HomeMy WebLinkAbout0780 (3) A artment owner. The portion of
insurance procee s representing damage for
wh~cn the respor,sibility of reconstruction ~
and repair lies with an apartment owner shall
be paid to the said owner, or if there is a
mortgagee endorsement as to the apartment,
then to the owner thereof and the mortgagee
jointly, who may use such proceeds as they
may be advised.
(4) Surprlus. It shall be presumed that
the first monies disbursed in payment of costs
of reconstruction and repair shall be from ~
insurance proceeds. If there is a balance '
in a construction fund af ter payment of all
costs of the reconstruction and repair for
which the fund is established, such balance
shall be distributed to the beneficial owners
of the fund in the manner elsewhere stated;
except, however, that the part of a distri-
bution to a beneficial awner that is not in
excess of assessments paid by such owner to
the construction fund shall not be made pay-
able to any mortgagee .
~ (5) Certificate. Notwithstanding the
provisions o is instrument, the Insurance .
Trustee shall not be required to determine `
whether or not sums paid by the apartment
owners upon assessments shall be deposited
by the Association with the Insurance Trustee,
nor to determine whether the disbursements
from the construction fund are to be upon
approval~of an architect or otherwise, nor
whether a~ disbursemen~ __is to be made from the
construction fund nor to determine the payee _
nor the amount to be paid. Inste~d, the
Insurance Trustee may rely upon a certif icate
~ of the Association made by its President and
; Secretarv as to any or all of such matters and
f stating that the sums to be paid are due and
~ properly payable and stating the name of the '
i payee and the amount to be paid; provided,
~ that when a mortgagee is required in this in-
strum~nt to be named as payee, the Insurance
Trustee shall also name the mortgagee as a
Fayee of any distribution of insurance proceeds
to a unit owner; and further, provided, that
when the Association, or a mortgagee that is
the beneficiary of an insurance policy whose
proceeds are included in the construction fund, '
- - _ - - so- requires-.- the--~PFroval _o£ _ an_ architect - - - - ~
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named by the Association shall be first ob- '
tained by the Association prior to disburse- '
ments in payment of costs of reconstruction
and repair.
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12. Use Restrictions. The use of the Condominium property shall
be in accordance with the following provisions as long as the Condominium
~ exists and the apartment building in useful condition exists upon the land:
~ 12.1 Apartments. Each of the agartlnent units shall be occu-
~ pied only as a single family private dwelling by the owner, and
~ members o~ his family not less than thirteen (13) years of age,
subject to the provisions of 12.3 hereof. Except as reserved
~ to Developer, no apartment unit may be divided or subdivided
into a smaller unit.
12.2 Common elements and limited common elements. The
' common elements and limite common elements shall e used
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U1W OFFIGES OF GOLDiTEIN. FfiANKLIN, CHONIN Q SGHRANK. P. A.. 2020 NORTHEAST 183~D SiREET, NORTN MIAMI BEACH. FLORIOA 33182
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