HomeMy WebLinkAbout0153 20.16 Non-Interference A reement. Until Developer has
completed all of t e contemp ate mprovements, and closed the
sales of all of the units of the Condominium, neither the unit
owners nor the Association, nor the use of the condominium
property by aforesaid parties, their agents, guests, licensees or
invitees shall interfere with the completion of the contemplated
improvements, and the sale of the units. Developer may make such
use of the unsold units or common areas as may facilitate such
completion and sale of the units.
20.17 Regulations. Reasonable regulations concerning
the use of the condominium property may be made and amended from
time to time by the Board of Directors of the Association.
21. INSURANCE. Insurance, other than title insurance, that
shall be carried upon the condominium property and the personal
property of the unit owners shall be yoverned by the following
provisions.
21.1 Authority to Purchase. All insurance policies
upon the condominium property and the property of the Association
shall be purchased by the Board of Directors of the Association.
The named insured shall be the Insurance Trustee designated by the
Association, individually and as agent for the Association, the
unit owners, without naming them, and their mortgagee endorsements
and memoranda of insurance to the mortgagees of unit owners. The
policies shall provide that payments by the insurer for losses
shall be made to the Insurance Trustee designated by the
Association. All policies and their~enddrsements shall be
deposited with the Insurance Trustee. Unit owners may obtain
coverage at their own expense upon their personal property and for
their personal liability and living expenses. The insurance
Trustee may be any bank in Flor}da with trust expenses. The
Insurance Trustee may be any bank in Florida with trust expenses.
brie insurance Trustee may be any bank in Florida with trust
powers, as may be designated by the Board of Directors of the
Association.
21.2 Coverage.
(a) Liability. The Board of Directors of the
Association shall obtain public liability and property damage
insurance covering all of the common elements of the
Condominium and all property of the Association, and insuring
f the Association and the unit owners as their interests may
appear, in such amounts and providing such coverage as the
Board of Directors of the Association may determine from time
to time, provided, that the minimum amount of coverage shall
be One Million Dollars ($1,000,000.00). Said insurance shall
include, but not be limited to, hired and non-owned
automobile coverage and a cross-liability endorsement to
cover liabilities of the unit owners as a group to an
individual unit owner.
(b) Casualty Insurance. The Board of Directors of the
Association shall obtain fire and extended coverage
insurance, and vandalism and malicious mischief insurance,
insuring all of the insurable improvements within the,
Condominium, including property owned by the Association, in
and for the Association, all 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 insurance
replacement value of the property, as determined annually by
DC-21
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