HomeMy WebLinkAbout0871 ~l1`.Ul;lll(.~• ~.ft f}1~• t\trCltlrtt,l~!f~ ~Tc:cl ~UISU.1(1t t(~ t~ll'
F~rc.vi:._i~:,~:, c,ril«• t,inc~t,y-t~lin.~ Y<~~,r L~~st: A~jr~~c~u~~,nt.
) ~uct+ c,th~ r i n_:ui .?r~c~ th~ t th~: Board of l~iri:ctors
of LI?~• f~~ :uc.i.+tion :.1~.l11 ~i~rL~rrnine i~rom time t,o time to be
~~~sii.~t~l ~ .
1U.3 {~r.~r?i?u~?:: tl~(ifl in~.ur~~nc.~~ policics purchased by the
~~~:s~~ci~~t.ion ~t, t~~: E;~id t~y ~.II~~ `~.JJocidtion as ~ common expense.
1(1,~1 lii~,~~r.,nc~ ~rii :t~•:~• :~I~:~r~~ of !'rocc~eds. A]1 insurance
~olicic~ purch.~;~,~ t,y tht~ F,:~soci.~tion s~.~ e for the bene~it of
th~~ i?~sc;ci~ti~~n .~nci thc~ ~=~..rt~nc~nt owners ~nd their mortyagees as
th~ir int~r~:~~s m.~y ~~pp~~r, ~nc1 shall pr~vide that all proceeds
cov~rin~~ proF-,c~rty loss~-s sh~ll be paid tc> FIFtST NATIONAL BANK
UF FOft~i' PIf:ft~.~, 3~U :~ouLh 3th 5tr~~~t, Fort Pierce, Florida~ as
"I'rust4~~ ~r tc~ s,?~ch othei b.3nk i~~ Florida with trust powers as
may b~ d~:sic~n~t~,d ~s tnsur.~nc~~ "I'rustee~ from time to time by the
~oard of Uir~.:ct~~rs of the Associ~tion~ which trustee being referred
ta hzr~•in th~~ Insurane~: Tru:.tc•c.~, provi.ded~ however, that thc~ ~
. s~l~cti~>n c~C tF~~~ Insur~nct: irustee is subject to the approval af
tht~ Ii~stitu?ion:.1 ;n~rtgayt~s holding the greatest dollar amount- of
rst ,nor cu~c~~~:. against tt-~~ apartment units in the Condominium.
Th~~ In;;ur<~n~:t~ T'rust~~t st~all nc~t be liable for payment of premiums
nur ior ±t~~ .:i 1 ur~: to collc~c t~~r~y Insurance proceeds. The duty
ur tt~~~ lnsur.,nc,~ "1'rust~:~ ~iiall b~~ ta receive such proceeds as
ar~ Faid ~~nc! hol~i the proc«ds in trust for the purposes elsewhere
stst~d in this instrument ~+r~ci fc,r the ~enefit of the apartment
owners ~?nd th~ir mortyag~c.,s in the following shares, provided,
hurlever, sucl~ stl:~res ne~d not bt: s~~t forth on the records of
th~, in:~ur<~r.c~ "I'rustae:
) ! rc~~~•~•ds ~,r: ~c ~-c.~unt ~f dam:~ to common ele~nents
• anc~ 1 ir:i t=,~i c~,nu,~c~n ~~~:~.•nr.s: tin un ivi e s are or eac
aE.~r~~~~~~nz ~~~:~T~c~r, suc ~ st~~re being the same as the undivided
s~~.:r~.- ir~ the cc.nunon ~~l~cn~•nts and limited common elements
; ~+E~F.urt,~,;,.,nt t~ his ap.~rtn?~nt.
t
~ ( h~ :ii..=rt.~n~•n t.~.. ~~rocc~e~is on account of domag~: t~
~ :,E~srt?n~.nt t~nit~ ~r?:71 t~c~ t?eld in tt~?e following undivided
; sh~r~..
;
; ( 1) Y~l~tn tt~?~ building is to be re~tored: For
th~- c~.:~~ers of d~~,uac3~~;i ~partr~rnt in proportion to the
r ~.c~st c,i raF;eiring the damage suftered by each apartment .
~ ~,~•:tt••r; ~.-~i.i c~st tc b~- deterr~in~d by the Association.
~ .
~
~ j V~'ht~n tt~~~ (~t,ildiny is not to be restored: kn
' ur~,i;vi.i~•d ~hart ~~,r f:ach apartr:,ent unit owner, such
~ sl~~r~. ~,~ing ~t«- ~~u~4 a~ the ~ndivided share in ttie
~ c:or~~:r~on ~l~ments a~~~urLc~nant to his apartment unit.
~
~ ~
~ ~ ~ c,f r~•~~t~~..+ti: r. =nci r~• ~:~ir of the Rc~creation
~ /,r.~~ ,:f ~~•r c.~~u.~lty ;hall nE• paid out o the proceeds from
~ ins!,r:~r~,:~., snd th~: s~id ~t~~crf:ation Area shall in all events
~ bt r~~E~~ir~_c~ ~,n•:i restc~~d unless there shall be not only a
~ total :~~•~tr,~c ~ion cr th~- kc~creUtion Area and appurten~nces
tr?~~r~~tc, '~u~ in ~~Giti~~n a destruction of a majority of the
y ~~r~~r ~r~?~~nt ~,ni in thc~ i'.undominium. In the event additional
= n~;~ni:~~ ~~re r~~c~uircc~ c,vc.r ~r~d ~~bov~ the amount availab3e from
$ in~ur~~n~~~~ ~;rc~ct:;~~s to rc,store, reconstruct or repair the
" tt:•cr~~ ~ior? .~r.~~, such moni~s shall be considered a common ;
;z ~xE~~ns~• to :~e paici ny the condominium unit awners and to
bc~ ch~~rcae~~~, to and coll~ctable frorr~ them in the same #
r,~~n~•_r ~~1 ~~.rher:: pr~vided herein tor the assessment and ~
= CG] 1~.GY_101! (~I ~~~SE.GSrn~nt~ ~~(1C~ COf~U(l~:fl expens~~S~ all pursuant
tc, LF:~• F,rovisions or Lh~~ t~inety-tvine Year Lease.
`F~
~j .
Boo~ 223 ~~E $'7~