HomeMy WebLinkAbout1490 not be liable to apartment owners for in~ury or damage, other
than the cost of maintenance and repair, caused by any latent
condition of the proper~ty to be maintsined and repaired by
the Association, or caused by the elements or other oxners or
persona.
9.4 Restraint upon assignment of shares and assets. The
share of a mem er n e a a asse s o e saoc ation
cannot and shall not be assigned, hypothecated or tranaferred
in any manner except as an appurtenance to his apartment unit.
9.5 Approval or disapproval of matters. Whenever the
decision o3' an apar men oMner s req re upon any matter,
Nhether or not the sub~ect of an Asaocia~ion meeting, such
decision shall be expressed by the saaie person Mho Mould cast
the vote of such oNner if in an Association meeting, unless s
the ~oinder oP record oaners is specifically required by this ~
Declaration. ~
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10. The insurance other than title insurance that shall be carried ~
upon the on o n wa property and the property of the apartment oxners =
shall be governed by the following provisiona:
10.1 Authority to purchase; named inaured. All insurance
policies upon e o o um proper y s e purchased by
the Association. The named insured shall be the Asaociation
individually ard as agent for the apartment unit oxn~ra, Mith-
out na?oing them, and aa agent for their mortgagees. Provisions
; shall be made for the issuance of the mortgagee endorsements ;
; and memoranda of insurance to the mortgageea of apartment or+nera. ~
; Such policies shall provide that payments by the insurer for
losses shall be made to the insurance trustee designated beloN, ~
~ and all policies and their endorsements shall be deposited xith ~
~ the insurance trustee. Unit owr~ers may obtain coverage at their
~ o~?n expense upon their personal property and for their peraonal~ ;
i liability and living expense.
~ 10.2 Coverage.
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~ (a) Casualty. All buildings arid improvements ~
; upon the o om n um property shall be insured in an i
a amount equal to the insurable replacement value, ex- ~
= cluding foundation and eacavation costs, ar~d all personal _
property included in the common elements shall be insured ;
- for its value, all as ahall be determined annually by the :
- Board of Directors oP the Association. All such coverage, t
including the amount thereof arxi the insurance compar~ '
issuing same, shall be sub~ect to the approval of the ~
~ institutional mortgagee holding the greatest dollar amount of ;
_ first mortgages against apartments in the Condominium. -
Coverage shall aPford protection against: r
ti.~ f
(1) Loss or damage by fire ar~d other hazards ~
covered by a star~dard ex tended coverage endorsement, ~
and '
r`=` (2) Such other risks as from time to time shall
be customarily covered with respect to buildings ;
similar in construction, location arid use aa the ?
buildings on the land, including but not limited to ~
vandalism and malicious mischief.
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. (b) Public liabilit~ in such amounts arxi with such
~ coverage as s a e requ red by the Board of Directors ~
of the Asaociation, including but not li~ted to hired auto- ;
mobile and non-or+ned automobile coverages, and ~?ith crosa
= liability endorsements to cover liabilit3es oP the apart- ~
° ment or?riers as a group to an apartment ormer.
(c) Worlrnien'a compensation insurance to meet the :
requiremen s o aK. ~
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" LAW OFFICES OF GOLDSTEIN. FRANKLIN. CHONIN Q SCHRANK, P. A., 2020 NORTHEAST IQ3AO STREET, NORTH MIAMI BEAGH. FLORIOA 33162 ~
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