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fund such additional funds as may reasonably appear to be necessary
to pay such full cost and to procure receipted bills and full a:d
fir~al waiv~r of lien when the work shail have been completed snc cor.e.
The provisions of Section 14.2 (t:), (b) a:~d (c) relative to procedures
and requirements for disburse:nent o= the iund therein ~r,entioned are
adopted as part of this Section ;.o t: e extent the context so pe:.ai;.s.
(b) Proviso. In a::y instance wnere the proceens of
insurance for damage or destruction shali be less than $5,GOO.OC for
the reason that the reasonabZe esti::ate of the da~nage shall be less
than $5,000.00, then the proceecs o~ i~surance sr.ail be paya:~le to
t~.e Associat3on and disbursed by it ~or t.~e purpose of ~ayir.g for
the reconstruction and repair. _
(c) Sur~l4s . j:r.en a~ter the _ payment oz repa~r or
replacer.lent of damage, pursua.~t to 19 .3 (a) , there shall rer,tain a:.y
surplas of the insurance proceeds, said surplus sha~l be first usec
to pay any amounts due the Lessor at t;zat time and the re.-naining
balance, if any, shall be paid to the Association.
(d) riortaaqees . Notwithsta.-~ning anything co:~t~~r.ed
herein, it is agreed that any institutionaZ first mortgagee own~.g
an institutional first mortgage er,cum.bering t~e Recreation Cen~er,
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~ ~ay hold such insurance ~roceeds and ~unds and may impos~ such te-r:s
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~ and conditior.s to require the Assoeia~ion to supplemer,t sucn funds
~ in such amounts as may be necessary ta pay ior recanstruction and
~ repair, to the disbursenent of the sa.-;e, and to such other matters re-
lating to sucn funds and ~roceeds, as s~ach ~ortgagee may require.
20. MORTGAGES. :~o r.tortqage lien, or ot~.er encumbrar.ce ac;~ai;.s;,
a condoninium parcel or the cor.do~:i:~it:.:: property shali be co:~side~ea or
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~ construed as a mortgage, lien, or ot:~er enc;u~brance aqainst the iee
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