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 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Wyndham Park Declaration Page 8 paying the cost of repair of their own Unit's exterior. Disputes regarding the proper proportion of the costs of such repair and replacement to be borne by each Unit Owner shall be settled by arbitration in accordance with the provisions of these Covenants. Should any Owner of a Unit fail or refuse to undertake that Owner's responsibility with respect to the performance of repairs required pursuant to this Article, the Owner of the other unit on such Twin-Single Lot may undertake the same, and the cost thereof, together with interest at the highest rate then permitted by law, shall forthwith be due and owing by the Unit Owner failing to undertake such work or pay the cost thereof. Likewise, should any Unit Owner fail or refuse to pay that Owner's share of the costs of repair, restoration or reconstruction required to be paid by such Unit Owner pursuant to this Article, the Owner of the other Unit may undertake the same, and the cost thereof, together with interest at the highest rate then permitted by law, shall forthwith be due and owing by the Unit Owner failing to undertake or pay such costs. ARTICLE IV. UTILITIY SERVICES The Association shall arrange for the provision of utility services to the Common Areas under its control, and shall pay the costs of such services separately metered to the Association by the utility company. ARTICLE V. INSURANCE; LOSSES BONDS Section 1. Fire and Extended Coverage Insurance. The Board shall, at its sole discretion, have the authority to and shall obtain insurance for all buildings, structures, fixtures and equipment and common personal property, now or at any time hereafter constituting a part of the Common Areas or common property of the Association, against loss or damage by fire, lightning, and such other perils as are ordinarily insured against by standard coverage endorsements, with such limits and coverage as is deemed appropriate by the Board. This insurance: (a) Shall provide that no assessment may be against a first mortgage lender, or its insurer or guarantor, and that any assessment under such policy made against others may not become a lien on a Lot and its appurtenant interests superior to a first mortgage; (b) Shall be obtained from an insurance company authorized to write such insurance in the State of Ohio which has a current rating of class B/VI, or better, or, if such company has a financial rating of Class V, then such company must have a general policy holder's rating of at least A, all as determined by the then latest edition of Best's Insurance Reports, or its successor guide, or, if the insurer does not satisfy these rating requirements, that insurer is reinsured by a company that has a B/VI or better rating; (c) Shall be written in the name of the Association; (d) Shall provide that the insurance carrier shall notify all eligible holders of first mortgagees on any Lot at least ten (10) days in advance of the effective date of any reduction in or cancellation of the policy; and
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