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<br /> i1 (c) Exclusive authority to adjust losses under poli-
<br /> v cies in force on the Property obtained by the Association shall
<br /> O be vested in the Association's Board of Directors; provided,
<br /> however, that no mortgagee having an interest in such losses
<br /> may be prohibited from participating in the settlement nego-
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<br /> cn tiations, if any, related thereto.
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<br /> rg (d) In no event shall the insurance coverage obtained
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<br /> and maintained by the Association's Board of Directors hereun-
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<br /> a der be brought into contribution with insurance purchased by •
<br /> 1 individual Owners, occupants, or their mortgagees.
<br /> N (e) The Association's Board of Directors shall con-
<br /> duct at least once every two (2) years an insurance review N
<br /> which shall include a replacement cost appraisal, without re- t
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<br /> spect to depreciation, of all insurable improvements on the ,—, y
<br /> Common Area by one or more qualified persons, at least one of i, 1
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<br /> whom must be in the real estate industry and familiar with 1'
<br /> construction in the San Mateo County, California, area.
<br /> (f) The Association's Board of Directors shall be t
<br /> required to make every reasonable effort to secure insurance
<br /> policies that will provide for the following:
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<br /> (i) A waiver of subrogation by the insurer as to
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<br /> any claims against the Association's Board of Directors, its •
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<br /> k' ,',; Manager, the Owners, and their respective tenants, servants,
<br /> tr s: agents, and guests; 1
<br /> 4,,,':- (ii) A waiver by the insurer of its rights to
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<br /> '� repair, and reconstruct, instead of
<br /> ,°>- P paying cash;
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