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HomeMy WebLinkAbout0777 be chargeable to and collectable from them in the same man- 4 ner as elsewhere provided herein for the assessment and collection of assessments and commor, expenses, all pursuant to th~ provisions of the Ninety-Nine Year Lease. (d) Mortgages. In the event a mortgagee endorsement has been issued as to an apartment unit, the share of the unit owner shall be held in trust for the mortgagee and the unit owner as their interests may appear; provided, however, that no mortgagee shall have any right to determine or par- ticipate in the determination as to whether any damaged pro- perty shall be reconstructed or repaired, and no mortgagee shall have any right to apply or have applied to the reduc- tion of a mortgage debt any insurance proceeds except dis- tributions of such proceeds made to the apartment owner and mortgagee pursuant to the provisions of this Declaration. Notwithstanding the €oregoing the mortgagee shall have the right to apply or have applied to the reduction of its mortgage debt any or all sums of insurance proceeds appli- cable to its mortgaged unit in any of the following events: (1) Its mortgage is not in good standing and is in def ault . (2) Insurance proceeds are insufficient to restore or repair the building to the con- dition existing prior to the loss and additional monies are not available for such purpose. 10.5 Distribution of Proceeds. Proceeds of insurance policies receive y e Insurance Trustee shall be distributed to or for the benefit of the beneficial owners in the following manner: (a) All expenses of the Insurance Trustee shall be paid first or provisions made for such payment. (b) If the damage for which the proceeds are paid is to be repaired or reconstructed, the remaining ; proceeds shall be paid to defray the cost thereof as ~ elsewhere provided. Any proceeds remaining after 3e- E fraying such cost shall be distri.buted to the bene- ficial owners, remittances to apartment owners and ~ their mortgagees being payable jointly to them. This ~ is a covenant for the benefit of , and may be enforced ~ by, any mortgagee of an apartment. ~ (c) If it is determined in the manner elsewhere provided that the damage for which proceeds are paid shall not be reconstructed or repaired, the remaining proceeds shall be distributed to the beneficial awners, ; remittances to apartment owners-and-~hei-~-martgagees ~ being payable jointly to them. This is a covenant for ~ the benefit of, and may be enfarced by, the mortgagee ~ of an apartment. ~ (d) In making distribution to apartment owners ~ ~ and their mortgagees, the Insurance Trustee may rely ~ upon a Certificate of the Association made by its Presi- ~ dent and Secretary as to the names of the apartment owners and their respective shares of the distribution. ~ ~ 10.6 Association as Agent. The Association is hereby . ~ irrevocably appointed Agent or each a~artment owner and for each awner of any other interest in the Condominium property ~ to adjust all claims arising under the insurance policies ~ purchased by the Association and to execute and deliver re- leases upon the payment of a claim. ~ -9- ~v . . 600K 1S~ P~ LAW OFFiCES OF GOLOfTEIN. FRANKLIY. CHONIN Q SCHRANK. P. A., 2020 NOR7MEA5T 183RO STREET, NORTH MIAMI BEACH, FLORIDA 33182 ,~y