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shall be S100,000/$300,000/$10,000. Premiums for the payment of
surh insurance shall be paid by the Board of Directors of the
Association, and such premiums shall be assessed equally against
each Dwelling Unit. Until the conveyance of the Common Areas to
the Association, Developer shall maintain such coverage upon the
real and personal property.
B. Casualty Insurance.
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1. Purchase of Insurance. The Board of Directors of
the Association, shall obtain fire and extended coverage and
vandalism and malicious mischief insurance, insuring all of the
insurable improvements on the. Property (including the units and
fixtures and other equipment initially installed by the Developer,
but not including personal property supplied .or installed by
Dwelling Unit Owners or others, nor the carpeting of the units,
nor where applicable, the screening on any portion of a unit nor
any addition made in or to a Dwelling. Unit by the Owner) including
personal property owned by the Association in and for the
interests of the Association, all Dwelling Unit Owners and their
mortgagees, as their interests may appear, in a company acceptable
to the standards set by the Board of Directors of the Association,
in an amount equal to the maximum insurable replacement value;
excluding foundation 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 insurance
~ shall be paid by the Association and shall be assessed equally
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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 purchased by
the Association shall be for the benefit of the Association and
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all Dwelling Unit Owners and their mortgagees and~the Owner of the
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Common Area as their interest may appear. The Association shall
be named insured and it shall not be necessary to name the
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