HomeMy WebLinkAbout0086 interest as a result of the.~oreclosure of its mortgaqe, or by
acceptance of a deed in lieu of foreclosure as hereinbefore pro-
vided, shall be approved and accepted as occupants and awners
without further approval of the Condominium Association.
X. INSURANCE - DESTRUCTION OF PREMISES
A. Insurance - The Condominium Association shall
obtain through a reputable insurance agency with offices #ri Florida,
hazard, public liability and workmen's compensation insurance, .
and such additional coverage as may be required by law or as it
sleems advisable, all such insurance to be subject to the approval
of the institutional lender owning the largest dollar value of
mortgages on Condomini~m Parcels of this condominiun. The premiums
for such insurance shall be paid by the Condaminium Association
and charged to the owners of Condominium Parcels as part of the
total annual assessments as hereinbefore provided.
1. Hazard Insurance - The Condominium Associa-
tion shall obtain insurance coimaonly known as hazard insurance
providing coverage on all buildings and improvements comprising
part of the condominium property and on all tangible personal
property awned by the Condominium Association, such insurance to
be in an amount equal to the maximum insurable replacement value-
~ thereof,:and to insure against loss or damage by fire and other
hazards covered by a standard extended coverage endorsement, the,
insurable value to be fixed and determined on an annual basis.
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; Such insurance shal~ be for the benefit of the Condaminium
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~ Association, Condominium Parcel owners and mortgagees, as their
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~ interests appear, and each such owner and mortgagee shall be -
~ entitled to a certificate showing the respective interests
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° of all parties. The original policy shall be held by, and ~
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~ shall name as insurance Trustee, Stuart National Bank, a
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national banking association, its successors or assigns, herein-
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