HomeMy WebLinkAbout0647 B. CASUALTY INSU RANCE:
1. Purchase of Insurance: The-Mana.qement Firm, as long as the
Management Aqreemert remains in effect and, thereafter, the
Association, shall obtain Fire and Extended Coverage Insurance and
Vandalism and Malicious Mischief Insura.nce, insuring all of the insurable
improvements within the Condominium includinq persona,l property owned
by the Association, or included in the common elements, in and for the
interests of the Associa.tion, all Unit Cwners and their mortgaqees, as
. their interests may appea_r, with a comPeiny acceptable to the ~tandards
set by the I1/Iaragement Firm, as lonq as the Manaqement Aqreement
remains in effect and, thereafter, by the P~ard ~f Adn1inistration of the
Asso~iation, in an amount and with such ~overaqe as is required by
the Condominium Act, but in no ~ase less than 80~ of the maxim~m
insurable replacement value. The premium~ f~r such coveraqe and other
expenses in connection with said insurance shall be charged as a common
expense.
Institutiona.l First Mortga,qees owning and holding first mortgages
encumbering Condominium Unit~ in the G~nd~minium property having
an unpaid dollar indebtedness equal to_ $100, 000.00 or more shall ha.ve the
right to approve the Policies and the_~ompany or ~ompanies who are the
insurers under the insurance placed, ar.d t!~e amount thereof, and the
further right to approve the Insurance Trustee. In the a~sence of the action
of said Mortga.qees, then the Manaqement Firm, as long as the Nanagemen
Agreement remains in effect, and therea.fter, the Association, shall
have said right without qualification.
2. Loss Pava.ble Provision-Insuran~e Trustee: All poli~ies
purchased ~ha.ll be for the benefit of and made paya.ble to the Associati~n
and all unit owners, and their mortga.gees, as their interests iriay appear.
Such Policies shali be deposited with the Insura.nce Trustee (as hereinafter
j defined), who must first ackriowledqe that the Policies and any pr~~eeds
th~reof.will be held in accorda.nce with the terms thereof. Sa.id Policies
~ sha.ll provide tha.t.all insura.nce proceeds ~.ya.ble on account ~f l~~s or
damage shall be paya.ble to the "Insura.nce Trustee", which may be any
~ bank in Florida with trust powers a~ may be approved by the Management
Firm, as lonq as the Management Aqreement remains in effect and,
thereafter, by the Board of Administra.tion of the Association. Mortgaqee
Endorsements shall be issued as to said Policies. All Institutiona2 First
Mortgaqees who ~wn and h~ld a first Nortgage on a C~ndominium par~el
or In±erval C~~nership shall have a right to receive a certified copy ~f
said insura.nce Policy (s) which are obtained pursuant to this A rticle
XIIII B. The Insura.nce Trustee shall not be lia.ble for the payment of
premiums nor for renewal nor for the sufficien~y of policies nor L'ar
_ renewal nor for the sufficiency of policies n~r for the failure to collect
any insurance proceeds, n~r for the form or content of the policies.
The sole duty of the Insura.nce Trustee shall be to receive such proceeds
as are paid and hold the same in trust for the purposes elsewhere stated
; - herein, for the benefit of the Association and the U nit G~vners and their
~ respective mortgagees in the following shares, but such share need not be
~ ~et forth upon the records of the Insurance Trustee:
~
(a) Common Elements: Proceeds on account of damage t~ common
elements-an undivided share for each unit owner, such share being the
sa.me as the undivided share (in fee or remainder) in the co~mon elements
w. R.sc°TT appurtenant to his Unit or Interval Cwnership.
rrro~r wT uw
~ rn- i2 . . .
~ `n, ~ ~a? ~ k 28~ ,'1. _
'~1 i
i
. ~
i
~ ~ . _ - - :%s-
-a`'<~*.'#~,~-~:~'t ~~'~'~a`~'
~^£q~"c~' )-w.. ~s _ ~ _ _