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Home My WebLink About1664 , ~ profit under the l~ws of the State of Florida, Nhiah ahall fulfill ita 2'unctiona purauant to the folloKing proviaiona: ~ ! 9.1 Articlea of Inco oration. A copy of the Artia2ea of In- corporation o aaoc a on, w ch aeta forth ita powera and du- ties, is attached as an Eachibit C. ~ 9.2 LaMS. A copy ot the By-LaMa of the Asaociation is attached as an ibit D. 9•3 Limitation upon liability of Asaociation. NotMith- standing t-Tia u y o e asoc a on ~"o`ma~n a~n `and repe~ir portiona ot' the Condominium property, the Aaaociation ahall i not be 13ab2e to apartment ormerb for in~ury or damage, other than the coat of maintenance and repair, cauaed by any latent condition of the property to be maintained ar~d repaired by the Asaociation, or caused by the elaments or other o~nere or peraons. ~ 9.4 Reatraint upon asaignment of ahares and aasets~. The ahare of a member n e a a a+~se a o e aaoc ation ~ cannot and shall not be sasigned, hypothecated or tranaferred in anp manner eacept as ar~ appurtenance to his apartment unit. 9.5 Approval or disapproval of ine~ttera. Whenever the decision o an ape~r men o~ner a requ r upon arqr matte~, Mhether or not the sub~ect of an Association meeting, such decision ahall be eapresaed by the aam~e peraon pho xou2d caat the vote of such ormer if in an Asaociation meeting, unlesa the ~oinder of reco~d oxners ia specificslly required by thia Declaration. 10. The insurance other than title insurance that shall be carried upon the o o um property ar~d the property oP the apartment oxnera sha11 be governed by the follor+ing proviaions: ~ ~ 10.1 Authority to ~haae; named insured. All tnaurance policies upon e o o n um proper y s tF~aII'~' purcha8ed by the Assoctation. The named insured ehall be the Asaociation individua,lly arxi as agent for the apartment unit oxners, Mith- out naming them, arid as agent for their mortgagees. Provialona ahall be made for the iasuance oP the mortgagee endorsementa and memoranda of insur$nce to the mortgageea oP apartment aMrnera. - Such policies ahall provide that paymenta by the inaurer for losses ahall be iaade to the inaurance truatee designated beloM, and all policiea and their endoraemsnte eha21 be depoaited Nith the insurance trustee. Unit oKnera may obtain cov+erage at their oxn ezpenae upon their personal property and for their peraonal liability and living eapense, 16.2 Coverage. ~j ~ (a) Caaualt . All buildings and improvements upon the om n wn property ahall be inaured in an aaaunt equal to the insurable replacement value, ea- ; cluding fourdation and eacavation coata, and all personal ? property included in the common elements shall be insured~ ~ Por ita value, all aa shall be determined annually by the ~ Board oP Directars of the Aaaociation. All aueh coverage, including the amount thereof and the insurance company ~ iasuing same, ahall be aub~ect to the appmval of the inatitutional mortgagee holding the greateat dollar amount of ~ firat ~nortgagea againat apartwenta 3n the Condoaninium. ~ Coverage shall afford protection againat: (1) Loss or damage by fire and other hazarda ; eovered by a atandard extended coverege endorsen,ent, 3 and ~ [ t BU01[ ~~7J P~GL f -7- r ~ G~. . i9~ 2603 ~-~N OFfIGCf Of GOIUiT(i~~ iqAfiKL?Y !:.HANIN 4 SCfIRAN1( p A 1070 NOnTNtAST 1~lwt~ STRf [t NONTN MIAMI OEACH. fLORIDA ]~Ipj :o,.~'--~^r . . } . . ~