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covering dishonest acts by those Persons having control or custody of the Master Association's <br />funds. <br />10.4 Master Association as Trustee/Premiums. All insurance coverage obtained by the <br />Master Board shall be written in the name of the Master Association as trustee for the Owners or <br />Neighborhood Associations, as applicable. The premiums for the insurance shall be a Master <br />Common Expense. The Master Board shall have exclusive authority to negotiate, settle and <br />adjust claims under all policies obtained by the Master Association. <br />10.5 Policy Requirements. Insofar as permitted by law, the Master Association shall <br />be required to make every effort to secure insurance policies with the following provisions and <br />endorsements, if reasonably available: <br />10.5.1 Policies shall be written with a reputable insurance company licensed to <br />do business in the State of Minnesota. <br />10.5.2 Policies shall contain a waiver by the insurer of its right to cancel without <br />first giving thirty (30) days' prior written notice of such cancellation to the Master <br />Association. <br />10.5.3 No policy or coverage shall be brought into contribution with insurance <br />purchased by Owners, or Neighborhood Associations, and all policies shall contain <br />appropriate provisions to that effect. <br />10.5.4 Policies shall contain a waiver of subrogation by the insurer as to any <br />claims against the Master Association or Neighborhood Associations, and their directors <br />and officers, the Owners, and the Master Association's manager, if any. <br />10.5.5 Policies shall contain a provision that no policy may be canceled, <br />invalidated, or suspended on account of the conduct of one or more of the Owners or <br />Neighborhood Associations, or on account of the acts of any director, officer, employee, <br />or agent of the Master Association or of its manager, without prior demand in writing <br />delivered to the Master Association to cure the defect and the allowance of a reasonable <br />time thereafter within which to cure the defect. <br />10.5.6 Liability insurance shall contain cross -liability endorsements to cover <br />liability of the Master Association to an Owner and shall also name the Master Developer <br />as an additional insured for so long as the Master Developer owns any part of the <br />Property or has the right to subject Additional Property to this Master Declaration. <br />10.6 Damage or Destruction to Improvements. In the event of a casualty on or to any <br />portion of the Property, all repair and reconstruction of the damaged improvements shall be <br />commenced promptly following the casualty and shall be carried through diligently to <br />conclusion. The Master Association shall be responsible for the repair and reconstruction of <br />Master Common Element improvements. The repair and reconstruction of the Units, Dwellings, <br />or other Improvements located on Neighborhood Property shall promptly be undertaken by the <br />Owners and/or the Neighborhood Associations in accordance with the requirements and <br />procedures contained in the applicable Neighborhood Governing Documents. Each such Person <br />shall have easements over, under and across the Property, as the case may be, to the extent <br />29 <br />2190398.v1 <br />