All members of the council and first mortgagees of a

  • No School
  • AA 1
  • 43

This preview shows page 26 - 28 out of 43 pages.

All members of the Council and first mortgagees of a unit shall, upon written request, be entitled to inspect, in accordance with the Act, all books and records of the Council during nOlmal business hours at the office of the Councilor other place reasonably designated by the Board of Directors as the depositOly of such books and records. The Council shall be entitled to receive, 21
Image of page 26

Subscribe to view the full document.

!.IBm r. 8 6 r. FOLIO 0 5 fl it, prior to delivering any copies of requested books and records, to collect fi'om the requesting party the costs of copying such records. Section 3. AUditing. At the close of each fiscal year, the books and records of the Council shall be reviewed by an independent Celiified Public Accountant whose report shall be prepared in accordance with generally accepted auditing standards. Based upon such report, the COlllicil shall fumish its members with an annual financial statement including the income and disbursements of the Council. Section 4. Execution of Council Documents. Unless otheJwise provided by the Board of Directors, all notes and contracts of the Council must be executed by two (2) members of the Board of Directors, one of whom must be either the President or the Treasurer. Article VII Insurance Section 1. Mastel' Policy. The Council shall obtain and maintain at all times, as a common expense, insurance, including a casualty insurance policy or policies affording fire and extended coverage, as well as all risk perils, for and in an amount consonant with the full replacement cost (i.e., one hundred percent (100%) of current "replacement cost," excluding land, foundation, excavation, deductibles and other items normally excluded fi'om coverage) of all stmctures comprising the Condominium, and a liability insurance policy or policies in appropriate amounts detelmined by the Board but in no event less than Two Million Dollars ($2,000,000.00) per injury or injuries, including death, arising out of a single occurrence, and One Million Dollars ($1,000,000.00) propeliy damage, covering the Council, the Board of Directors, officers, and all agents and employees of the Council, and all Unit Owners and other persons entitled to occupy any unit or other pOliion of the Condominium property. All such insurance coverage shall be written in the name ofthe Council as tmstee for each of the Unit Owners; provided, however, that the casualty insurance policy or policies shall contain a standard payee mortgagee clause in favor of each mortgagee of a unit to the extent ofthe portion ofthe coverage ofthe policy or policies allocated to such unit, which shall provide that the loss, if any, thereunder shall be payable (in addition to the Council) to such mortgagee as its interest may appear. It shall be the duty of the Board of Directors annually to conduct an insurance review to determine if the policy in force is adequate to meet the needs of the Council and to satisfy the requirements of this Section. Such insurance shall run to the benefit of the Council, the respective Unit Owners, and their respective mortgagees, as their interests may appear. The
Image of page 27
Image of page 28
  • Fall '19

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Ask Expert Tutors You can ask You can ask ( soon) You can ask (will expire )
Answers in as fast as 15 minutes