HomeMy WebLinkAbout1903 (2) When the units are not to be reatored - an
undivided share for each unit owner, such share beinq the same as
the~uindivided share in the common elements appurtenant to his unit.
(c). Mortgagees. In the event a mortgagee endorse-
ment has been issued as to a unit,the share of the unit owner shall
be held in trust for the mortqaqee and the unit owner as their in-
terests may appear; provided, however, that no mortgagee shall have
any right to determine or parti~ipate in the determination as to-
whether or not any damaqed property shall be reconstructed or re-
paired, and no mortgagee shall have any right to apply or have applied
to the reduction of a mortgage debt any insurance proceeds except dis-
tributions of such proceeds made to the unit owner and mortgagee pur-
suant to the provisions of this Declaration.
8.5. Distribution of Proceeds. Proceeds of insurance
policies received by the Association shall be distributed to or for
the benefit of the beneficial owners in the followinq manner:
(a) Expense of the Association. All expenses of
the Association relating to the obtaining and-handling of the insurance~
i proceeds shall be paid first.
; (b) Reconstruction or repair. If the dan?age for
~ which the proceeds are paid is to be repaired or reoonstructed, the
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` remaining proceeds shall be paid to defray the cost of.such as else-
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~ where provided. Any proceeds remaininq after defraying such costs
-shall be distributed to the beneficial o~wners, remittances to unit • ;
owners and their mortgagees being payable jointly to them. This is a
covenant for the benefit of any mortgagee of a unit and may be enforced
by such mortgagee.
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~ (c) Failure to reconstruct or repair. If it is ~
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~ determined in the manner elsewhere provided that the damage for which ~
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~ proceeds are paid shall not be reoonstructed or repaired, the remain-
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~ ing proceeds shall be distributed to the beneficial owners, remittances
to unit owners and their mortgageea beinq payable jointly to them. This
is a covenant for the benefit of any mortgagee at a unit~and may be en-
forced by auch mortgagee.
(d) Certificate. In making diatrihution-to unit ,
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