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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 /> 219o398.v1 <br />