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Home My WebLink About1859 expense, to be paid by the aondominium unit owr~r8 ar~d to be chargeable to ar~d collectable from them in the sarae man- ner as elae'chere provided herein for the a8sessment ar~d ' collection oP asseasments and ao~n expensea, all pureuant to the provisions oP the Ninety-Nine Year LeaBe. (d) Mort a ea. In the ev~ent a m~rtgagee endorsement has been issue aa to an apartment w1it, the share of the unit owner ahall be held in trust for the mortgagee ar~d the unit ormer as their interests may appear; provided, however, that no mortgagee shall have any right to determd.ne or par- ticipate in the determination as to Nhether ar~y damaged pro- perty shall be reconatructed or repaired, and no mortgagse ~ shall have ar~q right to apply.or have applied to the redua- tion of a mortgage debt ar~y insurance proceeds except die- tributions of auch proceeda made to the apartment o~ner ani mortgagee purauant to the proviaiona of this Declaration. NotNithatar~ding the foregoing the mortgagee ahall have the right to apply or have applied to the reduction oP ita . mortgage debt any or all sums oP insurance proceeds appli- cable to its mortgaged unit in any of the folloNing events: (1) Its mortgage ia not in good standing and is in deFault. (2) Insurance proceeds are insufricient ~ to restore or repa~r the building to the con- dition eaisting prior to the loas ani additional monies are not available for such purpose. 10.5 Distribution of Proceeda. Proceeds of insurance policies rece ve y e naurance Trustee ahall be distributed to or for the bene~it of the beneficial ownera in the following manner: . ~ (a) Al1 expenses of the Insurance Trustee ahall be paid first or pi*ovialons made Por such payment. (b) If the damage for which the proceeds are paid is to be repai~ed or reconstructed, the reme?ir~ing proceeds shall be paid to defray the cost thereoP as elaewhere provided. Any p~oceeda remaining aPter de- fraying auoh aoat ahall be diatributed to the beneficial i o~rnera, remittancea to apartment owners ar~d their m~rt- ~ gagees-being payable ~ointly to them. This is a covenant { for the benefit of, and may be enPorced by, ar~pr m~rtgagee f of an apartment. E i E (c) If it is determined in the manner else~ihere ~ provided that the damage for which proceeds are paid ~ shall not be reconstructed or repe~ired, the remaining proceeda shall be distributed to the beneficial owners, ~ • remittances to apartment o~tners and their aartgagees ~ being payable ~ointly to them. This ia a covenant for ~ the benefit oP, and may be enforced by, the mortgagee ~ oP an agartment. ~ ~ (d) In making distribution to apartment-awners and their mortgagees, the Insurance Truatee may re~y - upon a Certificate of the Assoaiation made by its Presi- ~ dent and Secretary as to the names of the apartment ~ owners and their respective shares oP the distribution. - ~ ~ 10.6 Association aa Agent. The Association is.hereby ~ irrevocably appo n e gen or each apartment o~?ner and flor ~ each ormer of ar~y other intereat in the Condominium pro~perty ~ to ad~ust all claims arising under the insurance policies ~ purchased by.the Asaociation and to execute and deliver re- ~ leases upon the payment of a claim. ~ soox188 ~~1856 ~ - 9- ~ LAW 0/FIC[S OF OO~DR[IN. FIIANKLtN. CMONIN t aGHRANK. A.. 2020 NORTH[AiT ta~ao iTR[R. NORTN MIA~iI ~f/1CM. fLOQ10J1 »ti! ~ ~ '~a~ y.-~ s-' c - - ~ :~'a ,~4?-". ~a ~x': . ~-c' _