HomeMy WebLinkAbout1868 cannot be assigned, hypothecated or ttansferred in any manner
except as an appurtenance to his apartment.
13.5 - Approval or Disapproval of Matters. Whenever the
decision of an apartment owner is required upon any matter,
whether or not the subject of an Association meeting, such decision
will be expressed by the same person who would cast the vote of
such owner if in an Association meeting, unless the joinder of
record owners is specifically required by this Declaration.
14. INSURANCE.
The Insurance, other than title insurance, that shall be
carried.upon the condominium property and the property of the
apartment owners will be governed by the ~ollowing provisions: ;
- . i
14.1 - Authority to Purchase; Named Insure~. All insurance
policies upon the condominium property will be purchased by the
Association. The named insured will be the Association individ-
ually and as agent for the apartment owners, without naming them. `
Provision will be made for the issuance of mortgagee endorsements
and memoranda of insurance to the mortgagees of apartment owners.
Such policies will provide that payments by the insurer for losses
will be made to the Insurance Trustee designated below, and all
policies and their endorsements will be deposited with the
Insurance Trustee. Apartment owners may obtain coverage at their f
own expense upon their personal property and for their personal ;
liability and living expenses.
14.2 - Coverage. .
a. Casualty. The buildings and improvements upon the
land hereby submitted to the condominium form of ownership will
be insured in an amount equal to the maximum insurable replace-
ment value, excluding foundation and excavation costs, and all
personal property included in the common elements will be insured
for its value, as determined by the Association. Such coverage
will afford protection against:
(1) Loss or damage by fire and other hazards
covered by a standard extended-coverage endorsement; and
~
~ (2) Such other risks as from time to time will be
customarily covered with respect to buildings similar
~ in construction, location and use as the buildi-ngs on
~ the land, including but not limited to vandalism and
malicious mischief.
b. Public Liability in such amounts and with such cover-
age as shall be required by the Association, with cross-liability
endorsement to cover_liabilities of the apartment owners as a ~
group to an apartment owner.
c. Workmen's Compensation policy to meet the require-
ments of the law.
d. Such Other Insurance as the Association shall determine
from time to time to be required or desirable.
~ 14.3 - Premiums. Premiums upon insurance policies pur-
~ chased by the Associatiori will be paid by the Association as a
~ common expense.
~ 14.4 - Insurance Trustee; Share of Proceeds. All insur- ~
ance policies purchased by the Association will be for the bene-
fit of the Association and the apartment owners of this
condominium and their mortgagees as their interests may appear,
and will provide that all proceeds covering property losses will
-10-
FEE. PARKER & FEE P.A. ~ R^~~ f~~~~ ~
ATTORNEYS AT LAW 4DCK ~ j ~
POST OFFIGE BOX 1000 _
FORT PIERGE. FlOR1DA 33450
, _
~ _ ti .a4,.
~ ~w't~":~.y=~-s`"° ~i,:~`-~.~ . .