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Management Firm, as long as the ManagPment Agreement remains in
effect and, thereafter, the Etoard of Administration of the ASSOCiation,
may obtain insurance policies as provided under this Article XIIII which
contain such deductible cla.uses and amounts as the Man~,gement Firm acid,
thereafter, the Poard of Administra,tion, determines unless set by l~w.
E. ~ tl IVIT CWNER~S INSURANCE - Each individual unit owner
shall be responsible for~ purchasing, at his own expense, liability
insu~ranee to cover acuidents Qccurring within his own unit, and for purcha-
sing insurance upon his ~wn personal ~proqerty (except to the extent
herein provided for Interval Cwners). - ~
F. ~EL ECTICN CF INSURANCE - If available, and where .
applicable, the Mana.gement Firm, and thereafter the Association,
shall endeavor to obtain policies which provide that the Insurer waives
. its riqht to subrogation as to any claims against Unit G~vners, the
Asso~iation, their respective servants, agents and guests, and the
Management Firm, Insurance Compa.nies authorized to do business in
the State ~f Fl~rida shall be affirrnatively presumed to be good and
' responsible com~a,nies and the Mana.gement Firm and Poard of
Administration ~f tl~e Association shall not be responsible for the quality
ar fina.ncial responsibility of the insurance company (s) who be~ome an
insurer, provided same is licensed to do business in the State of Florida.
G. INSURANCE CN UIVITS CCIV`MITTEL~ TC INTERVAL CWNER--
SHIP- The Management Firm,. as long as thP Management Aqree-
ment remains -in effect, and thereafter the L~~ard of Administration ~f the
Associ3tion, shall obtain casualty and liability insura.nce, as needed, ~n
all units committed to Interva.l Cwnership. Each such policy shall refle~t ~
the respective interests af the Management Firm, the Association, and all
Cwners of Unit ~JVeeks in ea.ch such unit. Casualty ins~arance shall be in
an amount equal to the maximum insurable replacement value ~f the unit
and the personal property therein (except to the extent otherwise in~ured)
without dedu~tion for depre~iation as determined annually by the -
I~anagement Firm, as long as the Management Agreement remains in effec#
and thereafter by the L-~o~.rd of Administration of the Associati~n. The
prezniums shall be a part of the Maintenance~Fee. All losses thereunder
sha.Zl be ~.yable to the Insura.nce Trsutee in accord~.nce with Para.graph
XIIII. 3. 2, above. -All such proceeds shall be used for the purt~ose ~f
repa.ir or replacement of any loss or in the event such loss is not to be
repaired or replaced, as determined elsewhere, to be divided am~ng all
owners of Unit Weeks in such unit in accordance with their per~entaqes
in the remainder interest. Any deficit or overa.ge in such proceeds, after
repair or replacement, shall be divided equally among all such .Cwners of
Unit JVeeks in that unit, reficits shall be treated as oart of the maintenarra ~
fee next due. C~ntents insurance shall insure against liability in like
manner. Lia.bility insurance sh~,ll insure against liability to the extent
of not less than $100, 000. 00 per unit:
. H. A ~opy of each insura.n~e policy obtained by the Cwners
Assaciation shall be made ava.ilable f~r inspection by Unit Cwners at any
reason~.ble time, -
I. In any leg~l action in which the Ass~ciai.tion and the Unit
Cwners may be exposed to lia.bility in excess of insurance coverage
~ protecting it and them, the Association shall git?e notice ~f the
w. R.sc°n exposure utithin a reasona,ble time t~ all Unit Cwners who my be exposed
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