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~rs for in~~y or darn~ge, other than ~23e vast of maintenance and re-
pair, causec~ by any latent c~ondition of the praperty t~o be repaired ~
ar~d maintained by t~e Assaciation, or b,y iargxaper or faulty worlanarr
ship or materi~ls, or by the ~!e~ments or other unit cywners or p~F- ~ ~
~ sons.
B. RESTRAII~ UPC7N ASSIC~lF~[~]T OF SHARFS IN ASSE'I5. 2~ ~ .
shar~ of a member in the fu~ds ar~d assets of the Ass~Ciation cannot be
assigned, hypothecated or transferred in any mannzr exoept a.s an a~-
puoctenance tio his u~it. -
C. APPRf3VAL OR DISAPPPWAL OF MATI'ERS.. ~enever the deci-
sian of a~it owner i~ required u~pon any matter, whether or nok the _
_ subject matter.of an Ass~ciation meeting, such decision shall be ex- .
, pr~seci by the same person who wrwld cast the v~ote of such c~mer at ~n ~ '
Ass~ciation meeting, ~nless the joinder of reeord awners is specifi-
cally requir~d by this Dec.laration or by law. .
. D. ALL ~ SUBJDCT ~D ADCI,ARATION. ~ery vwner of a
~
i~
aorr3cminium i.a~it vahether he has aoquired his own~rship i~y purdnase,~ by _
gift, conveyance~ or . transfer by ooeration of law, or other.wise shall
~ -Laws of the Ass~ciation th~ Articles of Incorpora-
be botmd by the ~y .
- tion of the Assc~ciation, arid by the provisions of this D~claration.
- AIZTICLE X .
IlaSiJRANCE ~ -
Zl~e ins~sa~ce, other than tit~e insurance, that shall be
carriec~ up~n the ~or~daninium prvperty ( both real ard personal ) of the
Asscciation~ arrd the ~roperty of the ~nit vwners shall be gaverned by
the follawing ~avisions: - .
~ A. C~IFRAL. P11 ins~an~e policies upan the oondaniniun "
prc7perty ar~ the prc~perty of the Ass~ciation sha].1 b~ p~dzased by the
Board of Administrati.on. ~e named inst~ed shall be an inst~ance
- tnastee indivi.ac~al.ly ar~d as agent f~r the unit vwners, (without naming
- them) ar~d as ag~nt for th~ir rror~agees, as their interests may
pear. Provision si~all be made for the issuance of m~rt~gagee endorse- ~
~ .
- ments ar~ ~r~enaranda of insura~ee - b~ the martgagees of un it vwners .
i that nts the irisurer far losses "
~ _ Stiich policies sha11 pro~v_ de P~Y~' bY _
- _
~ - - - . ~ -
~ -19-
~ , 800~ PkGE ~ ~O
LEWIS, VEGOSEN AND ROSENBACH, P.A., ATtORNEYS AT LAW