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HomeMy WebLinkAbout1417 as a result of such deed given in lieu of foreclosure, unless such share is secured by a claim of lien for Assessments that is recorded prior to the recording of the mortgage for which a deed is given in lieu of foreclosure, and such Assessments shall be cancelled, as to that Apartment, effective with the passage of title to such mortgagee or its purchaser. 5. No lien for Assessments under the Act or under the Condo- minium Documents shall be effective until recorded in the Public Records of St. Lucie County , Florida . 6. Hereto annexed as Exhibit U is a schedule of the Annual Assessments ("Interim Assessments") for the period commencing with the date hereof and ending Tune 30, 1980 or until the date of notice of the "Majority Election Meeting", as that term is defined in the Articles, whichever is the sooner to occur ("Interim Assessment Period"). The Interim Assessments are only estimates of the Annual Assessments to be made pursuant to the By-Laws. The Developer guarantees ("Developer's Guarantee") that during the Interim Assessment Period, the Interim Assessments will not be increased and the Developer will pay all Common Expenses not paid for by Interim Assessments assessed against Apartment Owners other than the Developer. Developer's Guarantee is made in accordance with the provisions of Section 718.116(8)(b) of the Act. Assessments determined as provided in this Article XVII and the By-Laws shall be made and determined commencing July 1, 1980, or immediately after notice of the Majority Election Meeting , whichever is the sooner to occur, and the Developer will pay any such Assessments for any of the Apartments owned by the Developer from and after such date, but not before. XVIII. LIABILITY INSURANCE The Board shall obtain liability insurance with such coverage and in such amounts as it may determine from time to time for the purpose of provid- ing liability insurance coverage for the Common Elements, and the premiums for such insurance shall be part of the Common Expenses. Such insurance shall include public liability, workman's compensation and hired automobile coverage . All liability insurance shall contain cross liability endorsement to cover liabilities of the Apartment Owners as a group to each Apartment Owner. Each Apartment Owner shall be responsible for the purchase of liability insur- ance for accidents occurring in his own Apartment and for any additional liability insurance he so desires . i I XIX. CASUALTY INSURANCE AND DES'~RUCTION OF IMPROVEMENTS ~ A . Each Apartment Owner shall be responsible for the purchase of casualty insurance for all of his personal property . The Association shall obtain casualty insurance with such coverage and in such amounts as it may determine from time to time for the purpose of providing casualty insurance coverage for the Condominium Property, including Fire and Extended Coverage Insurance, Vandalism and Malicious Mischief Insurance and, if available, flood insurance sponsored by the Federal government, all of which insurance shall insure all of the insurable improvements on and .within the Condominium Property, including personal property owned by the. Association, in and for the interest of the Association , all Apartment Owners and Approved Mort- i gagees, as their interests may appear, in a company acceptable to the stan- Bards set by the Board in an amount equal to the maximum insurable replace- ment value as determined annually by the Board . The premiums for such coverage and other expenses in connection with such insurance shall be paid y fi 20 6UOKs7V~ PAGf'~~~ s; RUDEN, BARN ET T, McC LO SKY 6 SC HU STER, ATTORN EIS AT L/+W. 25 SOUTH ANDREWS AVENUE. FORT LAUDERDALE, FLO RfOA A` _ k''z''