HomeMy WebLinkAbout0087 after called the "Tnsurance Trustee". The Condominium Association
may from time to time desiqnate any other bank with truat powers
as the Insurance Trustee. All proceeds payable pursuant to the
terms of such hAZard insurance policy or policies shall be payable
to the Insurance Trustee and shall be held pursuant to the terms
of this Declaration and the further instructions of the Condominium
Association. The Insurance Trustee shall have no responsibility _
with reference to the payment of insurance premiums, and shall
only be required to act pursuant to the writtea instructions of
the Condominium Association as provic~ed herein, or as directed
by Court order.
2. Public Liabi~lity Insu~ance - The Condominium
Association shall obtain public liability insurance having minimum
limits of $1,000,000.00 for bodily injury either to one person ~r to •
multiple persons incurred as a result of a common accident or
occurrence, and $5d,000.00 for damage to property. Such policy
shall provide for clauns of third persons against the Condominiwn
Association and the members, and for each individual Condominiwn
Parcel owner against the Condominium Association and the members.
The original policy shall be taken in the name of and held by the
Condominium Association.
3. Individual Coverage - The owner of each ~
Apartment may carry,such hazard insurance on individually-awned
personal property, and such additional public liability insuran~e
~ as is desired.
B. Damage or Destruction.
1. Extent of I~oss - In case of damage or
I destruction, the Condominium Association shall determine the ex-
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' tent of the total loss due to the casualty, the percentaqe of
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damage to the Common Elements, and the percentage of damage to
each apartment. As soon as possible following the casualty,
; and in any event not later than 60 days from the date of same, ~
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