HomeMy WebLinkAbout1858 ;
liability endorsements t~ cover liabilitiea of the apar~
ment oNnera as a group to an apartment oxner.
(c) Workmen~s ao ensation insurance to meet the
requiremen
e~
o~'Zaw.
(d) Insurance on the Recreation Area pursuant to the
provisions o e inety-Nine Year Lease Agreemsnt.
(e) Such other insurance that trie Board of Directors
of the Assoc a on a all determine from time to time to be
desirable. .
10.3 Premiuma upon insurance pQlicies purchased by the Asaoci-
ation shall~e 'p~cZ by the Association as a co~mon eacper~se.
10.4 Insurance Trustee; Share of r~oceeds. All insurance
policies purc ee y e Asaoc a on a IT~'-for the benefit of
the Association and the apartment oNners and their mortgagees as
their interesta may appear, and shall provide that all proceeda
covering property losses shalY be paid to St. Iucie County Bank, ~
as Trustee, or to such other bank in Florida~with trust po~wers as
may be designated as Insurance Trustee From time to time by the
Boa~d 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 sub~ect to the approval of
the institutional mortgagee holding the greatest dollar am~unt of
first mortgages a~inat the apartment unit in the Condominium.
The Insurance Trustee shall not be liable for payment of preffiums
nor for the failure to collect ar~y insurance proaeeda. The duty .
of the Insurance Trustee shall be to receive such proceecls as are
paid ar~d hold the proceeds in truat for the purpose elaeNhere
stated in this instrument and Por the benefit of the apartment
owners and their m~rtgagees in the following ahares, provide~,
however, such shares need not be set forth on the records oP the
Insurance Trustee: - ~
(a) Proceeds on account oP da e to co~on elementa
and limited coamon e emen s: u v c~e'd
s re or eac -
apar men owner, suc s are being the same as the undivided
- share in the con~on elements ar~d limited co~on elements
~ appurtenant to his apartment. .
i
i
~ (b) ~A~
a~~rtments. Proceeds on account of damage to
apartment un3~ s"fiall be held in the Po1loWing ur~divided
~ shares:
~ (1) When the building is to be restored:
~ For the ownera of darr~ged apartments in p~opor-
tion to the cost ot 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 ahare for each apartment unit oMner,
~ such share being the same as the undivided share
in the common elements appurtenant to his apartment
~ unit. .
~
~ (c.) Cost oP restoration and -repair oP the Recreation
~ Area after casua y s a e p ou o e procee s om
'~nsurance, and the said Recreation Area shall in all events
be repaired and restored unlesa there shall be not only a
total destruction oP the Recreation Area and appurtenances
~ thereto, but in addition a destruction of a ma~ority oP the
apartment units in the Condominium~. In the event additional
moniee are required over and abov~e ths amaunt available l~om
- insurance proceeds to~restore, reconatruct or repair_the
Recreation Area, such monies shall be considered a comm~n -
eooK i88 ~~1855
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