Condominium Resale Certificate - Williams & Williams

'A20 MIG/jlf 2/4/84
coverage for the same loss.
INSURE THE CONTENTS OF ANY UNIT OR ANY
ADDED TO A UNIT.
THE POLICIES, HOWEVER, SHALL NOT
IMPROVEMENTS OR FIXTURES
8.3 Appointment of Trustee: Declarant, itt consideration of
the funds loaned to it and in
consideration of loans which may
hereafter be made by various lenders to Declarant and to Unit
Owners, does herewith, on behalf of itself, and the future Unit
Owners of this Condominium, irrevocably
the Executive Board, the true and
constitute and appoint
lawful insurance trustee to
receive the proceeds of all fire and extended coverage
losses and does herewith require
insurance
of the Executive Board that the
said Board, on purchasing any fire and extended coverage policy
or policies, shall notify the insurance
make all loss proceeds payable to the said trustee.
carriers in writing to
The said
trustee shall have full power and authority to adjust and collect
all losses and to reimburse itself for
such adjustment or collection.
required to, consult with the Unit Owners.
have full power and authority to execute
on its own behalf and on
reasonable expenses for
The trustee may, but shall not be
The trustee shall
all documents necessary
behalf of the named insureds and to
endorse all checks and drafts on its own behalf
the named insureds.
and on behalf of
The trustee shall hold the insurance proceeds
in trust for Unit Owners and lienholders as
their interests may
appear. Subject to the provisions of Article IX hereof, the
proceeds shall be disbursed first for the
repair or restoration
of the damaged property. and Unit Owners and lienholders are not
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