HomeMy WebLinkAbout2207 of the CONDOMINIttM, meaning the PRIVATE DWEI,LZNGS and COMMON
PROPERTY, to-wit:
A) Casua].ty insurance coverinq all of the PRIVATE
D~TSLL]:NGS and COMMON PROPERTY in an amount equal
to thE~ maximum insurance replacement value thereof,
exclu:~ive of excavation and foundation costs, as
detern~ined annually by the insurance carrier; or,
if apF~raved by the Board of Directors of ASSOCIATION,
- said c:asualty insurance may be cazried on not less
than E3096 co-insurance basis; sach coveraqe to afford
protec:tion against (i) loss or c3amage by fire or
other hazards covered by the standard extended cover-
age or. other perils endorsement, subject to such deduct-
ible ~~rovision as the Board of Directors of ASSOC-
IATION may approve from time to time; and (ii) such ~
other risks of a similar or dissimilar nature
as arEa or shall be customarily covered with respect -
to bu::ldings similar in conetruction, location and
use ta the CONDOMINIUIrl, including but not limited
to vaticialism, maliciou8 mischief, windstorm, water
damage3 and war risk insurance, if available; and
B) Public: Liability and property damage insurance in
such ~imounts and in such form as shall be required
by AS:~OCIATION to protect said ASSOCIATION and
owner:~ of all PRNATE DWELLINGS, including but not
limitc~d to hired automobile, non-owned automobile 3
and o.ff-premises employee coverage; and ;
C) Workm~~n's Compensation insurance to meet the re- ;
quirements o~ law; and
D) Such c~ther insurance coverage as the Board of ;
Direc:ors of ASSOCIATION, in its sole discretion,
may d~~termine from time to time to be in the best ~
interests of ASSOCIATION and the owners of all of ~
the Pl2IVATE DWELLINGS .
All liability in3urance maintained by ASSOCIATION shall contain
liability endors~~ments to cover liability of a11 owners of PRIVATE -
DWELLINGS; jointly and severally.
All ir?surance eoverage authorized to be purchased shall be purchased
by ASSOCIATION for itself and for the benefit of a12 of the ownere
of aIl PRIVATE D~f~TELLINGS. The cost of obtaining the insurance cover-
age authorized aaove is declared to be a corraaon expense and shall be
payable directZy to the Insurance~Trustee or the ASSOCIATION as may
be provided by t:ze ASSOCIATION from time to time.
All policies of Eire and casualty insurance covering the CONDOMINIUM '
shall provir3e fo:r the insurance proceeds covering any loss to be
payable to the I:asurance Trustee named as hereinafter provided,
or to its successor, and the insurance proceeds from any fire and
casualty loss shall be held for the use and benefit o~ RSSOCIATZON
and all of the owners of all PRIVATE D~fdELLINGS and their respective
Mortgagees, as t~eir interests may appear, and such insurance pro-
ceeds shall be a~plied or distributed in the manner herein provided.
ASSOCIATIDN is h?reby declared to be and appointed as Authorized
Agent for all of the owners of all PRNATE DWELLINGS for the purpose '
of filing such Proofs of Loss as may be required under any policy or {
policies of fire and casualty insurance, ana negotiating and agreeing =
to a settlement ~~s to the value and extent of any losa which may be
covered under an.~ policy of fire and casualty insurance, and ia granted
full riqht and aathority to execute in favor of any insurer a release
of 2iability arising out of any occurrence covered by any policy or
-10_ -
10.15 . 2 600x PACF~~~
~~~t~ 220 ~'758
SPIELVOGEL. GOLD7~1.~N AND CARUSO. P. A. - ATTORNEYS AT LAW . A1ERRIT? ISLAND, FLORIDA