HomeMy WebLinkAbout0799 ~).1 J1~tic.l,~~. ~t T~~~•c,ii.,,~.~ti~n. A cc~F~y of the Articles t~ti •
Incc~iE~~~r~tiu~~ ot ~h~: l1JJ~J~.L•IC~oi? ti,,~ich sc:t~ fortt~ it.5 powers and
c1Utl~t:,~ l:i .~Lf.~~~:Ilc:~l ~~fl l.:.I~lk~i L C.
. [iy-1..,~•.5. A cuF~y of the f3y-L:~ws of thc~ Association is ~
~ t t.~ch~~a Exhibi t U.
~).3 I.i~;?i t.~t.ic~n u~on l.i.?l:il it ot Association. Notwith-
st~,n~linc~ t,t?~ ciuty o t /1~5UC1.fL1Qtl to maintain and repair
~;ortiu~ns c~t th~~ Conciominium E:roperty, the Association sh~~ll
n~t t~~.• li~bl~~ to ~~~art~nenL i~vm~rs for injurv or damage~ other
th:~n th~, c~st ~~f rn~int~~n.~nc~: ~n~i r~pair~ ca~sed by any latent
. conciiti~~n of~ th~~ prc~~~,rty t.~ he maintained ~nd~ repaired by the
As::oci~, ti~n ~ ur c:~useci by ti~~ cl`~nc•nts or other o~mers or persons.
9.~i t~~~str~int u on :is~i nment of ;hares and assets. The
shar` of ~ rn.:~n;~r in t e un s an assets o t e Association
cannot ~nd sh~ll not be as~igned. hypothecated or transferred
in any manner except as an appurtenance to his apartment unit.
9.5 A:, ,rov~l or dis~ ~ rov.~l of matters. Whenever the
decision o an ~partment uwner is require upon any matter,
wllether or not t}ie subject ~f an Association meeting, such
• decision sh~ll be expressed by the same person who would cast
the vote` uf suc}~ owner if in an Association meeting, unless
the joind~r of r~~cord oam~.~rs is specifically required by this
~ U~cl~r~tion. ~
10, 7~h~~ in~ur.,nc~- oth~r ti?~n title insurunce that shall be ~arried
upon th~ Condornir~ium property anci th~~ ~roperty of the apartment owners
shall b~:~ gov~rnc~ci by the tollowiny ~;rovisions:
lU.l Authorit ta ~urch~s<~• named insured. All insurance
policies upun thi~ Con ominium ~roperty s~a be pn~chased ~by
the A:,soci:;tion. Th` nainte~ insured shall be the Association
individually ~n~ as ag~:nt for the apartment unit owners, without
r?aminc~ thc:m~ and as agent r~r their mortgagees. Pr~visions shall
4 be rnade for th~- issu~nc~ oi the mortgages endorsements and
; memor~nd: of insurance to the mortgagees of apartment ovmers.
i Suc:h polici~~s shall providc.~ that payments by the insurer for -
~ ' losses st-~all -b~: macic~~ t~ the insurance trustee designated below,
f and all polici~s ~nd their endorsements shall be deposited with
; the insurince trustee. Unit owners may abtain coverage at
~ thLir ot~m ~xpens~ upon their personal property and for their
~ p~;rsonal li~bility and living expense.
~ 1~1. ~.(1~/c'r.1~~1_' .
~ ) C.~:~u.,l ty. al l building ~nd improvements upon the
~ Cond~,~,~iniun? prop~~rty sh~ll be ~r~~•~red in an amount eGual to
~ tti~ insurable r~placement value, excluding faundation and •
~ exc~~vation costs, and all personal property included in the
~ cominon el~m~rnts shall be insured for its value, all ~s shall
~ d~ tcrinin~d annually by the Doard of Directors oL the
~ ~ssoci.~tiUn. All such covt~rage, including the amount
th~reof ~nd th~ insur~nce company issuing same, shall be
s~at~jt•ct to th~ approval of the institutional mortgagee
f 1-?oldiny the greatest d~llar amount oE first mortgages
~c~,,in~t :~p~rtrnc~nts in th~ Condominium. Coverage shall
aft~~Ti1 protection a~~inst:
(1) Lcss or d~mage by Eire and other hazards :
covcr~d by ~~tar~dard extended coverage endor~ement~ ~
n d
( 2) S~ch oth._r risks as from time to time shUll
- k,~• cu~tcmarily cov~r~:d vrith r~spect to buildinc~s
si~t;ilar in construction, location and use ~s the
- bui?,Jinys on tt?~~ l.~nci, including but not limited to
v.+n~1~_ism ~~nd m~licious mischief .
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