HomeMy WebLinkAbout1906 the Association from assessments aqainst unit owners, shall be dis-
bursed in payment of such costs in the following manner:
(a) Association - lesser.damage. If the amount
of the estiroated costs of reconstruction and repair is less than
$5,000.00, then the construction fund shall be disbursed in payment
of such costs, upon the order of the Association; provided, however,
that upon request to the Association by a mortgagee that is a bene-
ficiary of an insurance policy the proceeds of which are included
in the oonstruction fund, such fund shall be disbursed in the manner
provided for the reconstruction and repair of major damaqe.
(b) Association - major damage. If the amount of
the estimated costs of reconstruction and repair is more than $5,000.00
then the construction fund shall be disbursed in payment of such costs
in the manner required by the_board of directors of the Association
and upon approval of an architect or engineer qualified to practice
in Florida and employed by the Association to supervise the work.
(c) Unit awner. The portion of insurance proceeds
representinq damaqe for which the responsibility of reconstruction
and repair lies with a unit owner shall be paid by the.Association to i
; the unit owner, or if there is a mortqagee endorsement as to the unit, ~
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; then to the unit owner and the mortgagee jointly, who may use such '
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~ proceeds as they may be advised.
(d) Su lus. It shall be presumed that the first
moneys disbursed in payment of costs of reconstruction and repair ;
shall be from insurance proceeds. If there is a balance in a con- ~
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struction fund after payment of all costs of the reconstruction and €
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~ repair for which the fund is established, such balance shall be dis- #
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~ tributed to the beneficial owners of the fund in the manner elsewhere
~ stated; except, however, that the part of a distribution to a beneficial
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owner that is not in excess of assessmenta paid by such owner into the
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~ construction fund shall not be made payable to any mortqaqee.
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