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2. Insurance Trustee . The proceeds of insurance
co ecte on account of a casualty, and the
su~s d~posited xith the Insuraxice TruBtee by
the Association from collectiotts of assess-
ments against dwelling unit owners on account
of such casualtq, shall constitute a construc-
tion fund rrhich shall be disbursed in payment
of the co st s~ of repair anc~ re con struct ion .
in the following manner and order:
a. Association - lesser d e. If the
amount o t e est e costs of re-
construction and repair that is the
responsibility of the Association is
less than $5,U00.00, then the con-
struction ~nd shall be disbursed in
payment of such costs upon the order
of the Association; provided, ho~rever,
that upon r~quest to the Insurance
Trustee by a mortgagee that is a bene-
ficiary or an insurance policq the
proceeds of xhich are included in the
construction fund, such f~nd shall be
diebursed in the manner provided for
the reconstruction and repair of ma3or
damage.
b. Association - ma or d e. If the
amount o t e est ted costs of
reconstruction and repair that is the
, responsibility of the Association is ~
more than $5,000.00, then the con-
struction ftiind that is held by the ;
Insurance Trustee shall be disbursed '
in payment of such costs in the manner
required by the Board of Directors of
the Association and upon approval of
an architect qualified to practice in
the State of Florida a.nd employed bq
the Association to supervise the xork. ~
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c. D~rellin unit otirner. The portion of j
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sa~urance procee s representing damage '
( for which the responsibility of
reconstruction and repair lies Mrith a
G dwelling unit or~mer shall be paid
~ by the Insurance Trustee to the dwell-
~ ing unit owner, or there is a mort-
~ gagee endorsement as to the dwelling
~ uait, then to the dwelling unit owner
~ and the mortgagee jointly, who map
{ use such proceeds as they may be
i advised.
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E d. _Sur lus. It shall be_nr~4umpd • a-
; - t e irst moneys disbursed in payment
; of costs of reconstruction and repair
shall be from insurance proceeds. If
~ there is a balaace in a construction
- fund atter payment of all costs of
the reconstruction and repair for which
the fund is established, such balance
` shall be distributed to the beneficial
or+ners of the fund in the manner ~
elseKhere stated; except, however, ~
that the part of a distribution to a
beneficial owner that is not in eacess
~ of assessments paid by such o~ner ir~to
~ the construction fund shall not be
= made payable to any mortgagee.
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