HomeMy WebLinkAbout1901 unit owners for irijury or damaqe, other than the cost of maintenance
and repair, caused by any latent condition of the property to be main-
tained and repaired by the Association, or caused by the elements or
other owners or persons.
7.4. Restraint Upon Assiqnment of Shares in Assets. The
share of inembers in the funds and assets of the Association cannot be
assigned, hypothecated or transferred in any manner.except as an
. appurtenance to his unit.
7.5. Approval or Disapproval of Matters. Whenever the
decision of a unit owner is req~ired upon any matter, whether or not
the subject of an Associatian meetinq, such decision shall be expressed
by the same person who would cast the vote of such owner if in an
Association meetinq, unless the joinder of record awners is specifically
required by this Declaration.
8. INSURANCE. The insurance other than title insurance
th~?t shall be carried upon the condominium prop~rty and the property
of the unit owners shall be governed by the following provisions:
. 8.1. Authority
to Putc~ase; Named Insured. All insurance
policies upon the condominium property shall be purchased by the Asso-
~ ciation. The named insured ahall be the Association individually and
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~ as agent for the unit o~aers, witho~t na~ninq them, and as aqent for
~ their mortgagees. Provision shall be made for the issuance of mart-
gagee endorsements and nremoranda of insurance to the mortgagees of
unit owners, Such policies shall provide that payments by the insurer ~
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~ for losses shall be made to the Association. Unit owners may obtain
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~ coverage at their own expense upon their personal property and for C
~ their personal liability.
8.2. Coverage.
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~ (a~ Casualty. All buildings and improvements upon
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~ the land shall be insured in an amount equal to the maximwn insurable
~ replacement value, excluding foundations and excavations costs, and ~
all personal property included in the common elements shall be in- `
sured for its value, all as deterniined annually by the board of direc-
tors of the Association. Such coverage shall afford protection against: j
. (1) loss or damage by fire and other.ha~arda
` covered by a standard extended coverage endorsement, ~
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