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(2) Such other riska as trom time to time ahall `
be cuatomarily covered nith reapect to buildinga
aimilar in conatruction, location ar~d uae as the
buildings on the lar~d, including but not limited to
vandalism and mnlicioua mischief.
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(b) Public liabilit in such amounts and r?ith Su:h F
coverage as a a e req red by the Board o2' Directora ~
oP the Aasociation, including but not limited to hired auto- ~
- mobile and non-owryed automobile coverages, and Nith croaa
liability er~dorsementa to cover liabilitiea of the ap~rt-
ment oMr~ers as a group to an apartm~nt o~+ner.
(c) worl~en's co enantion ineurance to meet the
requiremen s o aM.
(d) Ineurance on the Recreation Area pursuant to the
provisions
o3~~Fie Ainety-Nina Year Lease Agreement.
(e) Such other inaurance that the Boax~d of Dire ctors
of the Aasoc a on s all 3etermine from time to time to be
desirable.
10.3 Prenduma upon insurance policies purchased by the Aasoci-
ation shall-be
paia by the Asaociation as a common expenae.
10.4 Insurance Truatee; Share of proceeda. Al1 insurance
policies purc
g~
se~'~q t~ asoc on a I~~e
for the benefit of
the Associatior~ and the apartment oMners ani their mortgageea as
their intereats may appear, and ahall provid e that all proceeda
covering prnperty losses ahall be paid to FIRST NATIONAL BANK
OF FORT PIERCE, 300 South 6th Street, Fort Pierce, Florida, ~
as Trustee, or to such other bank in Florida with truat po~ers as
may be designated as Insurance Truatee from time to time by the
Hoard of Directora of the Associatian, the truetee being referred
to herein as the Insurance Trustee, provided, hoNever, that the
selection of the Insurance Trustee is sub~ect to the apprnval of :
the institu~ional m~rtgagee holding th~ greatest dollar am~unt of `
first mortgages against the apartment units in the Condondnium.
The Insurance Trustee shall not be liable for payment of pi*effiums
nor for the failure to collect any insurance proceeds. The uut~
; of the Inaurance Trustee shall be to receive such proceeds as are
~ - paid and hold the proceeds in trust for the purposes else~rhere
stated in this instrument and for the benefit of the apartment
ormers and =their m4rtgagees in the follorring shares, provided,
hoxever, such ahares need not be set forth on the records of the
Insurance Trustee: ~
_ (a) Pr.oceeds on account of dama e to comnon elements j
and limite common-e emen s: n u v e'3~s re or eac ~
apar men ormer, suc a are beit~g the same as the undivided
ahare in the common elements and limited coamon elements
appLrtenant to his apartment.
(b) A~artments. Proceeda on account of damage to
apartiaent_ un3~s
s~iall be held in the folloxing undivided
atiares~ : _
(1) l~ihen the building is to be restored: ~
For_the ar?ners of damaged apartmenta in propor-
tion to the cost of repairing the damage suffered
by each apartment oxner, said cost to be determdned
by the Association.
(2) When the Building is not to be restored:
An ur~divided ahare for each apartment ur~it oMner, ~
sueh ahare being the aame aa the uadivided share
in the coamon elenienta appurtenant to hia apnrtment
unit.
(c) Coat of restoration~and re~air of the Recreatian
Area after casua q s a e pa . ou o proeee a om
~surance, and the aaid Reereation Area shall in a11 eventa '
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