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- 22 - <br /> <br />condition. Such policy shall provide that it may not be <br />cancelled or substantially modified without at least <br />ten (10) days prior written notice to the Association. <br /> <br />Adequate fideltiy coverage against dishonest acts by the <br />Association's officers, directors, trustees and <br />employees, and all others who are responsible for <br />handling funds of the Association. Such fidelity bonds <br />shall name the Association as an obligee and shall ,be <br />written in an amount acceptable to the Association, <br />including reserves, unless a greater amount is required <br />by FNMA. Such fidelity bonds shall contain waivers of <br />any defense based on the exclusion of persons who serve <br />without compensation from any definition of "employee" <br />or similar expressions. <br /> <br />Such other insurance as the Board of Directors may deem <br />necessary or desirable. <br /> <br /> Section 7.2 Premiums a Common Expense. Ail insurance <br />premiums required to be paid pursuant to this Article VII shall <br /> <br />be a Common Expense, and shall be assessed uniformly among the <br /> <br />House· <br /> <br />Section 7.3 Insurance Trusutee/Reconstruction. In the event <br /> <br />that any part of the Property is destroyed or damaged by causes <br /> <br />covered by the insurance referred to above, all proceeds of said <br /> <br />insurance coverage shall be payable to the Association as <br /> <br />Insurance Trustee on behalf of the Owners. Said insurance <br /> <br />proceeds shall be applied and administered as follows: <br /> <br />Such insurance proceeds paid to the Association shall <br />promptly be deposited in escrow with a reputable title <br />insurance company, authorized to do business in the <br />State of Minnesota and selected by the Trustee, and held <br />in escrow for restoration of the Property; provided, <br />however, that in the event that the cost of repairs or <br />reconstruction is less than $10,000, the Association <br />may, at its discretion, deposit all monies received in <br />its own accounts and undertake the responsibilities of <br />the title insurance company or other escrow agent. <br /> <br />The Association shall, as promptly as practicable aYter <br />the insurance proceeds are received and deposited with <br />the title insurance company, enter into a contract with <br />a qualified builder providing for the reconstruction of <br /> <br /> <br />