HomeMy WebLinkAbout2842 profit under the laws of the State of Florid a, which shall ~
i'ul~ill its Punctions pursuant ta the following provisions:
9.1 Articles oP Incorporation. A copy of the Article~ of Ir~-
corporation o e ssoc a on, w ch sets Porth its powers and du-
~ ties, is attached as an bchibit C.
9.2 ~B~~_ _L~aw~~s. A copy of the By-Laws oP the Asaociation is
attached as
a~n
xhibit D.
;
9.3 Limitation upon liability oP Association. Notwith- j
standing t e u y o e ssoc a on o ma n a n and repair
portions o~ the Condominium property, the Association shall
not be liable to apartment owners for in~ury or damage, other
than the cost of maintenance and repair, caused by any latent
condition oP the property to be maintained and repaired by
the Association, or caused by the elements or other owners or
persons.
9.4 Restraint unon assignment of shares and assets. The
share of a mem er n e n s a asse s o e ssoc ation
cannot and shall not be assigned, hypothecated or transferred ,
in any manner except as an appurtenance to his apar~mant unit. ;
9.5 Approval or disapp~oval of matters. Whenever the
decision o an apar men owner s requ re upon ar~y matter, ~
whether or not the sub~ect of an Association rr~eeting, such ~
decision shall be e~cpressed by the same~~ person who would cast ~
the vote of such owner if in an Association meeting, unless '
the ~oinder of record owners is specifically requi~ed by ~his
Declaration.
10. The insurance other than title insurance that shall be carried :
upon the on o um property and the property of the apartment owners '
shall be governed by the following provisions: ~
_
E 10.1 Authority to purchase; named insured. All insurance ;
s policies upon e on o. n um proper y s a e purch~sed by
~ the Association. The named insured shall be the Association
~ individually and as agent for the apartment unit owners, with-
~ out naming them, ar~ci as agent for their mortgagees. Provisions
shall be made for the issuar~ce of the mortgagee endorsements
~ and memoranda of insurance to the mortgagees of apartmant owners.
~ Such policies shall provide that payments by the insurer for ;
; losses shall be made to the insurance trustee designated below, ~
~ and all policies and their endorsements shall be deposited witn ~
~ the insurance trustee. Unit owners may obtair~ coverage at their ;
~ or~m expense upon their personal property ar~d Por their personal ;
liability and living expense. _
~ ;
~
.
~ . Coverage. :
~ '
~
(a) Casualty. All buildings and improvements
u on the on om n um property shall be insured in an.
~ amount equal to the insurable replacement value, ex-
~ cluding Poundation and excavation costs, and all personal `
property included in the common elements shall be insured 5
for its value, all as shall be determined annually by the
3oard of Directors of the Association.• All such coverage,
including the amount thereof and the insurance company
'=~;t issuing same, shall be sub~ect to the app~oval of the
= iristitutional mortgagee holding the greatest dollar amount oP
= first ~ortgages against apartments in the Condominium.
Covera.ge shall afPord protection against:
(1) Loss or damage by Pire an~d other hazards
_ covered by a standard exten~ded coverage endorsement,
and
~ - -7- ~oox 1.98 P~E?.R$39
lslW OFFIGES OF GOLDSTEiN. FAANKLIN, GHONIN t SCMRANK, P.A.. 2020 NORTMEAST 143110 iTREEY. NORTH MIAMI BEAC?i, FLORIDA 33to2
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