HomeMy WebLinkAbout2616 standards set ,by the .Board of Directors of the Association, in -
an .amount equal to the maximum insurable replacement value;
'excludi.ng foundati-on.and excavation costs as determined annually
by the Board of Directors of the Association. The premiums for
such coverage and other expenses in connection with such insur-
' ance-shat-l-be paid by the Association and shall be assessed -
- equally against each Dwelling Unit. The company or companies
with whom-the Association shall place its insurance coverage,
as provided in this Declaration, must.be good and responsible
- companies; authorized to do business in the State of Florida.
- 2. Loss Payable Provisions. All policies pur-
chased;by the Association shall. be for~the benefit of the- -
Association, and all Dwelling Unit-Owners and their mortgagees
and the owner~of the Common~Area as their interest may appear. -
~The Association stiall~be the named insured and it shall not -
be necessary to name the Dwelling Unit Owners; however, a_mort-
- gagee endorsement shall be issued.- Such policies shall be held
by the. Association. Said policies. shall provide that ali.
insurance proceeds payable on account of loss or-damage shall -
be payable to tho Assaciatian~__Th_e Association shall receiYe
such proceeds as are paid and hold the same~for the. purposes
. - -
elsewhere stated herein and for the benefit of the Association .
and the Dwelling Unit Owners and their respec*ive mortgagees
and the owner of the Common Area in the following shares:
a. Common Area: Proceeds on account of damage
to Common Area--the o-wner of the Common Area if not the-Asso- -
ciation, and the Association. -
b. Units: Proceeds cn account of Dwelling Units
shall be in the following undivided shares:
(i) Partial-Destruction: When Dwelling
Units are to_be repaired and restored,-for the owners of the
- damaged units, in proportion to the cost of repairing the damage
suffered by each Dwelling Jnit Owner.
(iii Total Destruction: Where. tota-1 destruc-
tion of a Dwelling Unit(s) occurs, or where "very substantial"
damage occurs and the improvements are not to be restored, a~ -
- - 4 _~tz-
20 - -