3000 41ST ST WHOLE SITE DOCUMENTS 2026-01-15

(c) providing that the policy may not be cancelled, invalidated, suspended or subjected to non -renewal on account'of any one or more individual Owners; (d) providing that the policy may not be cancelled, invalidated, suspended or subjected to non -renewal on account of any curable defect or violation without prior written demand to the Association to cure the defect or violation and allowance of a reasonable time to cure; (e) excluding individual Owner policies from consideration under any other insurance clause; and (f) providing that the Association will be given at least thirty (30) days' prior written notice of any cancellation, substantial modification or non -renewal. The Association also shall obtain, as a Common Expense, a fidelity bond or bonds, if generally available at reasonable cost, covering all persons responsible for handling Association funds. The amount of fidelity coverage shall be determined by the Board but, if reasonably available, may not be less than one-fourth (1/4) of the annual Base Assessments on all Lots plus reserves on hand. Bonds shall contain a waiver of all defenses based upon the exclusion of Persons serving without compensation and shall require at least thirty (30) days' prior written notice to the Association of any cancellation, substantial modification or non -renewal. The Board shall also obtain liability insurance- coverage for directors and officers in the amount of at least Two Million Dollars ($2,000,000), if reasonably available, insuring the Association and its officers, directors and committee members (former, present and future) from liability for any actions or decisions for which the Association would have the duty to indemnify them under Section 4.7. The Board shall also obtain, as -a Common Expense, worker's compensation and employer's liability insurance if and to the extent required by law, and such other insurance as it deems necessary or advisable, including flood insurance. 6.2 Dama-ge and Destruction. 6.2.1 Immediately after damage or destruction by fire or other casualty to all or any part of the Property covered by insurance written in the name of the Association, the Board or its agent shall file all claims arising under such insurance and obtain reliable and detailed estimates of the cost of repair or reconstruction of the damaged or destroyed property. Repair or reconstruction, as used in this Section, means repairing or restoring the property to substantially the condition existing prior to the damage, with any changes needed to comply with applicable building codes. 14 DECLARATION OF SIMPSON F:\MBS\Polygon\Simpson ProjecflDec CCRs cln4.docx 4/13/2015 Qjf) #214264.013