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HomeMy WebLinkAbout1173 t ~ ; ~ . i , i ' i owned sutomobile coverages, and with a cross-liability endorsement to cover liability of the apartment owners as a group to an individual apartment owner. iii. Workmen's compensation. Workmen's compensation insurance sufficient to meet the requirements of the laws of the State of Florida. iv. Other insurance. Other insurance may be carried as may be determined desirable from time to time by the bo~rd of directors of the Association. - C. Premiums. Premiums upon insurance policies purchased by the Association shall be paid by the Association as a common expense. D. Insurance trustee; share of proceeds. All insurance . ~ policies purchased by the Association shall be for the benefit ; ~ - ~ of the Association and the apartment owners and their mortgagees t as their interest may appear, and shall provide that all proceeds covering property losses shall be paid to The Sun Bank of St. Lucie County, as Trustee,~a~ to such other bank in Florida-with trust powers as may be designated as insurance trustee by the board of directors of the Association, which trustee is referxed to in ~ € E this instrument as the insurance trustee. The insurance trustee shall not be liable for payment of premiums, nor for the renewal or the sufficiency of policies, nor for the failure to collect any insurance proceeds. The duty of the insurance trustee shall be to receive such proceeds as are paid and hold-the proceeds in trust for the purposes elsewhere stated in this Declaration and for the benefit of the apartment owners and their mortgagees upon~the following terms and conditions: i. Trustee's expenses. All expenses of the insurance ~ trustee shall be paid first. ii. Damage repaired. The insurance trustee shall dis- burse the net proceeds of all insurance policies paid as a result of damaqe to or destruction of the condo- ~ - -11- d00K ~+J~, P~f,E~~ ' NEIIL ORiFFIN JEFFRIlS i LLOYD ' CNARTERED P. O~ 60X ~270. FORT PIERCE, FIORIDA 33460 - TELEPMONE (305)464-8200 r~ _ . ; s„~,f~~`s..,,' s~ T• ' .s` , ~ : - . ~ yl"~, . 'r ~ `~wS ~ . ~ ~ ~r~^~'~~~~ . _s.4_ . ; a.~_ x .