HomeMy WebLinkAbout2216 ~r. a~ amount equal to the maximum insurable replacement value as
dztermined annually by the Board of Directorsnsestin onnection~,
~ne premises for such coverage and other expe ~
with said insurance shall be paid by the Association and charged ;
as common expense. The company or companies with whom the ~
hssociation shall place its insurance coverage as provided in this }
D~claration must be good and responsible companies authorized to ~
co business in the State of Florida. The institutional first
:.ZOrtgagee owning and holding the first recorded mortgaqe encumbering
a condo:niniur•? unit shall have tha right for so long as it owns and
r,olds any mortgage encumbering a condominium unit, to approve the
aolicies and the company or companies who are the insurers un6er
z'r..: insurance placed by the Association as herein provided and the
3MOant thereof~and the further right to designate and appoint the
Zr.sLrance Trustee. At such time as aforesaid institutional first
mortgagee is not the holder of a mortgage on a uni~, th~n these
rigr.ts of approval and designation shall pass to the institutional
c~rst niortgagee having the highest dollar indebtedness on unit5 i~z
~ondomir.ium prop~rty and in the absence of the action ox s~~n
r~.ortgagee the Association shall have said right without qualification.
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2, Loss Pa able Provisions - Insurance Trustee. AiI i
policies purchased by the Association shall be for the benefit of
tr.e Association, all unit owners and their mortgagee, as their
interests may appear. Such policies shall be deposited with the
~nsurance Trustee (as hereinafter defined) who must first acknowledge
tnat the nolicies and any proceeds thereof will be held in accordance
L _ a. l 1 :.~c,~r~T!`P
wi~h the terms hereof . Said policies shall provide LiIA~- °ableiito+as~
~roceeds payable on account of loss or damage shall be pay .
or to any other bank in Florida with trust powers as may be approved
by the Board of Directors of the Association, which Trustee is herein
referred to as the Insurance Trustee. The Insurance Trustee shall
not be liable for the payment of premiums nor for the renewal or the
~ suff iciency of policies, nor for the failure to collect any insLrance
a proceeds, nor for the form or contents of the policies. The sole
~ duty of the Insurance Trustee shall be to receive such proceeds as
~ are paid and hold the same in trust for the purposes elsewhere
~ stated herein, and for the benef it of the Association, the unit
~ owners and their respective mortgagees, in the followinq shares,
but such shares need not be set forth upon the records of the -
Insurance Trustee. ~
(a) Common Elements. Proceeds on account of dar;~age
to common elements - an undivided share for each unit owner, such
share being the same as the undivided share in the common elements
~ appurtenant to his unit.
~ b Condominium Units. Proceeds on account of
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condominium units shall be in the following undiv.ided shares:
1. Partial Destruction - when units are to be
~fi: .
~ repaired and restored - for the owners of the damaged units in
~roportion to the cost of repairing the damaqe suffered by each
~ ~:.it owner. •
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" BOQK PAGF 2215
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LAW OFFIGE3 eART L. COHEN, CITY NATIONAL B/?NK BUILOIN~3~ MIAM1~ FLORIOA
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