dam.ago Qr destruction shalt be given as provided in Section 14.10, demnation and l~minent l~amain, fin. tl~e event of a taping of any part of the ~~ i ~,~~, Gan Property by condenanation~ qr eminent clgntain, the pro~visians of MCIOA shall govern; provided, ' h ll be iven as rovided in Section ~4,1~; iii}that the Association shall be the ~~~ that n.ot~ce ~ a ~ p ~ , . attorne ~in-fact to represent the O~vn~rs in any related proccechn.gs, negot~at~ons, settlenaen.ts ar . ~' y e Association for the ~ agreements; and. (iii} that any awards ar proceeds shalt be payable to th , benefit of the Owners and the mortgagees of their U'~its, Mortgagees shall be entitled to p~.ar~ty -~ r arils in accordance with the ri.prities esfahlished by MCrOA and the for canden~natzan aW p '' Governing 1~acuments, as their interests~rnay appear, ~ ~ ~ MpLS-Word x.02] 8p,3 ~ ~~ r ,, j i