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HomeMy WebLinkAbout0807 shall be custom~rily covered ~vith respect to buildings siniilar in construction, location and use as the buildings on the land, including but n~t limited to van- dalism and malicious mischief. (b) Public Liability in such amounts and ~vith such coverage as shall be required by the ]3oard of Directors of the 4s~ociation, in- cluding but not limited to hired automobile and non-owned automobile coverages, and with cross liability endorsement to cover liabilities of the apartment owners ~ as a group to an apartment owner. (c) Workmen's Con~pensatian Policy to meet the requirements of la~v. ~ (d) Su~h other insurance as the Board of Direc- tors of the Association shall determine from time to time to be desirable. 9.3. Premiums: Premiums upon insurance policies purchased by the Association shall be paid by the Association as a cammon expense. ~ 9.4. Insurance Trustee; Shares Of Proceeds: All in- surance policies purchased b,y the Assaciation shall be for the benefit of the Association and the apartment owners and their mortgagees, as their interests may appear, and shall provide that a21 proceeds covering property losses shall be paid to FIRST NATIONAL BA:VK AND TRUS't COVIPANY OF STUART, Stua: t, Florida, a national banking association, as Tr~~stee, or to such other bank in Florida with trust powers as may be designated as insurance trustee by the Bc~ard ~f Directors of the Association, which Trustee is referred to in this De- rt4ration as the "Insurance Trustee". The Insurance Trustee shall not be liable for payments of premiums, nor for the renewal or the sufficiency of p~licies, nor for the failure to collect any insurance proceeds. 3'he duty af the Insurance Trustee shall be to receive such proceeds as are paid and hold the proceeds in trust for the purposes elsewliere stated in this Declaration and for the benefit of the apartment owners and their mortgagees in the follo~ving shares, but ; ~vhich share need not be set forth on the records of the Insurance Trustee: ~ (a ) Common Elements : Proceeds on account of I dainage to common elements - an undivided share for each apartment ov~~ner, i ~ such share being the same as the undivided share in the common elements appur- ¢ tenant to his apartment. ~ ~ (b) Apartments: Proceeds on account of damage to apartments shall be held i.n the following undi;ri~ed shares: ~ (1) When ttie building is to be restored - for the o~vners of damaged apartments in pi•oportion to the cost of repairing the ~ damage suffered by each apartment owner, K~hich cost shall be determined by the Association. ~ _ . ~ (2) When the building is not t~ be re~ ~red - ~ an undivided share for each apartment owner, such share being the same as the ~ undivided share in the common elements appurtenant to his apartment. ~ 1c) 1~lortgagees: In the event a mortgagee endorse- ~ ment has been issued as to an apartment, the share of the apartment owner shall be held in tru~t for the mortgagee and the apartment owner as their interests ~ r?may appear; provided, however, that no mortgagee shall have anj• right to de- a ~ termine or participate in the determination as to whether or not any damaged a ~ ~ . ~ ~ ~ ~ ~ ~ -10- a ~ ~ ~ CARI F. ELLWANGER ATTORNEY AT LAW P. O. HOX 1859 STUART. FLORIDA 3S4Y4 ~ w - Q ~ ~ ~ ~ ~ ~ ` • - ~ . ,xs:_ _