HomeMy WebLinkAbout0011 ~.1 Articles o£ Inc-cr
~oration. 4 copy of the Articles of
Incorporation o L a Assac-~ati~n TiGh sets for~h its ~owers and '
• duties, is attached as an ~xhi~it C.
9.2 By-La~•.s. A copy of the By-Laws of the Association is
attached as an Exhibit D.
9.3 Limitation u on Liabilit of As~e~~ation. Notwith-
standing the duty o tne Assoc~ation to malntain an~ r~pair
portions of the Condominium propert~-= ±h~ Hssocia~ion shall
not b~ 1_?_2F'+j ° ~Nar ~meni owne~ s for injur•- or damage, other
than the cost of mainter~ance and repair, c:~u~~d by any Iatent
condition of the property to be mainta?ned repaired by the
Association, or caused by the elements or other owners or persons.
9.4 Restraint u cn assi nment of shares and assets. The
share of a mem er in t e un s an assets o t e Associatior,
cannot and shall not be assigned, hypothecated or transferred
i~~ any manner except as an arpurtenance to his apartment unit.
9.5 A roval or disa roval of matters. Whenever the
decision o an apartment owner is ~~equire upo~ any matter,
whether or not the subject of an Association meetir.g, such
decision shall be expresse~ by the same person who would cast
the vote of such o~mer if in an Association meeting, unless
the joinder of record owners is s~ecifically required by this
Declaration.
1~. The ins~r?nce other than title ins~.~ran4e that shall be carried
upon the Condominium ~roY~~tr anci the pr~perty of the apartment owners
shall be governed Qy the fo~~~~r~;.y r~:,~is:~~ns:
10.1 Authorit to urchase• named insured. All insurance
policies upon the Condominium property s a~l be pruchased by
the Association. The r.amed insured shall be the Associatior.
~ individually and 3S ac~cf'i~ i0Y triC apaTtiiie~it- ii"lt GY:T:2TS~ :Yl.t~lOlit
naminy them, and as agent for thPir mortgac~e~. Prnvisions shall
be made for the issuance o~ the mortgages endcrsements and
~ merr,arz:^.da of insurance to the mortgagees of apartment owners.
~ ~ Such pelicies shall provide that payments hy the insurer for
' losses shall be made to the insuranc~ trustee designated below~,
E and all oolicies and their endorsements shall be deposited ~vith
R the insurance trustee. Jnit o~vne,~ may obtain coverage at
E their own expe~se upon their personal property and for their
` personal liability and li~:ing expense.
1U.2 Coveraqe.
(a) Casualty. All building and improveme~ts ~~pon the
Condominium property shall be insured in an amour~t equal to
~ the insurable replacement value, excluding founda±ion and
~ excavation costs, and al.l personal pr^perty included in the
~
common elements shall be insured for its value, alI as shall
~ i~e determined annuaily by the Board of Directors o~ the
~ ~ssociation~ All such coverage, including the amount
~ thereof and the insurance company issuing same, shall be
subject ±o the approl~al of the institiu~ional mortgagee
~ holding the greatest do~lar amount of ~irst mortgages
against apartments in the Condominium. Coverage shall
~ afford protection against:
(1) Loss or damag~ by fir~ ~and other tzazards
~ covered ~y d standard extended coverage endorsement,
~ and
~
t;
y~ (2) Such other risks as from time to tim~ shall
be customarily covered tivith respect te buildings
g similar in c~n~truc~ion, location and use as the
~ buildings on the land, including but not limited to
~ vandaiism and malicious mischief.
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