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not be liable to apartment owners for in~ury or damage, other 4
than the cost of maintenance and repair, caused by ar~y latent =
condition of the property to be maintained ar~d repaired by {
the Association, or caused by ~he elements or other owners or ~
persons. - ~
9.4 Restraint upon assigrunent of shares and assets . The ~
share of a member in ~he funds arxi assets of' tne Association ~
cannot and shall not be assigned, hypothecated or transferred ~
in any manner except as an appurtenance'to his apartment unit. {
9.5 Approval or disapproval of matters . Whenever the ~
decisiori o an apar men owner s requ re upon any matter,
whether or not the sub~ect of an Association meetir~g, such
decision shall be expressed by the same person who would cast ~
the vote oP such owner if in an Aasociation meeting, unless i
the ~oinder of' record owners ia specifically required by this
Declaration. .
1G. The insurance other than title 3nsurance that shall be carried
upan the on o um property and the property of the apartment owne rs
shall be governed by the following provisiona:
10.1 Authority to purchase; named insured. All insurance
policies upon e o n um proper y s aITT~e purchased by
the Association. The n~ned insured shall be the Association
individual~y and as agent for the apartment unit owners, with-
out naming them, and as agent for their mortgagees. Provisions
shall be made for the issuance of the mortgagee er~dorsements
and meR~oranda of insurance to the mortgagees of apartment owners.
Such policies shall provide that payments by the insurer for
losses shall be made to the insurance trustee designated below,
A~~ Ai ~ rx~l i ~ies ~nd their endorsements shall be devosited with
-
the insurance trustee. Unit owners may obtain coverage at their
own expense upon their personal property and for their personal
' liability and living expense.
's
€ 10.2 Covera&e.
E
s
~ (a) Casualt . All buildings and improvements
~ upon the n o n um property shall be 3naured in an :
; amount equal to the insurable replacement value, ex- ~
clud3ng foundation and excavation coats, and all persona 1 ;
~ property included in the comiran elements ahall be insured *
~ for its value, all as shall be determined annually by the ,
~ Board of Directors of the Association. All such coverage,
~ including the amount thereof and the insurance compat~r
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 Cor~dominium.
~ Coverage shall afford protection against:
~
~
~ (1) Loss or damage by fire and other hazards
covered by a standard extended coverage endorsement,
~ and
~ ~
~ (2) Such other risks as from time to time shall ;
be customarily covered with respect to buildings
similar in construction, location and uae as the
- buildings on the land, including but not limited to
- vandalism and malicious mischief.
(b) Public liabilit in such amounts and with such
= cove rage as
s a e requ red by the Board of Directora
` of the Association, including but not limited to hired auto-
mobile and non-owned automobile coverages, and with crosa
liability endorsements to cover liabilities of the apart-
~'Y ment owners as a group to an apartment owner.
( c) WorlQnen's compensation inaurance to meet the
- requiremen s o aw.
eooK~..98 Pac~
: - _7_ ~
L~W OFFICES OF GOLDSTEiN, FRANKUN, CHONIN e SCHRANK. P. A.. 2020 tvORTHEAST 183AO STREET. NORTH MIAMI BEACH, FLORICA 33162
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