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2. Public liabilit in such amounts and with such
coverage as s a 1 be required by the Board of ~
Directors of the Association, including but ~
not limited to hired automobile coverages,
and with cross liability endorsement to cover
liabilities of the dwelling unit owners as
a group to a dwelling unit owner.
3. Workmen's Com ensation policy to meet the re-
quirements o aw, • i number of employees come
withi.n the Worlmien's Compensation Act.
4. Such other insurance policy as the Board of
Directors o t e ssociation shall determine ~ i
from time to time to be desirable. i
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0. Premiums. °remiums upon insurance policies purchased =
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by the Association shall be paid by the Association and charged i
to the dwelling unit owner in accordance with the undivided share
in the common elements appurtenant to the dwelling unit owned by
him.
D.
Insurance Trus~ee;,,_shares of proceeds. All insurance '
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policies purchased by the Association shall benefit the Associa-
tion, and the dwelling unit owners and their mortgagees, as
their interests may appear, and shall provide tha?t all proceeds ,r.. .
covering property losses shall be payable unto the insurance
trustee. The insurance trustee shall not be liable for payment of
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premiums or for failure to collect any insurance proceeds,it being ~
the duty of the insurance trustee to receive such proceeds and ~
hold same for purposes elsewhere stated in this instrument. t
1. Common elements. Proceeds on account of damage #
to common elements: an undivided share for each ~
dwelling unit owner, suc;h share being the same ~
as the undivided share in the common elements
appurtenant to his dwelling unit.
2. Dv~rellin units. Proceeds on account of damage
o we ~.ng units shall be held in the following
~ undivided shares:
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j a. When the buildin is to be restored -
; or t e owners o ed wel ing units in
~ proportion to the cost of repairing the
~ damage suffered by each dwelling unit owner,
which cost shall be determined by the
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b. When the buildin is not to be restored -
an un iv de s are or eac dwe g unit owner,
such share being the same as the undivided share #
, in the common elements appurtenant to his ~
dwelling unit. ~
3. Mortgagee. In the event a mortgagee endorse-
ment h8s been issued as to a dwelling unit,
. the sha.re of the dwelling unit owner shall
' be held for the mortgagee and the dwelling unit ~
~ owner as their interests may appear; provided, ;
however, that no mortgagee shall have any right
to determine or participate in the determination
as to whether or not any damaged property sha.ll
be reconstructed or xepaired.
~183 ~ ~57
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