202505976 - Laserfiche WebLink

Browse

202505976 receiver to collect the same. The Board of Administrators, acting on behalf of all suite or garage owners, shall have power to purchase such suite or garage at the foreclosure sale, and to acquire, hold, lease, mortgage, vote the votes appurtenant to, convey or otherwise deal with the same. A suite to recover a money judgment for unpaid assessments shall be maintainable without foreclosing or waiving the lien securing the same. Section 7. Statement of Unpaid Assessments. Upon payment of a reasonable fee, not to exceed Fifty Dollars ($50.00), and upon the written request of any owner, prospective purchaser or of any mortgagee of a condominium suite or garage, the Board of Administrators, or the Managing Agent, shall issue a written statement setting forth the amount of the unpaid assessments, if any, with respect to the subject suite or garage, the amount of the current periodic assessment and the date that such assessment became due, any penalties due, and credit for advance payments or for prepaid items, which statement shall be conclusive upon the Association in favor of all persons who rely thereon in good faith. Section 8. Nonwaiver. The omission or failure to timely fix any assessments or deliver or mail a statement for any period shall not be deemed a waiver, modification or a release of the owners from their obligation to pay the same. ARTICLE VI. INSURANCE Section 1. Coverage. The Board of Administrators shall obtain and maintain, to the extent obtainable, the following insurance: fire insurance with extended coverage, vandalism and malicious mischief endorsements, insuring the entire condominium improvements and any other property, whether or not a common element (including all of the suites or garages, fixtures therein initially installed by the Developer but not including furniture, furnishings or other personal property supplied by or installed oy owners) together with all service equipment contained therein in an amount equal to the full replacement value, without deduction for depreciation, and which shall contain a standard non-contributory mortgage clause in favor of each mortgagee of a condominium suite or garage which shall provide that the loss, if any, hereunder shall be payable to such mortgagee as its interest may appear, subject, however, to the loss payment provisions in favor of the Board of Administrators hereinafter set forth in Section 1 of Article X; public liability insurance in such limits as the Board of Administrators may from time to time determine, covering the Association, each member of the Board, the Managing Agent, agents and employees of the Association and each suite or garage owner; and such additional coverage as the Board of Administrators may from time to time determine is appropriate. Such public liability coverage shall also cover cross liability claims of one insured against the other. I2