HomeMy WebLinkAbout0958 1 .
7.6 Votin Ri hts. Mea?bers of the Association ehall
be entitled to one vote or each ehare ia the Association owaed
by them aa set forth in Exhibit "F" hereto ettached. ~ Voting
rights will be exercised in the manner provided by the Bq-Lawa
of the Associatione
8. INSURANCE. The insurance other than title in8urance
which shal e carried upon the condominium property, and the
property of the unit oWners, shall be governed by the following
provisiona:
8.1 Authorit to Purchase• Named Insured. All
insurance polic es upon t e con om um property s all be
purchased by~the Association and the named insured shall be the
Association individually and ae agent for the unit ownere,
without naming them and their mortgagees. Provision shall be
made for the isauance of the mortgage endoraement8 and ~
memoranda of in8urance 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 policiee and endorsemente shall be depoeited
with the Insurance Trustee.
8.2 Insurer. So long as any one mortgagee shall
hold mortgages on not less than 35~ of the units, 8uch
mortgagee shall have the right to approve the Insurer (but not
the agent) on all insurance policies covering condominium
property, which approval shall not be unreaeonably Withheld.
The Association shall submit to such mortgegee_proof of payment
of the annual premium on all such policies purchased by the
Association.
8.3 Coverage. ~
a. ~Casualt~ . All trees and improvements upon
the land may be
s d in an emount 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:
i
; (1) Loss or damage by• fire and other
~ hazards covered by a standard extended coverage
~ endor8ement, 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. Worl~en's Compensation.insurance sufficient
to meet the requirement of the laws of the State of
Flotida. -
c. Such other insurance as the Board of
Directors of the Association shall determine from time to
time to be desirable.
8.4 Premiums. Premiums upon insu~ance policies
purchased by the ssoc ation shall be paid by the Association
as a common expense.
8.5 Insurance Trustee• Shares of Proceeds. All
insurance polic es pure se y t e soc at on s a 1 be for
the benefit of the Association and the unit ownere and their
mortgagees as their interest8 may appear, and shall provide
that all proceeds covering-property losses shall be paid to any
organization in Florida with trust powers es may be designated
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~ ~'q 38~ P~~f 958
Z~I~X
_ JORDEN. MELROSE 6 SCNUETTE, P. A, N~NTH FIOOR. 1401 BRIGKELI AVENUE MtAMI, fLORIDA 33131 • TELEPMONE (3051 ~73-7571
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