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HomeMy WebLinkAbout0458 -14- E. Distribution o~ proceeds. Proceeds of insurance policies received by the Insurance Truatee shall be distributed to or for the benefit of the beneficial owaers in the following . manner: l. E~ ense of the trust. All expenses of the nstirance rustee s 11 be paid first or provisions made for such payment. 2. Reconstruction or re air. If the damage for w'c t e procee s are paid is to be repaired or reconstructed, the remaining proceeds shall be paid to defaray the cost of such 'as elsewhere provided. Any proceeds which renain after defrayirig such costs shall be distributed to the beneficial owners, remittances to dwelling unit owners and the+: w~~tgagees being payable jointly to them. This is a covens::~ ~~nefit ~ of anp mortgagee of a dwelling uriit and may be sn- forced by such mortgagee. 3. Failure to reconstruct or re air. If it is etermine in t e manner e se~+ ere provided that the damage for which proceeds are paid shall not be reconsLructed or repaired, the remaining proceeds shall be distributed to the beneficial owners, remittances to dMelling unit owners and their mortgagees being payable jointly to them. This is a~covenant for the benefit of any mortgagee of a dwelling unit and may be enforced by such mortgagee. ` 1~. Certificate. In maki.ng distribution to dwelling unit owners and their mortgagees, the Insurance ~ Trustee may rely upon a certificate of the k Association made by its President and Secretarp ; as to the names of the dwelling unit oNners E and their respective shares of the distribution. ~ F. Association as ent: The Association is irrevo- . ~ . . cablp appointed agent for each dwelling unit owner and for each owner of a mortgage or other lien uron a dwelling unit and for each owner of any other interest in the condominium propertq, to adjust all claims arising under insurance policies purchased ~ by the Association, and to execute and deliver releases upon the payment of claims. ~ - ARTICLE ZI ~ ~ RSCONSTRUCTION OR REPAIR AFTER CASUALTY ~ ~ A. Determination to Reconstruct or Re~air. If any r~ . part of the condominium property shall be damaged by casualty, whether or not it shall be reconstructed or repaired shall be f determined in the following manner: ~ ~:i ~ ~a ~ ~ ~ r~.~ ~ . ~ R ~ ±c~ ! _ _ . . ;'-iA: • ~ ;A , iK ` l~~ _ _ ~ . _ ~ M_..r.l. -~'.F~_ x ._c. ~ ..r ~ ~ ~ ~ . - . , _ ~ . _ ^'a