AgdaPkt 2015-06-22 Interview and Joint SA PFA

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58 6557.03/12309 (d) By act or omission, to seek to abandon, partition, subdivide, encumber, sell or transfer the Common Area. (The granting of easements for public utilities or for other public purposes consistent with the intended use of said areas by the Association or the Owners shall not be deemed a transfer within the meaning of this clause); or (e) To use hazard insurance proceeds related to losses of Development property (whether related to Units or Common Area) for other than the repair, replacement or reconstruction of such Development property except as provided by statute in case of substantial loss of the Units or Common Area. Section 8.8 Consent to Terminate Legal Status of Development. Except as provided by statute or any other provision of the Condominium Documents, in case of substantial destruction or condemnation of the Development, the consent of Owners of Condominiums holding at least seventy-five percent (75%) of the voting power of the Association and the approval of sixty-seven percent (67%) of Mortgagees of First Mortgages shall be required to terminate the legal status of the Development as a condominium project. ARTICLE 9 ISURACE, DAMAGE OR CODEMATIO Section 9.1 Fire and Casualty; Property Insurance. The Association shall obtain a blanket policy or policies of insurance covering all of the Development including improvements now or hereafter erected on the Development and all equipment and fixtures located thereon or used in connection therewith, insuring the Owners, including the Association, against loss or damage by the perils insured under the Standard Special Extended Coverage form (including, but not limited to, loss or damage by fire, vandalism, malicious mischief, sprinkler leakage, lightning, windstorm, water and other special extended coverage risks and the costs of demolition and debris removal) which may also be extended to include flood and earthquake insurance. Coverage shall be in an amount or amounts equal to full replacement value (i.e., one hundred percent (100%) of replacement cost exclusive of land, foundation, excavation and other items normally excluded from coverage and without any deduction for depreciation) with an “agreed amount” endorsement or its equivalent, if available, or an “inflation guard” endorsement payable to the Association. Each such policy required to be maintained hereunder may be subject to a “deductible” or self-insurance amount as the Board deems prudent under the then existing circumstances. Each such policy shall provide for full waiver of subrogation by the insurer as to any and all claims against the Association, the Owners and their respective officers, directors, partners, agents, employees and tenants, if any, and as to all defenses based upon acts of the insureds or the existence of co-insurance. Without limiting the foregoing, with respect to the Condominium Units the Association insurance policy or policies described in this Section 9.1 above shall also include, without limitation, coverage for the following standard package of fixtures and improvements offered by Declarant as part of the original construction of the Units (and any equivalent replacements thereof): all built-in or set-in appliances; cabinets; countertops; interior walls, doors and windows; ceiling, floor and wall surface materials and coverings (e.g., paint, wallpaper, mirrors, carpets, tiles and hardwood floors); fixtures (including gas, electrical and plumbing); telecommunication and internet lines, cables, wiring and conduits; heating and air conditioning systems and water heaters. Such coverage shall be in the amount designated by Declarant as the original replacement cost thereof based upon the standard package of such fixtures and improvements offered to all Condominium Unit Owners as part of the original construction of the Units. Reference is made to Section 9.10 of this Declaration for Unit Owners’ property insurance obligations with respect to the Units. 7.1.K. - Page 62