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HomeMy WebLinkAbout0806 8. 1; Articles Of Incorporation: ~1 copy of the llrticles of Incorporation of the Association is attached hereto and made a part hereof as EYhibit "F". 8. 2. Bylaws: '1'he By~aws of the Association shall be the Byla~vs ~f the condominiun~, a copy of ~vhiLh is attached hereto anc ~nade a part hereof as Exhibit "G".~ 8. 3. Limitation Lipon Liability Of Association: Notwith- standing the duty of the Association to maintain and repair parts_ of the condo- minium property, the Association shall not be liable to apartment o~vners for injury or damage, other than the cost of maintenance and repair, caused by an_y latent condition of the property to be maintained and repaired by the Asso- ciation, or caused by the elements or by other o~vners or persons. 8.4. Restraint Upon Assignment Of Shares In Assets: The share of a member in the funds and assets of the Association cannot be assigned, hypothecated or transferred in any manner except as an appurtenance to his apartment. 8. 5. Approval Or Disapproval Of 1-latters: Whenever the decision of an apartment o~rner is required upon any matter, whether or not the subject of an Association meeting, such decision shall be expressed by the same person who ~vould cast the vote of such owner if in an Association meeting, unless the joinder of record owners is spe^ifically required by this Declaration. IX. Il`SUR.ANCE: The insurance, other than title insurance, that shall be carried upon the condominium property and the property of the apartment owners shall be governed by the following provisions: - ` 9. 1. Authority To Purchase; Named Insured: All in- ! surance policies upon the condominium property shall be purchased by the Asso- f ciation. The named insured shall be the Assaciation individually and as agent ~ for the apartment owners, without naming them, and as agent for their mc,rt - ~ gagees. Provisions shall be made for the issuance of mortgagee endorseinents and memoranda of insu~-ance 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, and all policies and their endorsements shall be deposited with the Insurance Trustee. Apartment owners may ~btain coverage ~t their oK~n expense upon their personal property and for their per- sonal liability and living expense. 5.2. Coverage: (a) Casualty: All buildings and improvements ~ upon the land shall be insured in the amount equal to the maximum insurable re- ~ placement value, excluding foundation and eYCavation costs, and all personal pr~perty included in the common elemenis shall bE insured for its value, all t ~ as determined annually by the Board of Directors of the Association. Such ~ coverage shall afford protection against: , ~ ~ ? (1) Loss or damage by fire and other ~ hazards covered by a standard extended covei•age endorsement, and ~ ~ (2) Such other ri:.ks as from time to time - ~ ~ ~ ~ ~ -•9- ~ ~ ~ • ~ ~ r GARL F. ELLWANGER ATTOR?iEY AT LAW P. O. BOX f858 BTUAR7. FLORIDA 854~4 ~ ds- - - - - - r - - - ,4-'ri ~~i~v-s~ _C , t ' _ " . . ~;:"3-:~,?'.".~.~.