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HomeMy WebLinkAbout1239'r 8. INSURANCE. The insurance other than title insurance which shal~be carried upon the condominium property, and the property of the unit owners, shall be governed by the following provisions: 8.1 Authorit ~to Purchase; ilamed Insured. All insurance polic~es upon the condom~wn property s~iall be purchased by the Association and the named insured shall be the Association individually and as agent for the unit owners. without naming them and their mortgagees. Provision shall be made for the issuance of the mortgage endorsements and memoranda of insurance to the mortgagees of unit owners. Such policies shall provide that payments for losses thereunder by the insurer shall be made to the Insurance Trustee hereafter designated and all policies and endorsements shall be deposited with the Insurance Trustee. 8.2 Insurer. So long as any one.mortgagee shall hold mortga~es on not less than 35% of the units, such mortgagee shall have the right to approve the Insuror (but not the agent) on all insurance policies covering condominium property, which approval shall not be unreasonably withheld. The Association shall submit to such mortgagee proof of payment of the annual premium on all such policies purchased by the Association. 8 . 3 Covera~e . a. Casualty-. All trees and improvements upon the land may be insured in an amount equal to the maximum insurable replacement value, all as determined annually by the Board of Directors of the Association. Such coverage may afford protection against: (1) Loss or damage by fire and other hazards covered by a standard extended coverage endorsement , and (2) Such other risks as from time to time shall be customarily covered with respect to orange groves in the locality of the condominium property. b. Workmen's Compensation insurance sufficient to meet ehe requirerient of the laws of the State of Florida. c. Such other insurance as the Board of Directors of the Association shall deterriine from time to time to be desirable. 8.4 Premiums. Premiums upon insurance policies purchased by the Association shall be paid by the Association as a common expense. ~3.5 Insurance Trustee; Shares of Proceeds. All insurance policies purchased by the Association shall be for the benefit of the Association and the unit owners and their mortgagees as their interests may appear~ and shall provide that all proceeds covering property losses shall be paid to any organization in Florida with trust.powers as may be designated as Insurance Trustee by the Board of Directors of the Association, which Trustee is herein referred to as the Ir.surance Trustee. The Insurance Trustee shall not be liable for payment of premiums nor for the renewal or the sufficiency of policies nor for the failure to collect any insurance proceeds. The duty of the Insurance Trustee shall be to receive such proceeds as are paid and hold the same in trust for the purpose elsewhere stated herein and for the f g0 KJ`t5 PbGE~~ -5- HELLIWELL, MELROSE 6 O[WOIi', NtNTH F~pOii, ~~OI 9RICKELI AVENUE, MIAM1, FLORIDA 3313f • TEIEPHONE (305~ 373-757~ ., ." !.~'~- . ~:: _ _ _ - . ~.~z~-~_ .. .. " :' - ~ t . _ -.:;i~+`d- Y`%s~..