04 - Staff Report - Conditional Use Permit Wilderness Resort Villas

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insurance coverage shall, if the Association has elected to obtain such blanket casualty insurance, be written in the name of, and the proceeds thereof shall be payable to,the Association as trustee for the Owners, and mortgagees of record. Nothing herein contained shall be construed to preclude an Owner from maintaining property insurance on his or her Unit, provided such insurance shall not be brought into contribution with any insurance maintained by the Association. Section 4. Maintenance of Insurance By Owners of Units. In the event the Association shall not maintain the master policy of casualty insurance referred to in Section 3 above, each Owner of any Lot, by his or her acceptance of a deed therefor, whether or not it shall be expressed in any such deed or other conveyance, covenants to carry, maintain and timely pay the premium or premiums on the Policy of fire and extended coverage insurance, with the coverages included in the standard "all risk" endorsement. Such insurance shall cover at a minimum the still insurable replacement cost of the Unit located on such Lot, shall be in a form satisfactory Association and, as applicable, F.N.M.A. or F.H.L.M.C., or any governmental or private-lurch insurer or guarantor of any mortgage in Wilderness Resort Villas, shall provide d at such p may not be canceled or substantially modified by any party without at least thirty (30) days r Written notice to the Association. Each Owner shall fiunish the Associ satisftory evidence of the maintenance of such insurance. The Association may, but shall nofi* iquired to, make payments of casualty insurance premiums on behalf of any Owner';who defame in his or her obligation to make such payments any amount so paid by the Assoc shall be`immediately due and payable by such Owner and may be included in the townhouse exterior maintenance assessment against such Owner's Lot. Section 5. Replacement*'Repair„ Com Area. In the event of damage to or destruction of any part of the Common Area, the Associa6w,giall repair or replace the same and may make a reconstruction assessment against alb Owners toe cover the cost of such repair or replacement (or, if the Association has m ` col `' "n of casualty insurance, as herein described,the additional cost of such repair and poplacement . cored by the proceeds of such insurance). Any assessment under this Section S mill be in ad*ion to any other assessments made against such Owners. First Mortgagees shall recei4notice fr the Association in the event of any damage or destruction to Common Areas in excess of$10,000.00. Any reconstruction assessment adopted hereunder shall be adopted in accordance with the procedures set forth in Article V of this Declaration with respect to annual assessments and special assessments, as therein provided, and the lien of any reconstruction assessment levied hereunder shall be subordinate to the lien of any First Mortgage, in the same manner and to the same extent as the subordination of annual assessments and special assessments, as provided in Article V, Section 9, of this Declaration. Section 6. Repair or Replacement of Unit: Association as Insurance Trustee. In the event that any Unit or Units are destroyed or damaged by causes covered by the insurance referred to in Section 3 and 4 above, and in the event the Association has elected, pursuant to Section 3 above to maintain the policy of blanket casualty insurance therein described, all proceeds of such insurance coverage shall be payable to the Association as insurance trustee for the Owner or Owners of said Unit or Units and the First Mortgagee or First Mortgagees of record of said Unit or Units. Said insurance proceeds shall be applied and administered as follows: 14