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31 <br /> necessary, including fire and hazard insurance covering all improvements located on the <br /> Recreation Space. <br /> Section 9.2. Premiums. Premiums for insurance policies purchased by the <br /> Association will be paid by the Association and charged ratably to Owners as an assessment <br /> according to the applicable provisions of this Declaration. <br /> Section 9.3. Insurance Beneficiaries. All such insurance policies will be purchased <br /> by the Association for the benefit of the Association and the Owners. <br /> Section 9.4. Insurance to be Maintained by the Owners. Every Owner will <br /> maintain in full force and effect at all times fire and hazard insurance in an amount equal to the <br /> full insurable value of his improvements except that the amount will not be required to exceed <br /> the replacement cost of the improvements. An Owner will exhibit to the Board, upon request, <br /> evidence that such insurance is in effect. If any Owner fails to maintain such insurance, the <br /> Board is authorized to obtain such insurance in the name of the Owner from an insurer selected <br /> by the Board, and the cost of such insurance will be included in the annual assessment of the <br /> Owner and will constitute a lien against his Lot until paid as a result of enforcement by the <br /> Association or otherwise. <br /> ARTICLE X <br /> RIGHTS OF INSTITUTIONAL LENDERS <br /> Section 10.1. Rights Reserved to Institutional Lenders. "Institutional Lender" or <br /> "Institutional Lenders", as the terms are used herein, will mean and refer to banks, savings and <br /> loan associations, savings banks, insurance companies, Veterans Administration, Federal <br /> Housing Authority, Federal National Mortgage Association, and other reputable mortgage <br /> lenders and guarantors and insurers of such first mortgages. So long as any Institutional Lender <br /> Page 21 of 50 <br />