8F Consent 2011 0502 - Laserfiche WebLink

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10.3 Appointment of a Trustee. All insurance proceeds payable to the Association under Section 10.2 of this Declaration for losses to real property and improvements, subject to the rights of Mortgagees under Section 10.7 of this Declaration, may, at the direction of the Association. be paid to a trustee. to be held and expended for the benefit of the Owners. Mortgagees. and others, as their respective interests shall appear. The trustee may be the Association or a commercial bank or other financial institution with trust powers in the County of Alameda, that agrees in writing to accept such trust. 10.4 Owner's Insurance. (a) Except as provided in this Section 10.4, no Owner shall separately insure his or her Unit against loss by fire or other casualty covered by any insurance carried under Section 10.2 of this Declaration. (b) An Owner may carry whatever personal liability and pro esi damage liability ium insurance with respect to his or her Condomin he or she desiiesN lowever. any such policy shall include a waiver of subrogation clause acceptable to the.Board and to any Institutional First Mortgagees, if such a waiver is customarily tomarily obtainable. 10.5 Workers' Compensatid Other \ Association Insurance. \v\ (a) The Association shall purchase nd \nworke \ compensation insurance, to the extent that it is required yaw, for a \ \e \ mpl - oy or uninsu co ntractors of the Association. �� \ \v / /^ (b) The Association shall purchase and maintain insurance on personal property owned by the Association a`nd may obtain -and main \ , any other insurance that it deems necessa \\ v 10.6 Adjustment oflosses. The Association is authorized to negotiate and agree on the val\e�and extent of loss under any policy carried pursuant to the provisions of this Articled0:The Association is granted full right and authority to compromise and settle any claim or enforce any�claim by legal action or otherwise and to execute releases in favor of any insurer. These provisions shall not apply to policies carried by an Owner pursuant to Section 10:4,df this Declaration. 10.7 Distribution to Mortgagees. Subject to Section 11.6 of this Declaration, any Mortgagee, pursuant to an agreement with its mortgagor, may apply insurance proceeds payable on account of a Condominium to reduce its Mortgagor's obligation under the Mortgage secured by the Condominium. 10.8 Director and Officer Liability Insurance. To the extent such insurance is available at reasonable cost. the Association shall purchase and maintain insurance on behalf of any director, officer, or member of a committee of the Association (collectively, the "agents") against any liability asserted against or incurred by the agent in such