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HomeMy WebLinkAbout1857 9.3 Limitation u on liabilit of Asaociation. Not~vith- atanding tTie~u~y o e asoc a on o mn .3n~'~n and repair portiona oP t~ Condominium property, the Aasociation ahnll not be liable to apartment ownera for in~ury or damage, other than the cpst of maintenance and repair, aaused by ar~ latent condition oP the property to be mnintained ar~d repaired by the Association, or caused by the elementa or other oMners or persons . 9.4 Restraint upon assignment of shares ar~d assets. The share of a mem er n s asse a o e asoa~ation cannot and shall riot be assigned, hypothecated or tranaferred . in ar~y manner~except as an appurtenance to his apartment unit. 9.5 APproval or disapproval of matters. Whenever the decision o an apar men owner a requ re upon any matter, ~ whether or not the sub~ect of an Association meeting, such decision ahall be eacpresaed by the same person xho would cast the v~ote of such oNner if in an Association meeting, unless the ~oinder of record owners ia apecifically required by this Declaration. 10. The insurance other than title inaurance that shall be~carried upon the o um property and the property of the apartment o~?ners shall be governed by the folloxing provisions: 10.1 Authorit to purchase; r~amed insured. All insurance policiea upon e ondo um proper~Fial~se purchased by the Asspciation. The named insured shall be the Association individually and as agent for the apartment unit oNners, xitt~ out namir~g them, and _as agent for their mortgagees. Provisions shall be made for the issuance oP the m~rtgagee endorsements and memorar~da of insurance to the aart$agees of apartment owners. Such policies shall provide that payments.by the insurer for losaea ahall be made to the insurance trustee designa~ted below, and all policies and their endorsementa shall be deposited Nith the insurance trustee. Unit owr~era may obtain coverage at their own eapense upon their personal property and for their peraonal liability and living expense. - 10.2 Coverage. (a} Casualt . All buildinga ar~d improvements ~ upon~the o n um property shall be insured in an - ; amount equal to the insurable replacement value, ex- ~ cluding foundation and eacavation costa, ar~d all personal ~ property included in the com~non elements shall be insured ~ Por its value; all as shall be determined annually by the ~ Board of Directors of the Association. All such cov~erage, " including the amount thereof and the insurance company issuing same, shall be sub~ect to the approval of the ~ - institutional mortgagee holdirag the greatest dollar aanunt of first mortgages against apartments in the ~ondoffir~i~an. ~ Coverage shall afford protection against: (1) Loss or damage by fire arxi other hazards covered by a standard eatended coverage endorsement, ~ and ~ (2) Such other riska as Prom time to time shall be customarily covered with reapect to buildings ~ similar in construction, location and use as the ~ buildinga on the land, including but not limited to ~ vsr~dalism and malicious mischief. (b) Public liabili in such am4unta ar~d with such coverage as s'Tial e requ red by the Board oP Directora of the Association, including but no t limited to hired auto- mobile arid non-owned autom4bile coverage, and ~rith cross aoo~ 188 P~t 1854 _7_ ~ I.AW OiflGSi OF OOLOlT[IN, FRANKLIN. GHONIN a iGHMNK. R A., 2020 NORTHUfT Id~sD fTR[R. NORTM MIAMI ~LACN. RL+ORtOA »fo! ~ 'ir~'rb..+..:.F ~ e.. y ~ 3 ~ ~ s.[r^~~.. ~~'P'~ ' ~ ~-v d_`_- ~ , s ~ _ . ' ~ ~ , ",--~.g _ . . . _ ~ ~ n .