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material or substantial change is~contemplated, the approva l
of all Institutional-Mortgagees shall also be required. ~
8. -Ass_,ociation's Powers to Compromise.Claim. The
Association is hereby irrevocably appointed agent for each -
Dwelling Unit Owner for the purpose. of compromising and
settling claims. arising under insurance policies purchased
by the Association and to execute and deliver releases there-
for upon the payment of claims. - - -
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_ C. Workmen's Compensation col i cy. To-meet the require-; .
ments of law. -
D. Miiscellaneous Lnsurarce. ~ ~ - _
1. Such other insurance as .the Board of Cf~ectors -
of the Associatfion-shall determine from time to time to be
-desirable including but not limited to flood insurance.
- 2.Each individual Dwelling Unit Owner shall be
responsible-for purchasing, at his own expense, liability
- insurance to cover-accidents occurring within-his own Dwelling
-knit (which encompasses the entire area to Nhich he has fee - _
simple title)-and for purchasing insurance -upon his own pro--
perty. - - -
3. If avai 1 able, .and where_ applicable, tFtie Asso- -
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ciation shal-1 endeavor to obtain policies-which provide that
the insurer waives its right of subrogation as to any claims -
I
E against 0we11ing Unit Owners, the association, their respective _
servants, agents and°guests, and. the oyner of .the Common Area.
E. Each Dwelling Unit Owner will be assessed annually _
.for the insurance obtained by the Association The assessment
-for insurance shall be due and payable when billed,-which -shat l
be sixty (60)-days prior to the expiration date of the policy.
Assessments artd installments on-such assessments-paid on or
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before thirty (30; says after the date when due shall not bear
interest, but all sums not paid on or before -thirty.(30j days
after the~date ahen due shall-bear interest at the rate of ten
~(10~) percent annum-from the date when due until paid. All -
paymen$s upon account shall be. first applied to interest and
then to the assessment payment.first due. The Association
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