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- 21 - <br /> <br />expressly declared that the foregoing Sections of this Article <br /> <br />shall not in any way interfere with, abrogate, or affect the <br /> <br />power of the local governmental authority to levy and collect <br /> <br />taxes and special assessments. <br /> <br />ARTICLE ¥II <br /> <br />CO~NANTS FOR INSIJRANCE[RECONSTR[JCTION <br /> <br />Section 7.1 Maintenance of Insurance. The Association shall <br /> <br />maintain insurance covering the Property as follows: <br /> <br />A policy of property insurance equal to the full <br />replacement value (i.e., 100% of current "replacement <br />cost" excluding land, footings, excavation, and other <br />items normally excluded from coverage) of the Common <br />Property (including all service equipment and the like) <br />with an Agreed Amount Endorsement and an Inflation Guard <br />Endorsement, or equivalents, if available, and, if <br />applicable and specifically required by the Federal <br />National Mortgage Association ("FNMA"), Demolition and <br />Contingent Liability from Operation of Building Laws <br />Endorsements, an Increased Cost of Construction <br />Endorsement, an Earthquake Damage Endorsement, and such <br />other endorsements as are required. Such insurance <br />shall protect, at a minimum, against loss or damage by <br />fire and other hazards covered by the standard extended <br />coverage endorsement, and by sprinkler leakage, debris <br />removal, cost of demolition, vandalism, malicious <br />mischief, windstorm, and water damage; and such other <br />risks customarily covered in similar projects. Such <br />policy shall be issued by a reputable insurance company <br />authorized to do business in the State of Minnesota and <br />shall be issued in the name of the Association as <br />trustee for the Owners and First Mortgagees as their <br />interest may appear. <br /> <br />A comprehensive policy of public liability insurance <br />covering all of the Property insuring the Association <br />with limits acceptable to the Association covering all <br />claims for personal injury and/or property damage <br />arising out of a single occurrence such coverage to <br />include protection against water damage liability, <br />liability for non-owned and hired automobile, liability <br />for property of others, and, if applicable, garage- <br />keeper's liability, host liquor liability, and such <br />other risks as are customarily covered in similar <br />projects or as may be required by FNMA as a financing <br /> <br /> <br />