HomeMy WebLinkAbout1491 (d) Insurance on the Recreation Area pursuant to the
provisions o e Qinety-Nine Year Leaae Agreement.
(e) Such other i~surance that the Board of Directora
of the Aaaoc a on s all determine from time to time to be
desirable.
10.3 Premiums upon inaurance policiea purchased by the Associ-
ation shall e pa by the Asaociation as a common eapenae.
10.4 Inaurance Trustec; Share of proceeda. All insurance
p~licies pure se y e ssoc a on s e for the benefit of
the Asaociation and the apartment oanera and their mortgagees as
their interests may appear, and ahall provide that all proceeds f
covering property loaaea shall be paid to FIRST NATIONAL HANK
OF FORT PIERCE, ~00 South 6th Street, Fort Pierce, Florida, _
as Truatee, or to auch other bank in Florida Mith truat po~rers as =
, may be deaignated aa Insurance Trustee from time to time by the +
Board oP Directora of the Aasociation, Khich truatee being referred 3
to herein as the Inaurance Truatee, provid ed, hoxever, that the
selection of the Insurance Truatee ia sub~ect to the approval of
the institutional mortgagee holding the greateat dollar am~unt of
first mortgages against the apartment units in the Condominium.
The Insurance Truatee ahall not be liable for payment of premiums
nor for the Pailure to collect any insurance proceeda. The duty
of the Insurance Trustee ahall be to receive auch proceeda as are
paid and hold the proceeda in trust for the purposes elae~?here
stated in this instrument ~nd for the benefit of the apartment
oKners and their mortgagees in the folloMing aharea, provided,
s hoMever, such shares need not be set forth on the records of the
` Insurance Trustee: ~
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' (a) Proceeda on account of dama to common elements }
and limited common efemen s: n u v e s re or eac ~
apar men oMner, suc s are being the eame as the undivided
r share in the common elenients and limited comcoon elementa
_ appurtenant to his apartment.
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(b) Apartments. Proceeds on account of damage to
$ apartment un s s a 1 be held in the follo~ing undivided ;
~ shares: ~
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~ (1) When the building is to be restored: ~
~ For the o~rners of damaged apartments in propor- ;
= tion to the cost of repairing the dame~ge suffered ~
~ ~ by each apartment owner, said cost to be determined ;
; by the Association. j`
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- (2) When the Building is not to be restored:
An undivided share for each apartment unit o~rner, f
~ such share being the same as the undivided ahare
~ in the common elements appurtenant to ~is apartment ~
3 unit.
(c) Cost of restoration and repair ot the F.ecreation
T' Area after casua y s a e pa ou o e procee a rom ~
~ 3nsurance, and the said Recreation Area shall in all events
= be repaired and restored unless there shall be not only a
- total destruction of the Recreation Area and appurtenances
thereto, but in addition a destruction oP a ma~ority of the
_ apartment units in the Condominium. In the event additional
monies are required over and above the amount available Prom
insurance proceeds to restore, reconstruct or repair the
- Recreation Area, such monies ahall be considered a conmon
_ expense, to be paid by the condominium unit oxners arri to
be chargeable to and collectable Prom them in the same man-
- ner as elseKhere provided herein for the assessment and
collection oP assessments and common expenaes, all purauant ~
- to the provisions of the Ninety-Nine Year Lease. ;
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" 600K 19~ PACE1.~~
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~AW OFFICES OF GOLDSTEIN. FRANKLIN, CHONIN Q SCHRANK. P. A.. 2020 NORTHEAST 163ao STREET, NORTH MIAMI BEAGH. FLORIDA 33162 "
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