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HomeMy WebLinkAbout1331 19. BNFORCEMSNP OF_MAIIdTSNANCB. In the event the owner of a unit fails to maintain it as required above, the Asaociation or any other unit owner shall have the right to pcoceed in a court ot equity to seek canpliance with the foregoing provisions; or the Aasociation shall have the right to assess the unit owner and the unit for the necessary sums to put the improvement within the unit in good oondition. After such assaesment,the Association shall have the right for it employ- ees or agents to enter the unit and do:.the necessary work to enforce com- pliance with the above provision. ~ 20. IT~SURANCB. The insurance other than title insurance that shall be carried upon the condominium property of the apartment owners shall be governed by the following provisions: 20.1 AUTHORITY TO PURCBASB: NA1~~D INSURED. All insurance policies upon the condominium property ahall be purchased by the Associ- ation. The named insured shall be the Association individually and as agent for the apartment owners, without naming them, and as agent for their mortgagees. Provision shall be made for the issuance of mortgagee endorsements and memoranda of inaurance to the mortgagees of apartment owners. Such policies shall provide that payments by the insurer for losses shall be made to the insurance trustee designated below, and all policies and their endorsements shall be deposited with the insurance trustee. Apartment owners may obtain coverage at their own expense upon their personal property and for their personal liability and living expense. ~ 20. 2 CO~VSRAGE . (1) CASUALZR. All buildings and improvements upon the land shall be insured in an amount equal to the maximum insurable replacement value, excluding foundatinn and excavation costs, and all personal property included in the common elements shall be insured for its value, all as determined annually by the Board of Directors of the Associ- ation. Such coverage shall afford protection against: " a. Loss or damage by fire and other hazards covered by a standard extended coverage endorsement, and ~ b. Such other risks as from time to time shall be customarily covered with r espect to buildings similar in construction, ` location and use ss the build ings on the land, including but not limited ~ to vandalism and malicious mischief. i ; (2) PUBLIC LUBILTIR. In such amounts and w3th such ~ coverage as shall be required by the Board of Directors as the Association, ~ including but not limited to hired automobile and non-owned sutamobile coverages, and with cross liability eadorsement to cover liabilities of ~ ~ the apartment oWners as a group to an apartment awner. - ~ (3) WORI~N'S C~ENSATION policy to meet the require- ~ ments of law. ~ ~ (4) SUCH O~EiER INSURANCB as the Board of Directors ~ of the Association shall determine fram time to time to be desirable. r ~ ~ 20.3 PREMIUMS. Premiums upon insurance policies purchased ` by the Association ahall be paid by the Association as a common expense. ; 20.4 INSURANCE TRUSTEB; SHARES OF PROCEEDS: All insurance ~ 3 policies purchased by the Association shall be for the benefit of the # Association and the apartment owners and their mortgagees as their ~j sa f ~ ~ t'A3` Page seven ~ 3, f ~ ~ . _ _ j ~ ~ . a~182 ~~1329 ~ ~ . . ~ ~ ~ _ ~ - : _w _ _ W _ _ . ~ : _ . . . z