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specifically obtain general liability insurance in the face amount of not Iess than $2,Q00,000 per <br />occunence and hazard or property insurance covering the full replacement value of any improve- <br />ments constructed on the Common Area, without deduction for depreciation and without any <br />requirement for co-insurance. Such insurance coverage shall be written in the name of the Club and <br />shall provide that proceeds thereof shall be payable to the Club. Any hazard insurance proceeds <br />received by the Club arising from losses to the easements or other areas for which the Board has <br />maintenance responsibilities shall be applied to the cost of repair, replacement and/or reconstruction <br />of those areas so damaged or destroyed, unless at least seventy-five (75%) of the Owners have given <br />their prior written consent to use of such hazard insurance proceeds for other purposes. <br />ARTICLE 7 <br />COVENANT VIOLATION AND ENFORCEMENT <br />7.1 Who Mav Enforce. The Club, Architectural Review Committee, or a Member may <br />enforce the provisions of this Declaration (subj ect to the arbitration section below) by anyproceeding <br />at lativ or in equity against any person or persons violating or attempting to violate any provision of <br />this Declaration, either to restrain violation and/or to recover damages, and by any proceeding at law <br />or in equity against any Member's Lot to enforce any lien created by this Declaration. The omission <br />or failure of the Club to enforce any term or condition of the Governing Documents shall in no event <br />be deemed a waiver of the right to do so thereafter. Violations of the Declaration may also be <br />subject to penalties and fines as provided in rules and regulations adopted by the membership. <br />7.2 Bindin�Arbitration. Regardless of the other terms of this Declaration, claims, <br />disputes or other matters in question between the tilembers and the Club which arise in connection <br />with the Declaration, except claims of the Club arisir.a �crli the nonpayment of Membership Fees, <br />Dues and other assessments, shail be resolved by me�?ia:ion or binding arbitration. All arbitration <br />or mediation shall be conducted in accordance with the rules and procedures of the American <br />Arbitration Association currently in effect unless the parties to the arbitration agree otherwise. All <br />other aspects of the arbitration shall be governed by the provisions of the Colorado Uniform <br />Arbitration Act, C.R.S. § 13-22-201, et seq. The applicable statute of limitations for any claims <br />brought pursuant to this arbitration agreement shall be the limitations period designated by Colorado <br />law for the specific cause of action or claim underlying the dispute. Demand for arbitration or other <br />binding dispute resolution shall be made in writing to the other party and shall be made within a <br />reasonable time after the claim, dispute, or other matter has arisen. In no event shall the demand for <br />arbitration be made after the date when institution of legal proceedings based upon the claim, dispute <br />or other matter in question would be barred by the applicable statute of limitations. <br />7.3 Notice of Violation. In the event of a failure or refusal to comply strictly with any <br />provision of this Declaration, a notice, sent by registered mail, return receipt requested, shall be <br />mailed by the Club or its agent to such violator setting forth the nature of the violation. Such notice <br />shall also state the action reqnired by the Member to cure the violation, the time required for such <br />action and the nature of the action contemplated by the Club if the violation is not cured by the <br />Member. Members have the right to appeal and must reply within the time limit specified in the <br />notice. Any action taken by the Club to correct such violation shall be at the cost and expense of <br />� <br />12 <br />