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(2) Such other rieka as from time to time ahall ~
be cuatomarily covered Mith reapect to buildinga
aimilar in conatruction, locntion and uae as the
buildinga on the land, including but not limited to
vandalism and malicious miachief.
(b) Public liabilit in such amounta and Mith auch
coverage as a a e req rsd by the Board ot Directora
of
the Aasociation, including but not limited to hired auto- ~
mobi le and non-oMr~ed automo,bi le coverages, and Mith c'roa a
liability endorsements to cover liabilitiea of the apart-
ment oMnera aa a group to an apartment oxne r.
(c) Worknen'a compensation inaurance to meet the
requiremen~Tax.
-(d) Inaurance on tha Recreation Area pursuant to the
provisiona o e~inety-Nine Year Lease Agreement.
(e) Such other inaurance that the Board of Directors
of the Aasoc a on s all determine from titae to time to be
desirable.
10.3 Premiuma upon insurance policies purchased by the Aasoci-
ation shall~Se~a by the Aeaociation ae a comimn eapenae.
10.4 Insurance Truatee; Share of proceeda. All inaurance
policies pure se 'Tq
~Tie Aasoc on a e for the berrerit of
the Association and the apartment ormera ar~d their mortgageea as
their intereata may appear, and ahall provide that all proceeds
covering property losaes 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 Mith truat go~ers as ;
may be design~?ted as Inaurance Truatee from time to time by the
Board of Directors of the Aasociation, the truetee being referred
to herein as the Inaurance Truatee, provided, hoMever, that the
selection of the Insurance Trustee is sub~ect to the approval of
the institutional mortgagee holding the greatest dollar amount of
first mortgagea againat the apartment units in the Condondnium.
The Insurance Trustee shall not be liable for payment of pz*effiums
i nor for the failure to collect any ~inaurance proceeda. The duty
; of the Insurance Trustee ahall be to receive auch proceeds aa are
` paid and hold the proceeds in trust for the purposes elae~+here
~ stated in this instrument and for the benefit of the apartment
~ o~vners and their mortgagees in the follorring ahares, provided,
~ hoMever, such shares need not be set forth on the records of the
~ Insurance Trustee:
(a) Proceeds on account of damage to co n elements
and limited common e emen s: n u v s~iare i'or each
apar men oMner, auc s are being the aam~e as the undivided
~ share in the co~on elem~nts and limited conmon elementa
~ appurtenant to his apartment.
~ (b) A artments. Proceeda on account of damngs to
apartment un s a a 1 be held in the follo~ing undivided
~ ahares:
~
~k (1) When the building ia to be restored:
~ For the a+ners of damaged apartmenta in propor-
~ tion to the cost of repairing the damage suffersd
~ by each apartment orrner, aaid cost to be deteruodned
~ bq the Aaaociation.
~
~ (2) When the Building ia not to be reatorsd:
~ An undivided ahare for eaeh apartment unit oMnsr,
~ sueh ahars being the aaene aa the undivided ahare
R 195 ~1663 in the conenon elemsnts appurtenant to hia apnrtmsnt
~ 6~~ur unit.
(c ) Coat of restoration and re~~
pai~r of th~ Recreation
Area atter caaual~a a e pn ou~ 03' pr om
~ nsurance, and the eaid Recreation Area ehall in all evsnts
-8-
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~~Itir 193
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