HomeMy WebLinkAbout0943 tenanc~ to his dwelling unit.
E. APPROVAL OR DISAPPROVAL OF MATTERS. Whenev~r any de ci-
sion of a dweliing unit owner is required upon any matter, whether ar
not the subject of an Association meeting, such decision sha11 be ex-
pressed by the same person who would case the vote of sucin owner it
in an Association neeting, unless the joinder of record owners is
specifically required by this Declaration.
ARTICLE X
INSURAt1CE
The insurance, other than title insurance, that shall be -
carried upon the CondominiWn property of the dwelling unit owners shall
be governed by the following provisions:
A. AUTHORITY TO PURCHASE~ NAMED INSURED. Ali insurance
policies upon the Condominium propert5~ shall be purchased by the As-
sociation. The named insured shall be the Association, individually,
and as agent ~ or the dwelling :~nit owners, without na~r.ing them, and
as agent for their mortgagees. Provision shall be made for the issuance
of mortgagee endorsements and memoranda of insurance to the mortgagees
of dwelling unit ow:ze rs. Such po?icies shall grovide that payments by
the insurer for losses shall be made to the Insurance Trustee for the
benefit Qf the beneficial dwelling unit owners, and all golicies and
their endorsements sha.ll be deposited with the Insurance Trustee, and
with the mortgagee, if required by the mortgagee. The dwelling unit
owners rr.ay obtain coverage at their own expense upon their personal
progert.y and f~r their personal liability and living expensa.
;
B . G 04'ERAGE .
1. Casualt . AI1 bui~dings and improvements
` upon t e land shall be insured in an amount
equal *o the maximum insurable replacement
value, excluding foundation and excavation
costs, and all personal property included '
in the cammon elements shall be insured for
• its value; all as determined annually by the
Board of llirectors of the Associatian. Such
coverage shall afford prote ction against: ~
a. Loss or dama e by fire and other hazards
covere by a standard extended coverage
endorsement, and
b. Such Cther Risks as from time tc time shali
be customarily covered with respect to
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