HomeMy WebLinkAbout0870 ,~rt•i~.l~•s ~~t li~c-~:~ .c~r.,l.ion. A cc~E,y of the ArtiCle~ ~f
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cluti~:,, is ~t.t.~~:h~~l an !::;I,ik,i
9„~ ItiL-l~~~vrs, A co~y c~l the f3y-Laws of the Association is
:~tt~~cl~~3c~ ~,s .in Exhibit D.
9.3 I.imi r.~tic~n ii on l.i;~l~ilit of Associ~t'ion. Notwith-
::t~~~~linc~ th.., ciuty ~ t~~ f~,~ocl~~tion to maintain and repair ~
portions of thc~ Condorniniuu~ property, the Association shall
not l~~ li~bl~ to :,~~rt~nent owners for injurv or damaga, other
th.,n th~ cost c;f maint~~n~~nc~: ~~n~1 repair~ caused by any latent
cc;nditiun of~ tli~; pro~:~rty to L:~ maintained and repaired by the
As,oci.~ tion, ~ or ~caus~~d by the elements or other o~,m~~rs or persons.
9.4 k~-str~~int u»n :~s~i nrnent of ;h~res and assets. The
sh<~r~ c~t ~,n~•~n er in t~ un s an assets o t e Association
cannot ~nc1 sii:~ll not b`~ ~~siyned, hypothecated or transferred
in dny manr?er E~xcept as an appurtenance to his apartment unit.
y.5 A> >rov~l or di5~ ~ raval of matters. Whenever the
d~cision o an apartment u~w?er is require upon any matter~
whether or r~ot tt~~ subject of an Association meeting, such
decision ~hall be expressed by the same person who would cast
the vot~ of such owner if in an Association meeting, unless
th~~ joind~_r of record own~~rs is specifically required by this
- U~~cl~ration. .
10. "~?~t~ ir~sur:~nc~~ oti~~er ti?~n title insurance that shall be carried :
upon th~ Cor?domir~iur~ property anci the property af the apartment owners ~
sh~l~ be gov~rn~~d-by the followiny provisions:
1G.1 :~uthc~rit to ~urchdsc-• nam~d insured. ~11 insurance
policies upon th~ Con ominium property s a be pivchased by
the A:,scci~tion. Th~ nun~~ec~ insured shall be the Association
individu~+lly ~n~i as agent for the~ apartment unit owners, without
naming thern, and as ~gent ror their mortgagees. Pr~visions shall
i be made ror thc: issu~nce~ of the mortgages endorsements and
~ memorand~ of insurance to the mortgagees of apartment owners.
~ Such }~olicies shall provide that payments by the insurer for
~ losses stiall be made to ttie insurance trustee designated below, ~
and all p~lici~s and their endorsements shall be deposited with
~ th~ insurance trustee. Unit owners may obtain coverage at
~ their own expense upon th~~ir personal property and for their
~ pc:rsonal li~bility and living ~xpense.
~ • 10.? ;'~~vc~r~,c~f:. .
~
~ C,,~,u.,lty. ~11 building anci improvements upon the
~ Condo~,~inium property shall be ir,~.~red in an amount equal to
~ tht insurable replacem~nt value, excluding foundation and
excav.3tion costs, and all personal property included in the'
~ c~!r??non el~.mc.~nts, shall b~ insured for its value, all as shall '
; be ci~ t~rrnin~d annually by the Goard of Directors o: the
~ Assc.ci~,r_ion. All such covt,rage, including the amount
~ L~1~T~Uf and th~~ insurance company issuing same, sha•1~ be
_ ;~ahj~ct to the approv~l ~f the institutional mortgagee
~ holding the yreatest d~llar amount of first mortgages
_ ~~g.,ins± apdrtrn~:nts ir~ thc~ Condominiu~n. Coverage shall ;
~~flc~rd protection ayainst: ~
(1) Loss c,r d~mage by fire and other hazards
cov~r~d by ~ stanJard extended coverage endors~ment,
v .~nd ~
~
Suc.h cth~r risks as from tiine ta time shall
- , b~~ cu~r_i;m~rily cover~d with respect to buildings
: simil.~r in construction, location and use as the ,
t.~_,i?Jings on th~ l.~nc~, including but not lirRited to
v.in:iali~rn 3nd m~~licious mischief.
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~ ' 6G01( PACE O~U