HomeMy WebLinkAbout1415 hereof, then the Developer shall have the right to pursue any remedies
available to it under law or in equity. Nothing herein contained shall
be construed as a prohibition against Developer's abandoning either its
promotional or its rental management program.
~ B. The sale of any Unit requiring a change in ownership upon
the books of the Association as provided in the By-Laws shall not be
_ consummated until there has been paid to the Association a transfer fee
to compensate for record changes, inspection, decals, and other administra-
tive expenses relating to the Association's maintenance, together with
. such additional sums as may be required to satisfy unpaid co~m~on expenses.
Prior to the Cessation of Development such fee shall be paid to the
Developer.
XII. ~
INSURANCE PROVISIONS~
A. LIABILITY INSURANCE
The Association shall obtain Public Liability and Property Damage
~ Insurance insuring the Common Elements, Comnon Co-Use Areas, and Units.
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The insurance shall be in such amounts as the Board may determine from
time to time, provided that the minimum amount of coverage shall be 250/500/100.
The insurance shall include, but not be limited to, water damage, liability,
hired automobile, non-owned automobile an~ off-premises employee coverage.
All liability insurance shall contain cross-liability endorsements to insure
liabilities of the Owners as a group to an individual Owner.~ Premiums for
such insurance shall be a Common Expense and paid by the Association. .
B. CASUALTY INSURANCE
l. Purchase of Insurance. The Association shall obtain Fire
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and Extended Coverage Insurance and Vandalism and Malicious Mischief
Insurance providing coverage on all of the insurable improvements within
the Condominium, including personal property owned by the Association, all
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