HomeMy WebLinkAbout2342 8.5 Approval Or Disapproval Of Matters: Whenever the de-
cision of an apartment awner is required ilpon any matter, whether or not
the subject of an As.soci~ti.on meeting, such decision shall be expressed
by the same person who would cast the wte of such owner i.f in an AssQCia-
tion meeting, unless the joirxier of revord v~mers is speciFically required
by this Declaration.
IX. II+]SUR~II~ICE:
Zhe insurarx,~e, other t,han title insurance, that shall be
carried upon the vonduniniun ~ and the pznperty of the apa~rtment .
aaners shall be gwern~d by the follvwir~g provisi~s:
9.1 Auth~rity Zta? Purchase; Named Insured: Al.l insuranc.~
p~Iicies t~on the oonclaminiun property shall be purc~~asea by the Associa-
tion. The named insured shall be the Association ind.ividually ar~d as agent
for the apartme.nt vwners, without na~nirig t~x3n, at~d as agent for their tmrt-
gagees. Pro~visions shall be made for the issuance of mr~rt~gagee endors~nts
ar~d men~randa of insurance ~ the m~rt,gagees of apariment aaners . S~ch
policies shall provide that payments by the insurer for losses shall be
made t~o the Insurance Trustee c~signated belvw, and all p~licies and their~
endarsgnents shall be de~osited with the Insurance Trustee. A~p~artment o~r~exs
may obtain ooverage at their own e~ense upon their personal property and
for their personal liability and living e~nse.
9.2 Coverage:
(a) Casualty: All buildirigs ar~d ir~provemP_nts up~n the
land shall be insured in the a¢rount equal t~o the maximm insurable replace-
ment value, excluding foundation and excavation oosts, and all personal. pro-
PertY included in the oamm~ elements shall be insured for its value, all -
as determined annually by the Board of Directors of the Association. Such
vwerage shall afford protection against:
(1) Loss or dam~ge by fise or other hazard.s oovered
by a standard extended ooverage esyclorsanent, an~d
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E (2) Such other risks as fran time to time shall be
custanarily oovered with respect to buildings similar in oonstn~ction, loca-
tion and use as the buildings on the land, includi.ng but not limited to van-
~ dalism and malicious mischief.
' (b) Public Liability in such am4unts and with such oover-
age as shall be required by the Board of Direct~ors of the Association, includ-
` ing but not limited to hired aut+an~bile ar~d non--owr~ed autambile voverages,
~ and with cross liability endorsement to oover liabilities of the aparhnent
E c~nne.rs as a groUp tA an apartment aaner.
; (c) Wbrlat~n's Qamp~en.sation Policy to meet the require-
; ments of law.
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(d) Such othex insurance as the Board of Directors of
the Association shall determine fran time to time to be desirable.
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' 9.3 Premiuns: Premiuns upon insurance policies p~urchased
by the Association shall be paid by the ASSOCiation as a oamm~ expense.
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` 9.4 Inst~'ar~ Tivstee; Shares Of Pzooceds: All insurance 4
` policies purchased by the Association shall be for the benefit of the Asso-
ciation and the aparfiment vwners and their m~rtagagees, as their i.nterests
may apQea~, and shall pravide that all proceeds ooverinq p~y losses
shall be pai.d to FIRST NATIQIA,L B~fI~IIC AND TR[b'T OOi~ANY OF S'I~A~RT, Stuart,
Florida, a national banki.r~g association, as Tn~stee, or to such other bank
E in Florida with trust pvwoers as may be designated as insurance trustee by
~ the Board of Directors of the Association, which Tru,stee is referred to in ~
~ this Declaration as the "Insuranc.~e TYUStee". The Insuranoe Trustee shall
not be liable for payments of pranitms, r~r for the rer~wal or.the suf- ~
~ ficiency of policies, nor for the fai~lure to oollect any insuranoe prooeeds.
" The duty of the Insuranoe Trustee shall be to receive such proceeds as are
-g- ~ ; ,t, ~ 22~ PAGE~~Y~ -
CARL r. [LLWANG[R ATTORNEY AT LAW P. O. BOX 1e60 HTUART, FLORID/1 3J<94