HomeMy WebLinkAbout0456 _12- . ~
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meeting, unless the ~oinder of record owners is speci- ;
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fically required by this Declaration. ~ '
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ARTICI.T % .
INSURANCE
The insurance, othsr than title insurance, that shall
be carried upon the condominiwm property of the dwelling
unit owners shall be governed by the folloxing provisions:
A. Authority to,~urchaae~ named insured. All insurance
policies ugon the condominium property shall be purchased
bp the Association. The named insured shall be the Asso-
ciation individually and as agent for the dwelling unit
owners, without naming them, and as agent for their mortgagees. ;
Provision shall be ma~~ for the issuance of mortgagee
endorsements and memoranda of insurance to the mortgagees
of dwelling unit owners. Such policies shall provide
that payments by the insurer for lassee shall be made to
the Insurance Trustee for the benefit of the beneficial
dwelling unit owners, and all policies and their endorse-
ment shall be deposited with the Insurance Trustee, and
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with the mortgagee if required by the mortgagee._ The
dKelling unit owners may obtain coverage at their own
exgense ugon their personal proper~y and for their persona~
liability and living expense.
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B. Covera~e.
; 1. Casualt . Al1 buildings and improvements _
upon t e land shall be insured in an amount
equal to the maximum insurable replacement
~Yu , o~ ~d excavation
costs, and all ersonal propert include ~
in the commnon elements shall be~insured for
its value, all as determined anauallp by the ~
Board of Directors of the Association. Such
cov~rage shall afford protection against:
a. Loss or dama e by fire and other hazards
covered y a standard extended coverage
endorsement, and
b. such other i k as from time ta time shall
e~customar y covered ~rith respect to
buildings sinailar in constructfon, location
and use as the building on the land, in-
cluding but not limited to vandalism,
malicious mischief, xindstorm and water
damage.
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