HomeMy WebLinkAbout2020 10. The insurance other than title insurance that shall be
carried upon the Condominium property and fihe property of the apartment
owners shall be governed~by the following provisions;
10.1 Authority to purchase; named insured. All insurance
policied upon the Condominium property shall be purchased •
by the Association. The named insured shall be the Associa-
tion individually and as agent for the apartment unit owners,
without naming them, and as agent for their mortgagees. Pro-
visions shall be made for the issuance of the mort~a~es
_ endorsements and memoranda of insurance to the mortgagees of
apartment owners. Such policies shall provide that payments
by the insurer for losses shall be made to the insurance
trustee designated below, and all policies and their
endorsements shall be deposited with tbe insurance trustee.
Unit owners may obtain coverage at their own expense upon
their personal property and for their personal liability and
living exgense.
10.2 Coverage. .
(a) Casualty. All builcb.ng and improvements upon the
Condominium property shall be insured in an amount equal to
the insurable replacement value, excluding foundation and
excavation costs, and all personal property included in the
common elements shall be insured for its value, all as shall
be determined annually by the Board of Directors of the
Association. All such coverage, including the amount
thereof and the insurance company issuing same, shall be t
subject to the approval of the institutional mortgagee holding
the greatest dollar arr.~unt of first mortgages against apart-
ments in the Condominium. Coverage shall afford protection ~
. against:
(1) Loss br damage by fire and other hazards
covered by a standard extended coverage endorsement,
and "
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! , (2) Such other risks as from time to time shall
E be customarily covered with respect to buildings
3 similar in construction, location and use as the
~ buildings on the land, including but not limited
> to vandalism and malicious mischief.
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~ (b) Insurance on the Recreation Area pursuant to the
~ provisions of the Ninety-Nine Year Lease Agreement.
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~ (c) Such other insurance that the Board of Directors
~ of the Association shall determine from time to time to be
~ desirable.
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~ 10.3 Premiums upon insurance policies purchased by the
~ Association shall be paid by the Association as a common
~ expense. f
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~ 10.4 Insurance Trustee; Share of Proceeds. All insurance f
3 policies purchased by the Association shall be for the benefit R
~ of the Association and the apartment owners and their mortga- F
~ gees as their interests may appear, and shall provide that ~
- all proceeds covering property losses shall be paid to FIRST ~
- NATIONAL BANK OF FORT PIERCE, 300 South 8th Street, Fort . ;
Pierce, Florida, as Trustee, or to such other bank in Florida ~
= with trust powers as may be designated as Insurance Trustee ~
from time to time by the Board of Directors of the Associa- t
= tion, which trustee bei.ng referred to herein as the Insurance
Trustee, provided, however, that the selection of the ;
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