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HomeMy WebLinkAbout2208 . policiea of fire and casualty insurance and resulting in loss of or damaqe to insured property. Proof of Loss and/or any Release of Liability executed by ASSOCIATION sha ~l be binding upon a 11 awners of all PRIVATE D~WELLINGS and their respective Mortgagees and other par~ies who may claim any lien or encumbrance upon their PRIVATE DWTLLINGS. The Board of Directors of ASSOCIATION shall have the right to select the inaurance company or companies with whom insurance coverage will be F3~ced and shall have the right to designate the Inaurance Trustee, and all parties beneficially interested in such insurance coverage shall be bound by the selection so rnade from time to time, but the foreqoing shall not be to the exclusion of the righte reserved unto Institutional Lenders hereunder. The Insurance Trustee shall be a bankinq institution or a trust company havinq trust powers and doinq business in the State of Florida. The Insurance Trustee shall not be lfable for the payment of premiums - nor ior the renewal of any policy or policies of fire and casualty ins!xrance, nor for the aufficiency of coverage, nor for the fonn or content of the policies, nor for the failure to collect any insurance proceeda. The sole duties of the Insurance Trustee shall be to =eceive premiums for the purchase of the several types of insurance provided for herein and auch additional insuxance coverage ae shall be desired by the owners of PRIVATE DWELLINGS frozn time to time where such collection is requested by the ASSOCIATI4N, and also to receive auch 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 PRIVATE D~WELLINGS and their respective mortqagees, such ineurance proceeds to be disbursed and paid by the Insurance Trustee ae hereinafter provided. ASSOCIATION, as a common expense, shall pay a reasonable fee to said Insurance Trustee for ite services rendered hereunder, and ahall pay such costs and expenses as said Insurance Trustee may incur in the perforrnance of any duties and obliqationa impoaed upon it hereunder. Said Insurance Trustee shall be liable only for its wilful miaconduct, bad faith or grosa negligence, and then for only such money which comes into the possession of said Insurance Trustee. Whenever the Insurance Trustee may be required to ' make distribution of inaurance proceeda to owners of PRIVATE DWELLINGS and their mortgageea, as t2~,eir respective interests may appear, or to any ; other party far repair, replacement, or reconstruction of property, the ~ Insurance Trustee may rely upon a Gertificate of the President and ~ Secretary of the ASSOCIATION, executed under oath, and which Certificate ~ will be provided to said Insurance Trustee upon request of said Insurance E Truatee made to ASSOCIATION, such Certificate to certify unto said ~ Insurance Trustee the name or namea of the owners of each PRIVATE D~ELL- ~ ING, the name or names of the Mortgaqee or Mor~gagees who tnay hold a ~ mortgage or mortgagea encumbering each PRIVATS Dti+1ELLING, and the reapect- ~ ~ ive percentages of any distribution which may be required to be made ~ to the owner or owners of any PRIVATE DWELLING or PRIVATE D~W$LLINGS ~ as hia or their respective intereats may appear, or to certify the name ~ or names of the party or parties to whom payments are to be made for repair, replacement or reconstruction of property. In the event any ~ xnaurance proceeds are paid to the Insurance Trustee for any fire or ~ casualty loss, the holder or holdera of any mortgage or mortqages ~ encumbering a PRIVATE D~W'ELLING shall not have the right to deteYmine g: or participate in the determination of repair or replacement of any ~ loss or damage, and shall not have the right to elect to apply insurance proceeds to the reduction of any mortgage or mortgages, un~ess such ~ insurance proceeds represent a distribution to the owner or owners of any - PRIVATE DiWELLZNG or PRIVATE D~WELLINGS, and'their respective mortgagee or mortgagees, as herein authorized. ~ In the event of the loss of or damage to only COMI~ON PROPERTY, real or personal, which loss or damage is covered by the fize 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 proceeds are ~ -11- BOtRIK~~O PAGEZ~O~ ~ io. is.2 ~2~ ~~J~ rt~ ~ SPIELVOGEL, OOLDMAN AND CARl:SO, P. A. - ATTORNEYS AT LAW - MERRITT 1SLAND, FLORIDA ~ ~ ~ ~ _ _ - _ ___.v~