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HomeMy WebLinkAbout0625 XI SPECIAL PROVISIONS RE DEVELOPER ; : The Developer shall have the right to transact any busi- ~ ness necessary to consummate sales or rentals of units, or portions thereof, including but not limited to, the right to maintain models, ; have siqns, use the common elements and to show units. The sales off ice(s), signs, and all itemd shalliremain~thelpropertylof thee considered common elements, Developer. In the event that there are unsold parcels, the Deve- loper retains the riqht to be the owner of said unsold parcels under the same terms and conditions as all other parcel owners in said Condominium; however, said Developer, at such time as it monthsues to be a parcel owner, and not exceeding twelve (12) after the date of the f iling of the said Declaration, shall only be required to contribute such sums to the con~non expenses of the Condominium, in addition to the total monthly common expenses and assessments paid by all other parcel owners, as may be required by the Association to maintain the Condominium and fulf ill its obli- gations, as provided in this Declaration and the Exhibits attached hereto, but in no event shall the Developer be required to contri- bute to the common expenses as to the parcels owned by him in an amount exceeding the obligation for such unit as specified and set forth in "Exhibit A" attached to this Decl.aration. Cotmnencing twelve (12) months after the date of the filing of this ; Declaration of Condominium, the Developer shall contribute to the i co~mon expenses, as to the parcels owned by him, in the same manner as all other parcel owners, as provided in "Exhibit A" attached to this Declaration. Each unit's share of common expenses and assess- ; ments as provided in this Declaration shall commence as of the first ? day of such month or the fifteenth day of such month as is closer to _ the date the Certificate of Occupancy, or similar instrument is issued by the applicable governmental authority as to said unit and building within which said unit is located. XII INSURANCE PROVISION A. LIABILI~Y INSURANCE ~ f The Board of Directors of the Association shall obtain ~ public liability and property damage insurance covering all of E ~ the common elements of the Condominium, and insuring the Associa- tion and the unit owners as its and their interests appear, in such amounts as the Board of Directors of the Association may determine from time to time, provided that the minimum amount of coverage shall be $250,000/$500,000/$10,000. Said insurance shall include but be not limited to legal liability, hired automobile, ~ non-owned automobile and off-premises employee coverages. All liability insurance shall contain cross-liability endorsements to cover liabilities of the unit owners as a group to a unit owner. Premiums for the payment for such insurance shall be paid by the Association and charged as a common expense. B. CASUALTY INSURANCE ~ 1. Purchase of Insurance. The Association shall obtain fire and extended coverage insurance and vandalism and malicious mischief~insurance, insuring all tk~e insurable improvements within ~ the Condominium, including personal property owned by the Association ~ in and for the interests of the Association, all unit owners an their mortgagees, as their interests may appear, from a company ~ meeting the standards set by the Board of Directors of the Associa- ~ tion, in an amount equal to the maximum insurable replacement value as determined annually by the Board of Directors of the Association; ~ -7- - ~ s~c~ - BOOKGJ? • ' U~ _ _ . . F: : ~ ~ ; ~ . ~ . . s- ~ - _ ° . . _