5. HRSR 03-01-2010 - Laserfiche WebLink

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9.4,4. If at the time of a loss under the policy there is other insurance in the name of an Owner covering the same property covered 'by the policy, the Association's policy 7s primary. . 9.5, C fellation: Notice of doss. Property insurance and oornprehensive liability insurance policies ' maintained by the Association shall provide that the policies shall not' be canceled or substantially modified, for any reason, without at least thirty days prior- written notice to the Association and to all secured parties holding first mortgages on Units, 9.6. Restdration in Lieu of Cash Settlement. All policies of property insurance policies maintained by the Association shall provide that, despite any provisions giving the insurer the right to elect to restore damage an lieu of a cash settlement, such option shall not be exercisable (i) ,without the prior written approval of the Association (or any insuranee trustee), or (ii) when in conflict with provisions of any insurance trust agreement to which the Association may be a party, or any requirement of law. 9.7. Owner's Personal Insurance. Each Owner of a Residential Unit shall obtain additional personal insurance coverage (commonly Imown as "gap coverage" .or an " "064' policy) at his or her own expense covering fire and other casualty to those parts of the interior of . the Residential •unit to the extent not covered by the Association's insurance, and the Owner's personal property and personal liability. Each fawner of a Commercial Unit shall, obtain and maintain comparable property insurance coverage for its personal property and fixtures as well as industry standard commercial general liability insurance covering the use, operation and maiutenalice of such Commercial. Unit and the particular business operated therein. Insurance policies maintained by Owners are without contribution as against the insurance purchased by the Association, except W for insurance policies covering unique risks arising out of the use of a Commercial Unit, and (ii) as to deductible amounts or other items not covered under the Association's policies. SECTION 10 RECONSTRUCTION CONDEMNATION AND EMINENT DOMAIN � 10.1. Deconstruction, The obligations and procedures for the repair, reconstruction or disposition of the Property following damage or d.estrLiction, thereof shal.i be governed by _ P 1 be commenced as soon as practicable after the N1�X�]A. Any repair or reconstr�.�ct�on. shall p ` accordance with the plans, s ecifications- anal desi n of the casualty and shall be subsl.ant�ally in acco p p g . • initially constructed. and subse' uentl improved, Notice of substantial damage or Property as y q �' � destruction shall be given as provided in Section 14.1.0. t 10.2.. Condemnation and Eminent Domain. In the event of a taking of any part of the } condemnation- or o�ninent domain the provisions of 1VIOIOA shall govern; provided, Property by coed � p (i) that notice shall be given as provided. in Section 14.10; (ii) that the Association shall be the � attorney-in-fact to represent the Owners in any related proceedings, negotiations, settlements or � agreements; and. (iii) that any awards or proceeds shall. be payable to the Association for the benefit of the Owners and the mortgagees of their Units. Mortgagees shall be entitled to priority -_ for condemnation awards in accordance with flio priorities established by MC1O.A and the } ernin Documents as their interests ' nay appear. a �i`r(�v g a MPLS -Wand 2021203 26