HomeMy WebLinkAbout1701 D. INSURANCE PRE~KIL'M5 A COM:40N EXPENSE. All premiums
for the policies of insurance to be ;maintained by the Board
of Directors pursuant to Article XIZ e1 hereof-shall be a
Common Expense.
E. Iv5GRr`?vCE OF ZNDIVIDL'AL GNZT Ow'*iERS . Each irdiv.idual
Unit Owner may obtain additional insurance at ::is own expense,
provided, however, that:
1. Such policies shall contain wa=vers of subrogation
by the insurer as to any claims against the other Univ.
Owners (and members of their households), the Condominium
Association, the officers and directors o` t:~e Condominium
Association, and any Kanager and their respective servants,
agents and quests; and
2. No Unit Owner .shall be entitled to exercise
_ his right to maintain insurance coverage in such a way as to
decrease the annount which the Board of Directors, or. behalf
of the Unit Owners, may realize under any insurance policy
to be maintained pursuant to Article XII A hereo`. - •
ARTICLE XZII
DAMAGE OR DESTttG'CTION
A. REPAIR. Except as provided by Article XIIZ B
hereof, any damage to or destruction of any~of the Commonly
Insured Real Property shall be promptly repaired and restored
by the Board of Directors using the proceeds of insurance
held by the Board of Directors or the Iasur-ance Trustee for
that purpose, and the Unit Owners shall be liable for assessment
for any deficiency in such proceeds in proportion to their
respective undivided shares in the Comm=on Elements. Unit
- Owners rant' apply the proceeds from their individual :ire
insurance policies, if any, to the share of suc:~ Common
Expense as may be assessed to them. The Board of Directors
shall restore tze damaged Commonly Insured Property to
substantially t::e same condition as it was i:r~mediately prior
to the damage. I: there is any excess of insurance proceeds
~ over the cost of such repair or restoration, such excess
~ shall be distributed to the Unit Cwners in proportion to
their respective undivided shares in the Com.~or. Elements.
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3. TER.~iZ:iaTION. Notwithstanding anyt`?iag to the
contrary corta?aed in Article XIIZ A hereo;, i`:
1. there is "Very Substantial DanaSe" to the
Co~r~•norly Insured Real P.ocerty, which for pu^oses cf t i s
~ Article X..Z s:~a:.l aeaa da.-gage or lass ~ri:ereby two-=:::rds
(2/3) o= t're :o a_ ~ i:s o: ,.ze C.,......:m_ ._~:.•1 a.e Arce ec
2 . L::it 0•.~e_ s • e:: _.t:ed _c cas = see: a^.t1-`:ve ( %5 ~
t e tes c: a? U^it Ow-rers y rascl-re. + .
s:x_v (50) cat's a.=er :ec=_pt o: a. least =ee (3) cor._:ac~c:s'
F '~ics~ a,c t~:e _:jai .-s•.~-a::ce ac; EstA^ ::cc cc p-oceed u_ _a
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acoK ~7 PccE1 r uU
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