Condominium Resale Certificate - Williams & Williams

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respective insurance policies shall contain
endorsement, and each Unit Owner and
such a clause or
occupant shall furnish evidence
reasonably acceptable to the Association of the existence
of such a clause or endorsement.
ARTICLE VIII.
INSURANCE
8.1 Insurance: Not later than the time of the first
conveyance of a Unit to a person other than the Declarant, the
Executive Board in its own name for the use and benefit of the
Unit Owners shall be required to purchase and maintain fire and
extended coverage insurance policies and if available an Nail
risks endorsement" in amounts equal to the replacement value of
all improvements and all personal property owned by the Condominium
(with standard Mortgage Clause in favor of rnortgagees, if any);
said insurance shall insure the Common Elements1 Limited Common
Elements, common fixtures, equipment and personalty, the Units
and common property of the Condominium: the policy of insurance
shall insure members of the Executive Board, their agents and
employees and the owners of all Units, against any liability,
including medical payments to the public or to the owners, their
invitees, tenants and any other persons who may be on the Property
for any reason whatsoever, in the use of any Common Elements, the
liability under which insurance shall be not less than One
Million Dollars ($1,000,000 ) for any one person injured. One
Million Dollars ($1,000,000) for any one accident, and Two
Hundred and Fifty Thousand Dollars ($250,000) for property
damage. the Executive Board is further authorized to purchase