Instrument #2022025031 #60 Book:8196 Page:4831
shall cause such portions of the Common Area to be repaired and reconstructed substantially as previously existed prior to such damage or destruction.
Section 16.02. Insufficient Insurance Proceeds. If the insurance proceeds are not sufficient to effect total restoration of the Common Area, then the Association shall cause such portions of the Common Area to be repaired and reconstructed substantially as they previously existed and the difference between the insurance proceeds and the actual cost shall be levied as a Special Assessment against each ofthe Owners in accordance with the provisions ofArticle VI ofthis Declaration. Section 16.03. Negligence or Willful Misconduct. Each Owner shall be liable to the Association for the cost to repair any damage to the Common Area not fully covered by collected insurance which may be sustained by reason ofthe negligence, willful misconduct or wrongdoing ofany Owner or that Owner's tenants, subtenants, occupants, licensees, guests or invitees. In addition, the Association shall have the right to charge any Owner for the increase, if any,in any insurance premiums attributable to damage caused by such Owner or that Owner's tenants, subtenants, occupants, licensees, guests or invitees. Notwithstanding the foregoing, at the discretion of the Association, the Association shall have the right to collect from the applicable Owner the full amount ofthe cost to repair any damage which may be sustained by reason ofthe negligence, willful misconduct or wrongdoing ofany Owner or that Owner's tenants, subtenants, occupants, licensees, guests or invitees. The sums due from an Owner hereunder shall be an Individual Assessment against the Owner and that Owner's Lot and may be collected as provided elsewhere in this Declaration for the collection ofIndividual Assessments.
ARTICLE XVII
MORTGAGEE PROTECTION
Section 17.01. Records and Notices. The Association shall make available to all Owners and to all Mortgagees and guarantors of any Mortgages, for inspection, upon request, during normal business hours or as set forth in the Rules, current copies ofthe Governing Documents and the books and records of the Association (including the Budget). All Mortgagees and guarantors of any Mortgages shall be entitled, upon prior written request, which request shall state the name and address ofsuch holder,insurer, or guarantor, and to identify with particularity the encumbered Lot: (i) to receive a copy of the Association's financial statement for the immediately preceding Fiscal Year;(ii) to receive notice from the Association ofan alleged default by any Owner in the performance ofsuch Owner's obligations under the Governing Documents, which default is not cured within thirty(30)days after the Association learns ofsuch default and to the extent that the Mortgagee,insurer and/or guarantor has an interest, by virtue of the Mortgage, in the Lot owned by the defaulting Owner; and (iii) to receive notice of any substantial condemnation loss or any casualty loss which affects a material portion ofthe Property or which affects the Lot(s)on which there is a Mortgage held,insured,or guaranteed by such Mortgagee.
Section 17.02. Adverse Events.
(a) Any Mortgagee, insurer or guarantor of a Mortgage shall have, if first requested in writing, which request shall state the name and address ofsuch holder, insurer, or guarantor, and to identify with particularity the encumbered Lot,to timely written notice of(i)any condemnation or casualty loss affecting a material portion of the Common Area,(ii) a sixty(60)day delinquency in the payment ofthe Assessments on a mortgaged Lot in which said holder,insurer or guarantor has an interest, and (iii)the occurrence ofa lapse, cancellation or material modification ofany insurance policy or fidelity bond maintained by the Association.
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58771933;7
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