HomeMy WebLinkAbout2714 • (2) Such other risks as from time to
time shall be customarily covered with respect to
orange groves in the locality of the condominium
property.
b. Workmen's Compensation insurance sufficient
to meet the requirement of the laws of the State of
Florida. -
c. Such other insurance as the Board of -
Directors of the Association shall determine from time to
time to be desirable.
8.4 Premiums. Premiums upon insurance policies
purchased by the Association shall be paid by the Association
as a common expense.
8.5 insurance Trustee; Shares of Proceeds. All
insurance policies purchased by the Association shall De for
the benefit of the Association and the unit owners and their
mortgagees as their interests may appear, and shall provide
that all proceeds covering property losses shall be paid to any
'organisation in Florida with trust powers as may be designated
as Insurance Trustee by the Board of Directors of the
Association, which Trustee is herein referred to as the
Insurance Trustee. The Insurance Trustee shall not be liable
for payment of premiums nor for the renewal or the sufficiency
of policies nor for the failure to collect any insurance
proceeds. .The duty of the Insurance Trustee shall be to-
receive.such proceeds as are paid and hold the same in trust
for the purpose elsewhere stated herein and for the benefit of
the unit owners and their mortgagees in the following shares,
but which shares need not be set forth on the records of the
Insurance Trustee: ,
a. Common Elements. Proceeds on account of
damage to common elements - undivided share for each unit
owner, such share being the same as the undivided share in
the common elements appurtenant to his unit.
b. Mortgagees. In the event a mortgagee
endorsement has been issued as to~a unit, the share of the
unit owner shall be held in trust for the mortgagee and
the unit owner as their. interests may appear; provided,
however, that no mortgagee shall have any right to
determine or participate in the determination as to
whether or not any damaged property shall be reconstructed
or repaired, and no mortgagee shall have any right to
apply or have applied to the reduction of a mortgage debt
any insurance proceeds except distributions thereof made
to a unit owner and mortgagee pursuant to the provisions
of this Declaration.
1
8.6 Distribution of Proceeds. Proceeds of insurance
policies received by the Insurance Trustee shall be distributed ;
to or for the benefit of the beneficial owners in the following
3 manner
a
a. Expense of•the Trust. All expenses of the
Insurance Trustee shall be first paid or provision made
therefor.
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= b. Reconstruction or Repair. If the damage for
which the proceeds are paid is to be repaired or
reconstructed, the remaining proceeds shall be paid to
defray the cost thereof as elsewhere provided. Any
proceeds remaining after defraying such costs shall be
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