HomeMy WebLinkAbout0944 buildings similar in construction, lo-
cation and use as the building on the
land, including but not limited to vandal-
i.sm, malicious mischief, windstorm and
water damage.
2. Fublic Liabi~.it in such amounts and with such
coverage as s all be required by the Board of
Directors of the Association, including but
not limited to hired automobile coverages,
and with cross liability endorsement to cover
Iiabilities of the dwelling unit owners as
a group to a dweiling unit owner.
3. Workmen's Com ensation policy to meet the re-
quirements a aw, if number of employees c~me
within tr.e Workmen's Compensation Ac~.
4. Other Insurance such as the Board ef Directors
o t e ssociation shall determine from time
t~ time to be desirable.
C. PREMI'JMS. Premiurr.s upon insurance pclicies purchased ~y
the Associatian s~:all be paid by ~he association and charged to the
dweliing ur.it owner in accordance with the undivided share in the com-
mon e3ements appurter.ant to the dwelling unit owned by him.
D. INSURANCE TRUSTEE• SHARES OF PROCEEDS. Ali insurance
policies purchased by the Association shall benefit the Association,
the dwelling unit owners and their mortgagees, a s their interests may
appear, and shall provide that all proceeds covering property losses
shall be payable unto the Insurance Trustee. The Insurance Trustee
shall net be liable for paymen~ of premiums or for failure tc~ collect
any ~r.surance proceeds, it beir,g the duty of the Insurance Trustee to
receive such prcceeds and hold the same for purgoses elsewhere stated
in this ir~strument .
i. Common Elements. Proceeds on account of
damage to eomirior. elements: An undivided
share fcr each dwelling uniL owner, such
share being the saMe as the undivided share
t~:e ~o:rmon e~e~ents appurtenant to his
dwel2ing unit. f
2, Dwellin~ Units. Proceeds or, acceunt of dam-
age to dwelling ur.its shall be held in the
fellowing undi~~ided shares:
a. When the Buildin is to be Restored -
cr the owners c damaged dwel ~ng units
ir: pro~orti~n ro the cost of repairing
the dar~age suffered by each dwelling unit
owner, which cos* shall be determined by
the Associatior.. -
b. Wher, tr.e~_Buildin~is n~~ to be Restored -
An ur.divided share for each dweliing unit
, o•~rr~er, such share being the same as the un-
-is - gaa 1~0 941
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