HomeMy WebLinkAbout2215 mortgage condominium parcels or units, and portions thereof, *.o
ar.y Purchaser, lessee or mortgaqee approved by it, and the Develo~er
s:all r.ave the right to transact any business necessary to consummate.
s~ies or rentals of units, or portions thereof, includinq but not
~i:rited to the right to maintain models, have signs, use the comraon
~+e:aents, and to show ti?nits. The sales office(s), signs, and all
izcros pertaining to sales, shall not be considered common elements,
aan shall remain the property of the Developer. In the event there
are unsold parcels, the Developer retains the right to be the owner
o~ said unsold parcels under the same terms. and conditions as alI
o~r.~r parcel owners in said Condorninium, and said Developer, as
~~rcel owner, shall contribute to the common expenses in tine sa~r~e
.:.ar.r.er as other parcel owners, as provided for in this Declaration.
(c) The provisions of this Article XI shall be
c_~erative until the 31st day of December 1994,
:ney shall be autoiciatically extended for successive periods
o- twenty-one (21) years,
•~aless an amendment to this Declaration signed by a majority of the
zaen unit owners has been recorded amending this Declaration so as
to delete the provisions of this Article XI.
XII
INSURANCE PROVISIONS
A. LIABILZTY INSURANCE
The Board of Directors of the Association sRall obtain
Pu~lic Liability and Property Damage Insurance covering all of the
' con~.aon elements of the Condominium, and insuring the Association
~ ar.d the common owners as its and their interest appear, in such
I a::ioants as the Board of Directars of the Association may determine
~ f:o:n time to time, provided that the minimum amount of coverage shall
~ be $250,000/$500,000/$10,000. Said insurance shall include but not
~ li,~nit the same to water damage; legal liability, hired automobile,
~ non-owned automobile and off-premises employee coverages. All
~ liability insurance shall contain cross--liability endorsement to
cover liabilities of the unit owners as a group to a unit owner.
p~a:aiums for the payment for such insurance shall be paid by the ~
Association and charged as common expenses.
g~ .CASUALTY INSURANCE
1, Purchase of Insurance. The Association shall obtain
Fire and Extended Coverage Insurance and Vandalism and Malicious
Mischief Insurance, insuring all of the insurable improvements within
t:~e Condominium, including personal property owned by the Association,
~ in and for the interest of the Association, all unit owners and their
~ .;.oi~gagees, as their interests may appear, in a company acceptable
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~ to the standards set by the Board of Directors of the Association~
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BOOK ~O PACC~14
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LAW OFFICES BART L. COHEN, GITY NATIONI~L 6ANK BUILDINd, MIAM1~ FLORI~A
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