Agenda - 06-11-1985 - Laserfiche WebLink

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per occurrence and shall include an endorsement to cover liability of the Owners as a group to a single Owner. There shall also be obtained such other insur- ance coverage as the Association shall determine from time to time to be desirable and necessary. (b) Premiums. Premiums for insurance policies purchased by the Association shall be paid by the Association and charged to the Owners as an assessment according to the provisions of Article V above; provi- ded that premiums on account of hazard insurance coverage for individual Lots shall be apportioned to the individual Owners according to the amounts of the coverage required. Section Two. Fidelity Insurance or Bond. All persons responsible for or authorized to expend funds or otherwise deal in the assets of the Association or those held in trust shall first be bonded by a fidelity insurer. to indemnify the Associa- tion for any loss or default in the performance of their duties in an amount equal to six (6) months' assessments plus reserves accumulated. ARTICLE VIII USE RESTRICTIONS Section One Rules and Regulations. The Board of Directors of the Association shall have the power to formulate, publish and enforce reasonable rules and regulations concerning the use and enjoyment of the Common Area Such rules and regula- tions may provide for imposition of fines or penalties for the violation thereof, or for the violation of any of the covenants and conditions contained in this Declaration. Section Two Use of Properties. No portion of the Properties (except for temporary office of the Declarant) shall be used except for residential purposes and for purposes inciden- tal or accessory thereto. Section Three. Quiet Enjoyment. No obnoxious or offensive activity shall be carried on upon the Properties, nor shall anything be done which may be or may become a nuisance or annoyance to the neighborhood. -11-