AgdaPkt 2011-09-12 - Laserfiche WebLink

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6. 1. F. - Page 62 thirds (2/3) of all Mortgagees of First Mortgages (based on one vote for each Condominium encumbered) have given their prior written approval, neither the Association nor the Owners shall be entitled: (a) By act or omission, to seek to abandon or terminate the Development; (b) To change the Percentage Share(s) or obligations of any Condominium for purposes of levying Assessments or charges or allocating distributions of hazard insurance proceeds or condemnation awards or for determining the pro rata share of ownership of each Condominium in the Building Common Area; (c) To partition or subdivide any Condominium; (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 Leeal 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 INSURANCE, DAMAGE OR CONDEMNATION Section 9.1 Fire and Casualty 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 (Le., 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. 52 CCRS -One Marina. doex