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7.3 Limitation upon Liability of Association.
Notwithstanding the duty of the Association to maintain the
condominium property, the Association shall not be liable to
unit owners for injury or damage, other than the coat of -
maintenance and repair, caused by any latent condition of the
property to be maintained by the Association, or caused by the
elements or other owners or persons.
7.4 Restraint u on Assi ment of Shares in Assets.
The share of a unit owner in the funds and assets o the
Association cannot be assigned, hypothecated or transferred in
any manner except as an appurtenance to his unit in the manner
herein provided.
7.5 Approval or Disapproval of Matters. Whenever
the decision of a un t owner is required upon any matter,
whether or not the subject of an Association meeting, such -
decision shall be expressed by the same person who would cast
the vote of such owner if in an Association meeting, unless the
joinder of record owners is specifically required by this
Declaration.
7.6 Voting Rights. Members of the Association shall
be entitled to one vote for each share in the Association owned
by them as set forth in Exhibit "E" hereto attached. Voting
rights will be exercised in the manner provided by the By-Laws
of the Association. -
8. INSURANCE. The insurance other than title insurance
which shall be carried upon the condominium property, and the i
property of the unit owners, shall be governed by the following
provisions:
8.1 Authority to Purchase; Named Insured. All
-insurance policies upon the condominium property shall be
purchased by the Association and the named insured shall be the
Association individually and as agent for the unit owners,
without naming them and-their mortgagges. Provision shall be
made for the issuance of the mortgage endorsements and
memoranda of insurance to the mortgagees of unit owners. Such
policies shall provide that payments for losses thereunder by
the insurer shall be made to the Insurance Trustee hereafter
designated and all policies and endorsements shall be deposited
with the Insurance Trustee.
8.2 Insurer. So long as any one mortgagee shall
hold mortgages on not less than 35x of the units, such
mortgagee shall have the right to approve the Insuror (but not
the agent) on all insurance policies covering condominium
property, which approval shall not be unreasonably withheld.
The Association shall submit to such mortgagee proof of payment
of the annual premium on all such policies purchased by the
Association.
8.3 Coverage.
a. Casualty. All trees and improvements
upon the land may be insured in an amount equal to the
- maximum insurable replacement value, all as determined
annually by the Board of Directors of the Association. i
Such coverage may afford protection against: ~
(1) Loss or damage by fire and other
hazards covered by a standard extended coverage
endorsement, and
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