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Page 23 of 51 <br />such forms as the Association might determine. <br />(b)All liability insurance will contain endorsements designating primary and <br />secondary coverage. <br />(c)Such other insurance coverage as it may determine to be desirable and <br />necessary, including fire and hazard insurance covering all improvements located on the <br />Common Area. <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 />72