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Expenses in excess of the amounts collected from said guaranteed
monthly Common Expense assessments. Commencing at the end of
said guarantee period (as to Common 8xpenses), th® Developer
shall contribute to the Common Bacpenses, as to the Condominium
Units owned by it, in the same manner as all other Unit Owners,
as provided in Exhibit "A" attached to this Declaration as it may
be amended from time to time. Each Condominium Unit's share of
Common Expenses and assessments as provided in Article VII and
Article XI of this Declaration shall commence as of the first day
of such month or the fifteenth (15th) day of such month as is
closer to the date the Certificate•of Occupancy, or similar
instrument, is issued by the applicable governmental authority as
to said Unit and building within which said Condominium Unit is
located in this Condominium.
B. Assi nabilit The Developer may assign any or all of
its rights an pr vi eges established by this Declaration to any
individual(s) or entity or• entities that Developer may choose.
ARTICLE XIII
INSURANCE
The Condominium Association shall use its best efforts to
obtain and maintain adequate insurance to protect the Association
and the Common Elements. The insurance carried by the Condominium
Association shall be governed by the following provisions:
A. Loss Pa able Provisions - Insurance Trustee. All policies
purchased y e Association s al a or a ens it of the
Association, all Unit Owners and mortgagees as their interests
may appear. Such policies shall be deposited with the Insurance
Trustee (as hereinafter defined), who must first acknowledge that
the policies and any proceeds thereof will be held in accordance
with the terms hereof. The Insurance Trustee shall be the named
insured and it shall not be necessary to name the Association or
the Unit Owners; however, a mortgagee endorsement shall be issued.
Said policy shall provide that all insurance .proceeds payable on
account of loss or damage shall be payable to the Insurance
Trustee, which may be any bank in Florida with trust powers as
may be approved by the Board of Directors of the Association and
by.the Construction Lender, which Trustee is herein referred to
F as the "Insurance Trustee." The insurance Trustee shall not be
~ liable for the payment of premiums nor for the renewal or the
sufficiency of policies, nor for the failure to collect any
~ insurance proceeds, nor for the form or contents of the policies.
The sole duty of the Insurance Trustee shall be to receive such
~ proceeds as are paid and hold the same in trust for the purposes
elsewhere stated herein, and for the benefit of the Association,
the Unit Owners and their respective mortgagees, in the following
shares,-but such shares need not be set forth upon the records of
the Insurance Trustee.
(1) Loss Payable Provision as to Common Elements:
Proceeds on account of damage to Commnon Elements ~ an
undivided share for each Unit Owner, such share being
the same as the undivided share in the Common Elements
~ appurtenant to his Unit. Limited Common Elements shall
be treated as Common Elements for this purpose.
a
~ (2) Loss Pa able Provision as to Condominium
~ Units: Proceeds on account of Con ominium Units shall
~e ~n
the following undivided shares:
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