HomeMy WebLinkAbout1699 mortgage shall thereupon constitute an "approved Mortgage"
for purposes of this Declaration of Condominium.
3. The provisions of this Article XI H shall not
apply to any mortgage of any Unit of witic^ developer is t:te
Gnit Owner.
ARTIC:.:. XII
IVSL'R_~yCE
A. I:1SuR.~,vC:: TO 3E M.~IV':•aINED. T`te 3oard of Directors
shall obtain and continuously maintain:
1. Insurance against loss by da.•nage to or
destruction of the Commonly Insured Real Property by fire or
by such other risks as may be covered by an endorsement for
extended coverage, and by flood, in an amount equal to the
full insurable replacement value thereof, without deduction
for depreciation, with a deductible provision in an amount
to be determined by the Hoard of Directors but not to exceed -
two percent (2$) of the full insurable replacement value,
payable on behalf of all Unit Owners. and holders of mortgages
on Units, as their interests may appear:. (i) is the evert
that the-net proceeds from any single occurrence do rot
exceed 510,000, to the Board of Directors, to be held
and/or disbursed by the Board of Directors pursuant to t.~te
provisions of Article XIII hereof; and (ii) in the event
that the net proceeds from any single occurrence .exceed
510,000, to the Insurance 'Trustee to be held and/oz disbursed
,by the Insurance Trustee pursuant to the provisions of
Article XIII hereof. Said insurance stall contain a separate
loss payable endorsement in favor of the holders of mort-
gages on Units .modified to make the loss payable provisions
in favor of said holders subject and subordinate to the loss
payable provisions in favor of the Board of Directors and
the Insurance Trustee. -S~Tith respect to flood insurance, the
amount of coverage may be limited to amounts recuired by and
available in accordance •~rit:: the Flood Disaster Protectior.
t act of 1973.
i
i 2. Corprehensive liabilit_! i:surance, insuring
t:•te Unit Owners, the Condominium Association, t:te officers
E and directors of the Condortinic:•m associatior. and any ~!anager,
against liability relating in any •.~ay to the ownership
and/or use of the Conr..oit IleT.nents. Such insurance shall rot
~ insure any Unit Owne= against liability ror injuries to
persons or property occsrriag within his Unit. Li.~tits o=
liability shall be at least 51,000,000 for any aezson injLred
~ er kil2ec .:t arty single occ•_-rezce, at least 51,000,000 `or
an•! L'~ _es or cea _ . sus L.-,._~.~~ by a::~~ t:~lo or iiiore erscrs
~::•.~.:?V s:-gle OCC.::~?.^.C°, 3~ 3~ lc~s`.. SIOO,Od~ _C:r J"OJe~`,.~!
t tea.:.age =2s•,::r_: g f::,:.t eac:. occ•~.=ence -
3. ZasL=a-ce ac~_rst ices ov cr.*aacn to er cesr=•~..._o^
- arty : ersc^a'_ _ c. ~ :e Cordo^_::_::.~ :ssoc:a..:.a, .a
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~~327 ~d~F1698
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