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HomeMy WebLinkAbout0775 i ~ not be liable to apartment owners for injury or damage, other than the cost of maintenance and repair, caused by any latent condition of the property to be maintained and repaired by the Association, or caused by the elements or other owners c~1 ~cl Sui15 . 9.4 Restraint u on assi runent of shares and assets. The share of a member in t e un s and assets o t e Association cannot and shall not be assigned, hypothecated or transferred in any manner except as an appurtenance to his apartment unit. ~ i I 9.5 A roval or disa roval of matters. Whenever the decision o an apartment owner is require upon any matter, whether or not the subject of an Association meeting, such decision shall b~ expressed by the same person who would cast the vote of such owner if in an Association meeting, unless the joinder of record owners is specifically required by this Declaration. 10. The insurance other than title insurance that shall be carried upon the Condominium property and the property of the apartment owners shall be governed by tlhe following provisions: 10.1 Authorit to urchase; named insured. All insurance policies upon e Con ominium property s a e purchased by the Association. The named insured shall be the Association individually and as agent for the apartment unit owners, with- { out naming them, and as agent for tt~eir mortgagees. Provisions shall be made for the issuance of the mortgagee endorsements ar_d memoranc~a of insurance to the mortgagees of apartment owners. Such policies shall provide that payments by the in- surer for losses shall be made to the insurance trustee desig- nated below, and all policies and their endorsements shall be deposited with the insurance trustee. Unit owners may obtain coverage at their own expense upon their personal property and for their personal iiability and living expense. - 10.2 Goverage. ~ (a) Casualty. All buildings and improvements ~ upon the Condominium property shall be insured in an i i amount equal to the insurable replacement value, ex- ~ cluding foundation and excavation costs, and all personal ; property included in th~ common elements shall be insured ; for its value, all as shall be determined annually by the € Board of Directors of the Association. All such coverage, c including the amount thereof and the insurance company issuing ~ same, shall be subject to the approval of the institutional ~ mortgagee holding the greatest dollar amount of first mort- gages against apartments in the Condominium. Coverage shall afford protection against: ; (1) Loss or damage b}• fire and other hazards ~ ~ covered by a standard extended coverage endorsement, ~ and ~ ~ (2) Such other risks as from time to time shall ~ be customarily covered with respect to buildings ~ similar in construction, location and use as the buildings on the land, including but not limited to ~ vandalism and malicious mischief. ~ ~ x, (b) Public liability in such amounts and with such ~ coverage as shall be required by the Board of Directors of the • ~ Association, including but not limi~ed to hired automobile ~ and non-owned automobile coverage, and with cross liability ~ ~y endorsements to cover liabilities of the apartment owners as ~ a group to an apartment owner. ~ ~ -7 ~ eoox 1~~ w~Gf LAW OFFICES OF GOLDST[IN. FRANKLIN. CNONIN R SGHqANK. P. A.. 2020 NORTHEAST 163reo STREET. NORTH MIAMt 6EACH, FLORIDA 33182 . - .T- . . . . , , ~