HomeMy WebLinkAbout1333 ~
(4) CERTIFICATB. In making distribution to
apartment owners and their mortgagees, the Insurance Trustee may rely
upon a certificate of the Association made by its president and secre-
tary as to the names of the apartment owners and their respective shares
of the distribution.
(S) ASSOCIATION AS AGBNr. The Association is
irrevocably appointed agent for each apartment owner and for each owner
of a mortgage or other lien upon an apartment and for each owner of any
otherinterest in the condominium property to adjust all claims arising
under insuia~u;e policies purchased by the Association and to execute
and deliver releases upon the payment of claims.
21. RECONSTRUCTION OR RBPAIR APTSR CASl1ALTY.
21.1 DETERMINATION TO RECONSTRUCT OR RBPAIR. If any
part of the condominium property shall be damaged by casualty, whether
or not it shall be reconstructed or repaired shall be determined fi the
following manner: `
(1) COM~iON ~.ffi~. If the damaged improvement
is a co~on element, the damaged property shall be reconstructed or
repaired, unless it is determined in the manner elsewhere provided thac
the condominium shall be terminated.
(2) INDI~IIDUAL 1JNITS. In the event a loss occurs
. to any improvement or improvements within individual units without any
loss occurring to any of the improvements within the coamon elements or
limited common elements and provided the mortgagee or mortgagees approve,
the Truatee shall hold such funds in escrow to pay for repair and recon-
struction within the individual units. The money so received shall be
allotted to repa~rs within each unit in proportion to the losssustained
to the improvements within said unit as estimated by the Association, and ~
in the event the insurance funds are not sufficient to effect all of the
necessary regairs, the members owning interest in units containing damaged
improvements shall be subject to a special assessment and shall contribute _
~ to the Association the remaining funds necessary to repair and restore the
; improvements within their units.
~
~ (3) COI~tON BLEMLNPS AND UNITS COMBINED. In the
~ event that loss occurs to t he improvements within units and the contiguous
co~on elements provided the mortgagees agree, the Association shall
~ promptly contract for the necessary repairs to the improvements within
the co~on elements and within the damaged units. In such event shauld
~ the insurance proceeds be insufficient to repair the improvements within
~ the common eleu~ents and within the units, the funds shall be apportioned
to repair improvements `tithin members units and within the co~on elements
in proportion to the loss sustained to improvements within said units and
= m mmon elements as estimated by the Asaociation. The balance of the sums
necessary to complete the repairs of the damage•to the co~non elements
s hall be secured by assessments against all of the owners of condaminium
units. The balance of the funds necessary to camplete the repairs within
~ the individual units ahall be secured hy a sp~c~al asoass~ent against the
individual members owning interest in units containing damaged improvements
~ in an amount necessary to repair and restore the improvements within their
~ individual units.
a
~ (4) FAILURE OF MORTG~GEES TO AGREE. If undg sub- -
paragraphs (2) and (3) above, all of the mortgagees do not agree, the
Trustee shall disburse the funds as follows:
d
~
~
Q; a. Individual ahares. The insurance pro- :
~ ceeds shall be divided into individual shares. Oae share allocable to the t
~
~
Page nine
,y
~
~
~
~
~ aoox182 PAGE1331 ~
X:~
~
~ ~
~
~
# - _
-
~ ~ W . _ . . _ _