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HomeMy WebLinkAbout0369 ~ i ' ; i 3. Workmen's Compensation to meet the reguirements of ~ Florida law. t ~ 4. Such other insurance coverage as the Board, in its ~ sole discretion, may determine from time to time to be in ~ the best interest of the Condominium Association. All liability insurance maintained by the-Condominium Asso- ~ ciation shall contain cross liability endorsements to cover ~ liability of all Owners as a group and each Owner individu- ~ ally. All insurance coveraqe authorized to be purchased ~ shall be purchased by the Condominium Association for the ~ benefit of the Condominium Association and all Owners and • ~ their mortgagees as their interests may appear. The cost of ~ obtaining the insurance coverage authorized above is decl~red i to be a Common Expense, as are any other fees and expenses ~ incurred which may be necessary or incidental to carrying ~ out the provisions hereof. All policies of fire and casualty insurance shall provide for the insurance proceeds covering any loss to be payable to the Insurance Trustee, or its successors, and the insurance proceeds from any fire and casualty loss shall be held for the use and benefit of the Condominium Association, all Owners and their respective . mortgagees, as their interests may appear, and such insurance proceeds shall be applied or distributed in the manner herein provided. The Condominiwa Association is hereby ~ declared to be and is appointed as "authorized agent" for ~ all Owners for the purpose of filing such proof of loss as ~ may be required under the policy of fire and casualty insur- ance and negotiating and agreeing to a settlement as to the value and extent of any loss which may be covered under any 4 policy of casualty insurance; and is granted full right and i authority to execute in favor of any insurer a release of ~ liability arising out of any occurrence covered by any ~ policy of casualty insurance and resulting in loss of or damage to insured property. The Board shall have the right to select the insurance ~ company or companies with whom insurance coverage may be ~ placed, and shall have the right to designate the Insurance ~ Trustee, and all parties beneficially interested~in such i insurance coverage shall be bound by the selection so made, ; i but the foregoing shall not be to the exclusion of the ~ ~ rights reserved unto the Institutional Mortgagee herein. ~ The Insurance Trustee shall be a banking institution having ; trust powers and doing business in the State of Florida. ; . : ~ The Insurance Trustee shall not be liable for the payment of ~ ~ premiums nor for the renewal of any policy of fire and ~ casualty insurance, nor for the sufficiency of coverage, nor ' for the form or content of the poZicies, nor for the failure ; to collect any insurance proceeds. ~he sole duty of the ' Znsurance Trustee shall be to receive such proceeds of fire ~ and casualty insurance as are paid and to hold the same in trust for the purposes herein stated for the benefit of the ~ Condominium Association, Owners and their respective mortga- _ ~ gees. Such Insurance proceeds are to be disbursed and paid ; ~ by the Insurance Trustee as herein provided. The Condominium ; Association, as a Common Expense, shall pay a reasonable fee < to said Insurance Trustee for its services rendered hereunder, ; and shall pay such costs and expenses as said Insurance ; Trustee may incur in the performance of any duties and ~ obligations imposed upon it hereunder. Said Insurance Trustee shall be liable for its willful misconduct, bad ~ i -5- ; : [ n~ 3 ~ ~ ~ ~ ~ ~.53 3 j ~ ~ ~ ~ ~ - ~ ~ e _ . . :