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the Board of Girectors of the Association. The casualty
insurance policy st,all cover fixtures, installations or
_ additions comprising that part of the buildinys within the
ur,finished interior surfaces of the perimeter walls, floors
anci ceilings of the individual units initially installed or
replacements thereof, in accordance with the original pla~s
. and specifications. .
(c) Workmen's Compensation. The Board of Directors of
the Association shall obtain Workmen's Compensation
Insurance ir. order to rr,eet the requirements of law.
(d) F'lood. The Board of Directors of the Association
shall obtain £lood insurance to meet the requirements of
federal, state or local law, or any regulation enacted
pursuant to federal, state or local law.
(e) Other Insurance. The Board of Directors of the
Association shall obtain such other insurance as the Board
of Directors of the Association shall determine from
time to time to be desirable.
( f) Subrogation 4Jaiver. If available, the Board of
Directors of the Association shall endeavor to obtain
policies which provide that the insurer waives its right to
subrogation as to any claim against unit owners, the
Association, and their respective servants, agents and
guests. • •
(g) Premiums. Premiums upon insurance policies
purchased by the Association shall be paid by the Association
as a common expense. The cost of isurance premiums and other
incidental expenses incurred by the Association in
ad~r,inistering and carrying out any of the provisions of this
Paragraph 2Z sha12 be assessed against and collected from
unit owners as a common expense. ~
21.3 Shares of Proceeds. All insurance policies
purchased by the Board of Directors of the Association shall be
for the benefit of the Association, the unit owners and their
mortgagees, as their interests may appear, and shall provide that
all prcceeds covering losses sha12 be paid to the Insurance
Trustee. The Insurance Trustee shall be designated by the Board
of Directors of the Association either prior to or at the time an
insured loss occurs. The Insurance Trustee shall neither be
liab~e for gayment of the premiums, the renewal or the sufficiency
of policies, nor the failure to collect any insurance proceeds.
Tne duty of the Insurance Trustee shall be to receive such
proceeds as are paid and hold the proceeds in trust for the
benefit of the Association, the unit owners and their mortgagees,
in the following shares, which shares need not to be set forth on
the records of the Insurance Trustee:
(a) Common Elements. Proceeds on account of dainaged
co~non elements - an undivided share f~r each unit, such
share be ing the same as - the und ivided share in the common
elements appurtenant to the unit.
(b) Property (Real and Personalj of the Association:
Proceeds on account of damaged property of the Association,
an undivided share for each unit, such share being the same
as the undivided share in the common elements appurtenant to
the uni t. ~
(c) Units. Proceeds on account of damage to units
shall be held' ~ in the following undivided shares:
(1) When the building is to be restored, for the
owners af damaged units in proportion_ to the cost of
repairing the damage suffered by each unit, which cost
sha22 be determined by the Board of Directors of the
Assoc~iation.
~'R 346 PaGE 1119
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