Payment of Insurance Proceeds. With respect to any loss to the Common Area covered by property insurance obtained by the Association in accordance with this Article, the loss shall be adjusted with the Association and the insurance proceeds shall be payable to the Association and not to any mortgagee. Subject to the provisions of Section 10.7 of this Article, the proceeds shall be disbursed for the repair or restoration of the damage to Common Area.
Appears in 4 contracts
Samples: Declaration of Covenants, Conditions and Restrictions, Declaration of Covenants, Conditions and Restrictions, Declaration of Covenants, Conditions and Restrictions
