HomeMy WebLinkAbout1763 policiea of fire and casualty ~nsurance and resulting in loss of
or damaqe to insured property. Proof of Loss and/or any Release
of Liability executed by ASSOCIATION shall be binding upon all
awnera of all PRIVATE DiP1ELLING5 and their respective Mortgagees
and other paxties who may claim any lien or encumbrance upon their
PRIVATE DWELLINGS.
The Board of Directors of ASSOCIATION sha11 have the righ~ to
select the insurance company or companies with who~n insurance coveraq~
will be placed and ahall have the riqht to-clesignate the Inaurance
Truatee, and all parties beneficially interested in such ia~urance
coverage shall be bound by the selection so made from time to time,
but the foreqofng shall not be to the exclueion of the riqhts reserved
unto Institutional Lenders hereunder.
The Insurance Trustee shall be a banking institution or a trust company
havinq truat pawers and doing business in the State of Florida. The
Inaurance Trustee shall not be liable for the payment of premiums
nor tor the renewal of any policy or policies of fire and casualty
insurance, nor for the sufficiency of coverage, nor for ~:he form or
content of the policies, nor for the failure to collect any insurance
proceeds. Th~ sole dutiea of the Insurance Trustee shall be to receive
pretniums for the purchase of the several types of ineurance providecl
for herein and such additional insurance coverage as ahall be desired
by the ownera of PRIVATE DWELLINGS fram time to time where such
collection is requeated by the ASSOCIATI0~1, and also to receive euch
proceeds of fire and casualty insurance as are paid and to hold same
in trust for the purposes herein stated, and for the benefit of
ASSOCIATION and the owners of all PRIVATS D~WSLLINGS and their reepective
mortqagees, such ineurance proceeda to be disbursed ar~d paid by the
Insurance Trustee ae hereinafter provided. ASSOCIATSON, as a com~non
expense, shall pay a reasonable fee to said Insurance Trustee for its
services rendered hereunder, and shall pay such costs and expensea as
said Insurance Trustee may incur in the perforraance of any duties and
obligationa impoaed upon it hereunder. Said Insurance'Truetee shall
be liable only for its wilful misconduct, bad faith or grosa negligence,
and then for only such money which comea into the posseesion of said
Insurance Trustee, whenever the Insurance Truetee may be required to
make distribution of insurance proceeds to owners of PRIVATE DhTELLINGS
and their mortqagees, as their respective interesta may appear, or to any
other party for repai=, replacement, or reconstruction of property, the
Inauraace Trustee may rely upon a Cert±ficate of the President and
Secretary of ~he ASSOCIATION, executed under oath, and which Certificate
will be provided to said Insurance Trustee upon request of said Insurance
Truetee made to ASSOCIATION, such Certificat~ to certify unto said
Insurance Trustee the name or names of the owriers of each PRIVATE DWELL-
ING, the name or names of the Mortgagee or Mortgageea who may holc3 a
mortgage or mortgages encumbering each PRIVAT$ DWSLLING, and the respect-
~ ive percentages of any distribution which may be required to be made
to the owner or owners of any PRIVATE D~WELLING ~r PRIVATE D~WBLLINGS
; as his or the3r respective interests may appear, or to certify the name
~ or names of the party or parties to whom payments are to be made for
i repair, replacement or reconstruction of property. In the event any
i inaurance proceeds are paid to the Insurance Trustee far any fire or
s casualty loss, the holder or holders of any mortgage or mortgages
~ encumbering a PRIVATE D~WELLING shall not have the right to determine
' or participate in the determination of repair or replacement of any ~
~ Ioss or damage, and shall not have the riqht to elect to apply insurance
proceeds to the reduction of any mortgage or mortgages, unlesa such
~ ineurance proceeds represent a distribution to the owner or owner$ of a~y
PRIVATE DiW'ELLING or PRIVATE D~WELLINGS, anci 'their reapective mortgagee
s or mortgagees, as herein authorized.
In the event of the loss of or damage to only CON1N1pN PROPERTY, real or
personal, which loss or damage is covered by the fire and casualty
_ insurance, the proceeds paid to the Insurance Trustee to cover such
~ loss or damage shall be applied to the repair, replacement or re-
construction of such loss or damage. If the insurance proceeda are
y ~ ~
s 10.15.2 r:;~ ~20
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SPiELVOGEL, C30LDMAN AND CARUSO, P. A. _ ATTORNEYS AT LAW - t~fERRITT ISLAND, FLORIDA
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