HomeMy WebLinkAbout0776 (c) Workmen's compensation insurance to meet the
requirements of law.
(d) Insurance on the Recreation Area pursuant to the
provisions of e Ninety-Nine Year Lease Agr~ement.
(e) Such other insurance that the Board of Directors
of the Association shall determine from time to time to be
desirable.
10.3 Premiums upon insurance policies purchased by the Associa-
tion shall be paid by the Association as a common expense.
10.4 Insurance Trustee; Share of roceeds. All insurance
policies purc ase by e Association s a e for the benefit
of the Association and the apartment owners and their mortga-
gees as their interests may appear, and shall provide that all
proceeds covering property lo~ses shall be paid to St. Lucie County
Bank, as Trustee, or to such other bank in Florida with trust powers
as may be designated as Insurance Trustee from time to time by the
Board of Directors of the Association, the trustee being referred
to herein as the Insurance Trustee, provided, however, that the -
selection of the Insurance Trustee is subject to the approval of
the institutional mortgagee holding the qreatest aollar amount of
first mortgages against the apartment unit in the Condominium.
The Insurance Trustee shall not be liable for payment of premiums
nor for the failure to collect any insurance proceeds. The duty >
of the Insurance Trustee shall be to receive such proceeds as are r
paid and hold the proceeds in trust for the purposes elsewhere
stated in this instrument and for the ben~fit of the apartment
owners and their mortgagees in the following shares, provided,
however, such shares need not be set forth on the records of the
Insurance Trustee:
(a) Proceeds on account of damage to common elements
and limited common elements: An undivided share for each
apartment owner, suc s are being the same as the undivided
j share in the common elements and limited common elements
; appurtenant to his apartment.
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~ (b) A artments. Proceeds on account of damage to
~ apartment units s a be held in the following undivided ~
~ shares: .
~ (1) When the building is to be restored:
~ For the owners of damaged apartments in propor-
tion to the cost of repairing the damage suffered
by each apartment owner, said cost to be determined .
by the Association. ~
~
(2) When the Building is not to be restored: ~
An undivided share for each apartsaent unit owner,
such share beinq the same as the undivided share
~ in the common elements appurtenant to his apart-
ment unit.
(c) Cost of restoration and re air of the Recreation
- Area after casua ty s a e pai out o t..e procee s rom ~
~ sin
urance, and the said Recreation Area shall in all events ;
~ be repaired and restored unless there shall be not only a ;
~ total destruction of the Recreation Area and appurtenances `
~ thereto, but in addition a destruction of a majority of the
apartment units in the Candominium. In the event additional
~ monies are required over and above the amount available from
~ insurance proceeds to restore, reconstruct or repair the
~ Recreation Area, such monies shall be con5idered a common
~ expense, to be paid by the condominium unit owners and to
$o~Ki87 7'~6
LAW OFFICES OF GOLDSTEIN. FRANKLIN. CHONIN Q SGHRANK. P. A.. 2020 NORTHEAST 163~o STREET. NORTH MIAMI BEACH, FLORIDA 33162
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