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Notwithstanding any provision herein, no Lot shall be <br />exempt from ~aid assessments, charges or liens. <br /> <br /> Section 6,12 Assessments by Municipal Government. It is <br />expressly declared that the Foregoing Sections of this <br />Article shall not in any way Interfere with, abrogate, or <br />affect the power of the local governmental authority to <br />levy and collect taxes and special assessments. <br /> <br />ARTICLE VII <br /> <br />COVENANTS FOR INSURANCE/RECONSTRUCTION <br /> <br /> Section 7.1 Maintenance of Insurance. The Association <br />shall maintain insurance covering the Property as follows: <br /> <br /> a. A policy of property insurance equal to the <br />full replacement value (i.e., 100~ of current <br />"replacement cost" excluding land, footings, <br />excavation, and other Items normally excluded From <br />coverage) of the Property (including all service <br />equipment and the like) with an Agreed Amount <br />Endorsement and an inflation Guard Endorsement, or <br />equivalents, tf available, and, if applicable and <br />specifically required by the Federal National Mortgage <br />Association ("FNMA"), Demolition and Contingent <br />Liability from Operation of Building Laws Endorsements, <br />an Increased Cost of Construction Endorsement, an <br />Earthquake Damage Endorsement, and such other <br />endorsements as are required. Such insurance shall <br />protect, at a minimum, against loss or damage by fire <br />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 I~?rtgagees as their <br />interest may be appear. , <br /> <br /> b. A'comprehensive policy of public liability <br />insurance covering ali of the Property insuring the <br />Association with limits acceptable to the Association <br />covering all claims for personal injury and/or property <br />damage arising out of a single occurrence such coverage <br />to include protection against water damage liability, <br />liability For non-owned and hired automobile, liability <br />for property of others, and, if applicable, <br />garage-keeper's liability, host liquor liability, and <br />such other risks as are customarily covered in similar <br />projects or as may be required by FNMA as a financing <br />condition. Such policy shall provide that it may not be <br /> <br />NorthFork page 14 oF 25 <br /> <br /> <br />