HomeMy WebLinkAbout2843 . (2) Such other risks as from time to time shall
be cUStomarily covered with respect to build ir~gs
similar in construction, location an~d use as the
buildings on the lar~d, including but not 1lmited to
. vandalism and malicious mischief.
(b) Public liability in such am~unts and with such
coverage as s a e req red by the Board of Directors
of the Association, including but not limited to hired auto-
mobile arid non-owned automobile coverages, and with cross
liability er~dorsements to cover liabilities of the apart-
ment owners as a group to an apartment owner.
(c) Worlanen's compensation inaurance to meet the
requiremen s o aw.
(d) Insurance on the Recreation Area pursuant to the
provisions o~ e inety-Nine Year Lease Agreement.
(e) Such other insurance that the Board of Directors
of the Assoc a e~ s all determine rrom time to time to be
desirable.
10.3 Premiums upon insurance policies purchased by the Associ-
ation shall e pa by the Association as a comm~n expense.
10.4 Insurance Trustee; Share of proceeds. All insurance
policies purc ase y e ssoc a on s e for the benefit oP
the Association and the apartment owners and their mortgagees as
their interests may appear, and shall provide that all proceeds
covering property losses shall be paid to FIRST NATIONAL BANK
~ OF F`ORT PIERCE, 300 South 6th Street, Fort Pierce, Florida,
as Trustee, or to such other bank in Florida with trust powers as
may be designated as Insurance Trustee Prom time to time by tne
Board of Directors of the Association, the trustee being referred
; to herein as the Insurance Trustee, provided, however, that the
~ selection of the Ingurance Trustee is sub~ect to the approval of
~ the inst3tutional mortgagee holding the gre atest dollar amount of
first mortgages against the apartment units in the Condondnium.
€ The Insurance Trustee shall not be liable for payment of premiums
~ nor for the failure to collect any insurance proceeds. The duty
of the Insurance Trustee shall be to receive such proceeds as ar+e
paid and hold the proceeds in trust for tY~e purposes elsewhere
~ stated in this instrument and Por the benefit of the apart~ent
~ owners and their mortgagees in the following ahares, provided,
~ however, such shares need not be aet Porth on the records of the
~ Insurance Trustee:
~ ~ (a) Proceeds on account of damage to con~mon elements
~ and limite common e emen s: n u v e s re or eac
~ apar men owner, suc s are beirag the same as the undivided
~ share in the common elements and limited comnon elements
s~ appurtenant to his apartment.
~ (b) Apartments. Proceeds on account oP damage to
- apartment un s s a 1 be held in the following ur~divided
shares :
~ .
(1) When the building is to be restorzd:
For the owners of damaged ~partments in propor-
tion to the cost of repairing the damage suffered
; ~ by each apartment owner, said coat to be deterndned
by the Association.
(2) When the Building is not to be restored:
~ An urxiividPd share for each apartment unit o~,rner,
such ahare being the sam~e as the undivided share
, - in the com~non elements appurtenant to his apartrrent
.
uni t .
~ (c) Cost of restoration and repair of the Recreation
~E ~~~0 Area aPter casua y s a e pa ou o procee s om
;~;y ;~,k 3nsurance, and the saidBRecreation Area shall in all events
~~~K 198 _ _
LAW OFFIGcS OF GOLDSTEIN. FRANKLIN, CHONIN Q SCHRANK, P.A., 2020 NORTMEAST 163AO ST(iEET. NORTM MiAMI BEACH, FLORIC)A 33.d2
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