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200901988
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Last modified
3/19/2009 1:45:10 PM
Creation date
3/19/2009 1:45:08 PM
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DEEDS
Inst Number
200901988
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<br />200901988 <br /> <br />Agreement or any successor to such trustee ("Insurance Trustee"), who shall have the exclusive <br />authority to negotiate losses under any policy providing such property or liability insurance to <br />the Association. Each owner, by accepting a deed to, or otherwise becoming the owner of, a <br />unit, appoints the Association or any Insurance Trustee or substitute Insurance Trustee <br />designated by the Association, as attorney-in-fact for the purpose of purchasing such insurance, <br />including, without limitation: the collection and appropriate disposition of the proceeds thereof; <br />the negotiation of losses and execution of releases of liability; the execution of all documents; <br />and the performance of all other acts necessary to accomplish such purpose. The Association or <br />any Insurance Trustee shall receive, hold or otherwise property dispose of any proceeds of <br />insurance in trust for owners and lien holders, as their interests may appear. <br /> <br />ARTICLE XVI. <br /> <br />ASSOCIATION AS TRUSTEE <br /> <br />With respect to a third person dealing with the Association in the Association's capacity <br />as a trustee, the trust powers and their proper exercise by the Association may be assumed <br />without inquiry. A third person is not bound to inquiry whether the Association has power to act <br />as trustee or is properly exercising trust powers. A third person, without actual knowledge that <br />the Association is exceeding or improperly exercising its powers, is fully protected in dealing the <br />Association as if it possessed and properly exercised the powers it proports to exercise. A third <br />person is not bound to assure the proper application of trust assets paid or delivered to the <br />Association in its capacity as trustee. <br /> <br />ARTICLE XVII. <br /> <br />ASSOCIATION RECORDS <br /> <br />All financial and other records of the Association shall be made reasonably available for <br />examination by any unit owner and his authorized agents. <br /> <br />ARTICLE XVIII. <br /> <br />NOTICE OF VIOLATION <br /> <br />18.0 Recording of Notice. The Association shall have the right to record a written notice <br />of a violation by any owner of any restriction or provisions of this Declaration or the <br />Association's By-Laws. The Notice shall be executed and acknowledged by an officer of the <br />Association and shall contain substantially the following information: <br /> <br />a. The name of the owner; <br />b. The legal description or street address of the unit against which the notice is being <br />recorded; <br />c. A brief description of the nature of the violation; <br />d. A statement that the notice is being recorded by the Association pursuant to this <br />Declaration; and <br /> <br />{0886166.3 } <br /> <br />- 21 - <br />
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