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(~i ) ! i?•.?~c tnc.~~ i li~. ft~~c1'~,~ tl~,r~~ Ar~r~~ ~,u~ su.~nt t,o th~
F,lc,Vl~.l~,ll'.. ~~I L~?<• I`~lllt i~/-t'•I111~• Yv~iT 1..~.15E AC~T~'~Iq4llt.
( ) ~u.~t~ .,th~ r i n:.ui .~r~cc: th~t tht: E3aard of Uirectors
t t.h~ • j,:. ~~c~~~ i., tion :;i~., l! cl~ t_~ rinine f ram tirne L~, t ime to bc~
(~~S11.tE)1~'.
1U.3 i•r~•:ui~~~~~~. uE~nn in~:ur.~nc~~ ~olici~~ Pl11Cf1JSec1 by the
i~~,~c~ci,,ti~~i~ ,.i? E,~.iJ l~y ~h~~ i.~soci~~tion as .i r.oaunon ex~.ense.
lU.~l li~~.ur.~ii~~ Tr~~~.f.~•~~- ::ti,~r~~ of 1'roct•eds. A]1 1nsuTance
E;alici~.~ ~,urcl~.,~~~cs t~y tl~~ f;:.:c;ci~~tion s~~, a for the b~n~fit of
th~~ ~~~s~c.i.+f.l~til ,,r~.! th~. ~~E .~z t~n~~nt ownc~rs ~nd their mortgagec s• 3s
Lh~ir inl~:i~sLs rn.~y ~,pp~ur, ~~nd sh~ll provide tt~at all proc~eds
cov4i•in~~ prop~rty lossc-s shall be paid tc~ FIR~T NATI~NAL BAtJK
OF t=Ulcl~ PI~:ft~E, _300 ~~uth 8titi ~trc~~~t, Fort Pierce, Florida, as
7~rust~~, or to such other 1~~nk in Florid~ -with trust powers as
m~y b~ d~~s ign:~ t~~c1 ~s insuranc~. "1'rustee from time to time by the
f3o.~r~3 of Dir~ctors uf the A;soci~tion~ which trustee being referred
to h~rc~in th` •Insur~ncc, T~u~t~~e, E-,rovided, however, that the
s~~l~.~ction of *t~~~ Insurancr ~frustE~e is subject to the approval of
th~~ I~~,tit~.,ti~n,:l ~n~rCyac~c,s holdinc~ the qreatest dollar amount of
i irst mc~rtq~~yc•:. ~+y~inst tl?~ sp.~rtm~nt units in thc~ Condominium.
Th~.~ In,ur<~r~c~~ 1'ru~t~~ sh~ll ~~uL bc~ liabl~ for payment of premiums
nor for th~_ t.:i 1 to col l~~c. t. :,r,y Insurance proceeds. The duty
of th~~ ln~ur.,r?c~• "rrustc~~• ~:1?.~11 b~ ~o reccive such proceeds as
ar~ p.aid .,n~j h~~]~i ttie FTOGc:~tci:; in trust for the purposes elsewhere
st~~t~:~ ir? thi~, ir:~trumcnt ~+r.~~ i:.r th~ h~_nefit of the a~artment
o~vn~rs .3nci tt,~~l:~ ((lOZC(J~~q~~~~, in the fol]o~~:ing shares, provided,
huw~ver, ~uc:t~ ~h~r~~:. ne~~d not k~~~ ~c~t torth on the records of
th~ i~~sur.~r:c.~• I~rust~~e:
) ! ~ c,;:~.-t•ds r:~~ :~ccc~unt of ~j~irn., to co~~rnen GlE?Iflr?nts
~n:~ 1 i;::: t~~.~ ,~~c~ir~nc,n frl(l~-(1tS: Hr~ un ivi e s ar~ or each
~~c :sr~i;~~~~~< <~:rn~r, suc ~~h~r~ t,~ing the same as the undivided
" s~~~.r~~ ir, t}:e com,nion ~~l~rnents and limitc~~d conunon elements
' ,~~Furt~~n~nt to his ~p.~rtrr,~~nt.
i
; (b) ~t? :;rtim~r:t_,. I~roc~c~is on account of damage t~~ `
~ _ ~E:~irtm~~nt ~,nits s<<~ 1. t~c held in the following unilivided ?
i ~h;~rt~5.
t
~
~ ( Yr11~~n tt<<., building is to bA rectored: For
's tiz~~ o:n?er, of d~,:~~:~q~~~i ~p~rtm~nt i~ proportion to the
; ce,•.t, ot r~~,airi,-~,, tt~c~ d~m~gc- suftered by each apartment
~ ,~~::r~~~r, ~;.~id cc~st :o b~- d~~t~-rminc~d by the Association.
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~ :rdt?~n ti~~~ t~~ildinc~ is r,ot tc be res~c~rc~d: !+n
; t,r; i:vi.~~-d ';};:,r=~ :~::r ~:~~ch ~c~art:~:ent unit ov;ner, such
,
:t?.~1 ~ t,~~ing ~t?~- th~ undivided share in the
~ ~~.~n:nun t:l~ments ~~F~furtc.•nant to his apar.tment unit.
~
~ i ~~,f i~~-~, r. „z t i: r: ,~n:! r~-r::~i r of thc~ it~creation
~
~ :,r~~., ~~r ;,~~r c~~~ualty ~l~.~11 UE' ~jdZC~ out o the .pro~eeds rom
~ ins~r:~r~c~, ~n~ th=> saici ii•.creation Area shall in all everets
~
~ k;c r~-~.~air~:i ,:~n:~ r~ stort-~ ~nless there shall be not only a
tut.si d~ ~tr~~. ~ion ~r th~ it~cr~-ation Ar~a and a~purt~~nances
rh~-r,~to, :,u~ in ~=d;;iti~r? destruction of a majority of the
~ ~~~.~:i ~rn~•nt. uni ~s in tt~~~ i::ond~minium. In the event bdditional
~
- ~n<,ni~. ; ~r~~ r~yuirt:d ov~-r .~nc3 abov~ the amount availab3e from
~ ir~~ur.~nc~ ~;rocc~ecls ta r~ ~tor~, reconstruct or repdir the
~ :t•~cr`~tion ~icr~, such mani~s sh~ll be considered a common
- c~x~~~r~s~~ ta t~~ paiu by tfi~ condominium unit owners and to =
- c.r}~rye~:L-~~~ to ~nd ~~~ll~ctable from them in the same ~
' <<:.~nn•_r ~.l~c~~:her.~~ ~>rovi~ied h~=rein fc.r the asses~ment ancl M
~x c~.l ~,-~.+.ior~ c,r :,ss~~srnc~nt:s ~nd cor;~~ion expenscs, all pursuant -
. ~o ~F?~• F,rcvisions or thc~ IJintty-tJine Year Lease.
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