Common use of Insurance and Condemnation Clause in Contracts

Insurance and Condemnation. (A) FCI (1) shall use its best efforts, in the case of Developments where FCI or any subsidiary of FCI maintains primary or substantial responsibility for management, administration or other services of a similar nature, and (2) shall do or cause to be done all things which it may accomplish with a reasonable amount of cost or effort, in the case of Developments where FCI or any Subsidiary of FCI does not maintain primary or substantial responsibility for management, administration or other services of a similar nature, to cause each of the POA's for each Development, to (A) maintain one or more policies of "all-risk" property and general liability insurance with financially sound and reputable insurers providing coverage in scope and amount which (x) satisfies the requirements of the Declarations (or any similar charter document) governing the POA for the maintenance of such insurance policies, and (y) is at least consistent with the scope and amount of such insurance coverage obtained by prudent POAs and/or management of other similar developments in the same jurisdiction; and (B) apply the proceeds of any such insurance policies in the manner specified in the relevant Declarations (or any similar charter document) governing the POA and/or any similar charter documents of such POA (which exercise of best efforts shall include voting as a member of the POA or as a proxy or attorney-in-fact for a member). For the avoidance of doubt, the parties acknowledge that the ultimate discretion and control relating to the maintenance of any such insurance policies is vested in the POA in accordance with the respective Declaration (or any similar charter document) relating to each VOI Regime.

Insurance and Condemnation. (A) FCI (1) shall use its best efforts, in the case of Developments where FCI or any subsidiary of FCI maintains primary or substantial responsibility for management, administration or other services of a similar nature, and (2) shall do or cause to be done all things which it may accomplish with a reasonable amount of cost or effort, in the case of Developments where FCI or any Subsidiary of FCI does not maintain primary or substantial responsibility for management, administration or other services of a similar nature, to cause each of the POA's for each Development, to (A) maintain one or more policies of "all-risk" property and general liability insurance with financially sound and reputable insurers providing coverage in scope and amount which (x) satisfies the requirements of the Declarations (or any similar charter document) governing the POA for the maintenance of such insurance policies, and (y) is at least consistent with the scope and amount of such insurance coverage obtained by prudent POAs and/or management of other similar developments (including, without limitation, timeshare developments) in the same jurisdiction; and (B) apply the proceeds of any such insurance policies in the manner specified in the relevant Declarations (or any similar charter document) governing the POA and/or any similar charter documents of such POA (which exercise of best efforts shall include voting as a member of the POA or as a proxy or attorney-in-fact for a member). For the avoidance of doubt, the parties acknowledge that the ultimate discretion and control relating to the maintenance of any such insurance policies is vested in the POA in accordance with the respective Declaration (or any similar charter document) relating to each VOI Regime.

Insurance and Condemnation. (i) The Borrower shall, and shall cause FCI (A) FCI (1) shall use its best efforts, in the case of Developments where FCI or any subsidiary Subsidiary of FCI maintains primary or substantial responsibility for management, administration or other services of a similar nature, use its best efforts, and (2B) shall do or cause to be done all things which it may accomplish with a reasonable amount of cost or effort, in the case of Developments where FCI or any Subsidiary of FCI does not maintain primary or substantial responsibility for management, administration or other services of a similar nature, to cause each of the POA's POAs for each Development, do or cause to be done all things which it may accomplish with a reasonable amount of cost or effort, to (A1) maintain one or more policies of "all-risk" property and general liability insurance with financially sound and reputable insurers insurers, providing coverage in scope and amount which (x) satisfies the requirements of the Declarations (or any similar charter document) governing the POA for the maintenance of such insurance policies, and (y) is at least consistent with the scope and amount of such insurance coverage obtained by prudent POAs and/or management of other similar developments (including, without limitation, time share developments) in the same jurisdiction; and (B2) apply the proceeds of any such insurance policies in the manner specified in the relevant Declarations (or any similar charter document) governing the POA and/or any similar charter documents of such POA (which exercise of best efforts shall include include, in any case, voting as a member of the POA or as a proxy or attorney-in-fact for a memberthe Nominee). For the avoidance of doubt, the parties hereto acknowledge that the ultimate discretion and control relating to the maintenance of any such insurance policies is vested in the POA POAs in accordance with the respective Declaration (or any similar charter document) relating to each VOI Regime.