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62 <br />6557.03/12309 <br />(e) Each Owner should seek the advice of a qualified insurance consultant regarding <br />personal liability insurance coverage and property insurance coverage appropriate for the Owner, the <br />Owner’s personal property and the Owner’s Unit, and to ensure compliance with the provisions of this <br />Section 9.10. Such insurance would typically be in the form of a condominium unit owner’s policy <br />known as an “HO-6” policy, but may be another form of policy. Each Owner should consult with a <br />qualified insurance consultant regarding the availability of other insurance coverages, endorsements or <br />riders that may be appropriate for the Owner and the Owner’s Unit in order to provide desired coverage, <br />including, without limitation (i) all risk endorsement, (ii) loss assessment coverage, (iii) living expense <br />endorsement, (iv) rental coverage endorsement (if applicable), and (v) coverage for the Association <br />master policy deductible. The costs for all insurance obtained by an Owner pursuant to Section 9.10 shall <br />be the responsibility of such Owner. <br /> (f) The Association and its directors and officers have no duty or obligation to <br />monitor or enforce any Owner’s compliance with this Section 9.10 <br /> <br />Section 9.11 Payment of Premiums. Insurance premiums for the policies required hereby <br />shall be a Common Expense to be included in the monthly Assessment levied by the Association. The <br />portion of Assessment payments necessary for the insurance premiums may be held in a separate account <br />of the Association to be used solely for the payment of the premiums for such policies. <br /> <br />Section 9.12 Material Damage or Destruction. If any portion of the Development is <br />Materially Damaged or destroyed by fire or other casualty, the following events shall occur: <br /> <br />(a) A special Owners meeting shall be held within sixty (60) days of the date of the <br />material damage or destruction. Said Owners meeting shall be called by the Board, the president or any <br />two (2) Owners if the meeting has not been called within fifteen (15) days of the damage or destruction <br />and the Secretary shall give thirty (30) days written notice of the meeting to each Owner and his <br />Mortgagees of record. Said Owners meeting shall be held at a suitable location on the Development or as <br />close thereto as practicable which location shall be specified in such notice. <br /> <br />(b) The Development shall be repaired or reconstructed in substantial accordance <br />with the latest available construction plans and specifications as hereinafter provided unless in such <br />special Owners meeting at least three-quarters (3/4) of the total voting power of each class of Owners <br />casts votes against such repair or reconstruction in which event the provisions of Section 9.13 shall <br />immediately become applicable. <br /> <br />(c) Unless, in the manner provided above, the requisite number of votes are cast <br />against such repair or reconstruction, all of the insurance proceeds payable on account of such damage or <br />destruction shall be deposited with a commercial lending institution experienced in the disbursement of <br />construction loan funds (the “Depository”). The Depository shall be appointed by the Association. Such <br />funds shall be disbursed in accordance with the normal construction loan practices for the Depository and <br />which shall be reasonably acceptable to the Board. The restoration or reconstruction shall be substantially <br />in accordance with the latest available construction plans and specifications for the Development <br />modified as may be required by available materials, state of the art construction and applicable building <br />codes and regulations in force at the time of such repair or reconstruction or in accordance with such other <br />plans and specifications as may be approved by a majority of all Owners; provided, however, any <br />Owner’s requested modification to the latest available construction plans and specifications of his Unit <br />shall be approved unless (i) the cost of construction pursuant to the modification exceeds the cost of <br />reconstruction according to the latest available construction plans and specifications, (ii) it affects the <br />Common Area, or (iii) it affects the square footage of, permitted use of, utility service to, easements in <br />favor of or number of Units. <br />7.1.K. - Page 66