HomeMy WebLinkAbout2606 profit wnder the laxa o2' the State of Florida, which aha11
tulfill ita Pur~ctiona purauant to the folloNing provisions:
9.1 Articlea of Inco rat~on. A copy of the Articlea of In-
corporation o asoc a on, K ch aeta torth ita poNers and du-
ties, is attached as an Exhibit C.
9•2 -Laws. A copy of the By-I.a~?s ot the AsaociatYon 1E
a~ttached as an ibit D.
9•3 Limitation upon liability of Aseociation. NotMith- ~
~ atanding t e u q o e asoc a on ~o a,d n a n and repe~ir ~
portiona of the Condominium property, the Asaociation ahall
not be liable to apnrtment o~nera for inlury or dame~ge, other ;
than the coat of maintenanae and repair, caueed by any latent '
condition of the property to be malntained and repaired by '
the Asaoeiation, or caused by the elements or othe~r-o~nera or ;
persons. ~ ?
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9.4 Restraint u~on aasi nt of ahares and asaets. The ~
share ot a mem er in ~ie a a aese o~F"ie~sao
ation
cannot and shall riot be aasigned, hypothecated or tranaferred
in any manner except as ari appurtenance to hia apartment unit.
9.5 Approval or disapp~r~oval 02' mattera. Whenev~er the ~
e
decision o an a,pa m~n o~rner s~requ r~"e3` upon atqr matter, ~
Mhether or not the sub~ect oP an Aasociation meeting, such ~
decission ahall be eapreseed by thae same paraon Nho Mould caat ~
the vote of such oMner if in an Aaaoeiation meeting, unlesa
the ~oinder of record o~ners ia specifically rGquired by this ~
Declaration. ~
~
10. The insurance other than title insurance that ahall be carried '
upon the o o um property ani the property of the apartmer?t o~nera
shall be governed by the followirig proviaions : ~
10.1 Authority to purchaae; named inaux~ed. All inaurance
policiea upen e o o n um groper
y~Fs
-a1T"~" purchased by y
the Aasociation. The named insured shall be the Association {
_ individually and as agent Por the apartment unit oxnera, ~+ith- ~
out naming them, ar~d as agent for their mortgagees. Proviaiona
ahall be made Por the issuance of the mortgagee endorsementa '
and memoranda of_ insurance to the mortgageea of apartment arrners. ~
Such policies ahall provide that paymenta-by the inau,~er for ,
losses shall be made to the inaurance trustee designated beloM,~ ~
and all policiea arid their endorsementa shall be depo$ited Kith ;
the insurance trustee. Unit oMr?era may obtain cov~erage at their
oNn expense upo~n their personal property arxi for their peraonal '
liability and living eapense. ~
_ ,
10.2 Coverage. ~
~
(a) Caaualt . All buildings and improvements
upon the om um property shall be inaured in an
a.na~ount equal to the inaurabla replacement value, ex-
cluding fow~dation and eacavation coata, and all peraor~l
property included in the coa~on elements sha~l b~ insured
tor ita value, all aa ahall be determined annually by the
Board oP Directors of the Aaaociation.-~ -A,ll aueh coverage, _
_ including the amount ther..e~' and the- lnsurance companq !
issuing same, shall be aub~ect to the approval of th~e
inatitutional mortgagee holding the greateat dollar amount of ~
first mortgagea againat apartments in the Condominium. s
Coverage ahall afford protection against:
~ (2) Losa or damage by fire and other hazarda
covered by a standard extended coverage erdorsement,
and
R'~~. i93 ~ ~ ~
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~I~W OFi1CC5 OF GOlGi1EH4 FNANKLIN. CHdNIN 9 SCI/RANN. P A. 2O20 NOHT~1(A:? IAJrn, SIHtET. NOR/H (NIAMI BFA~N. FLORIDA ~l102 ;
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