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HomeMy WebLinkAbout1862 ? ~ ~ ~ the Association ia more than ~10,000.00, then the conatruction fund ahall be disbursed in payment of such costs in the manner required by the Board of Directors of the Association. (3) Apartment o~rner. The portion of inaurance proaee3"s epresenting damage Por which the responaibility of reconstructi,on ar~d repair lies Nith an apartment owner shall be paid to the said o~?ner, or if there is a ~ mortgagee endoraement as to the apartment, ~ then.to the o~?ner thereof and the mortgagee ~ ~oint],y, who me~y use such proceeds as they may be advised. (4) ~S~u ~lus. It shall be presumed that the- first ~es disbursed in payment of costa . of reconstruction and repair shall be from insurance proceeds. If there is a balance ~ in a construction fund after payment of all costs of the reconstruction ar~d repair for ~ which the fur~d is established, auch balance ~ shall be distributed to the benePicial or~mers of the fund in the manner elae~where atated; _ except, however, that the part of a distri- bution to a beneficial oxner that is not in eacess of assessments paid tiy such owner to the conatruction furid 9hall not be made pay- able to any mortgagee. (5) Certificate. Notwiths tarxiing the provisions o s nstrvment, the Insurance Trustee shall not be required to deter~oo~ine whether or not sums paid by the apartment owners upon assessmenta shall be deposited by the Association with the Insurance Trustee, - nor to determine whether the diabursements from the conetruction ftiirxi are to be upon . approval of an architect or otherwise, nor whether a disburaement is to be made from the ~ construction fund nor to determine the~ pay~ee i nor the amount to be paid. Instead, the ; Insurance Trustee may re~y upon a certifiaate ~ oP the Association made by its Preaident ar~d ; Secretary as to any or all of such matters and ~ stating that the suma to be paid are due and . properly payable and stating the name oP the p~yee and the amount to be paid; provided, that when a mortgagee is required in this in- strument to be named as payee, the Insurance. Trustee shall also name the mortgagee as a payee of ar~r diatribution oP insurance proceeds to a unit owner; and Purther, provided, that when the Association, or a mortgagee that is the beryeficiary of an insurance policy whose proceeda are included in the construction ftirxi, so requires, the approval oP an architect narned by the Association shall be firat ob- ~ tained by the Association prior to disburse- ments in payment of coats of raconstruction ~ and repair. . ~ 12. Use Reatrictions. The use of the Condominium p~operty shall be in acco ance w e folloxing provisions as long as the Condon~ini~nn eaists and the ap~rtment building in usePul condition exists upon the lsnd: ~ 12.1 _A_~a_~rtmer~ts. Each oP the apartment units shall be~occu- pied only as a si-ngTe family private dwelling by the ot~rner, and BOOK1~~ PA~E1~~ -12- - 1.AW OiFIG[f O' aOLDlT[IN. FRANKLIN. CMONIN ~ 1CNR~INK, r• A.. !O!O NORTHEAiT tA7R0 fTR[[T. NORTM MIAMI ~~ACN. R1.OIIIDA isl~! - ~-T:._ - . , ~ _ _ -r..~ ~'-~c ~ - ^y. ~ . ks,.~ r .c~ ~~.c`!=~'; k:.~:.;,~ .f -c .-,3p" ~ l