HomeMy WebLinkAbout0945 divic~ed s!~are in the com~nion elements
appurtenant to his dwelling unit.
3. M~~RTGAGEE. In the event a mvrtgagee endorse-
ment 2~as been issued as to a dwell~ng unit,
the share of the dwelling ur.it owner sha11
be held for tr,e martgagee and the dwelling
ur.it owner as their interests may appear;
provided, hawever, that no rr.ortgagee shall
ha~~e any right to determine or participate
in the deterr:tination as to whether or not
any damaged Froperty ~hall be reconstructed
or repaired.
E. DI~TRIBliTI01~ OF PROCEEDS. Proceeds of insurance policies
received b~ the Insurance Trustee sr,all be distributed to or for Lhe
ber.efit of the beneficial owners in the fallo~ing manner:
i. Ex~er.ses of the Trust . All expenses ef the
Insurance Trustee shall be paid first or provi-
sions ma.de for such payment .
2, Reconstruction or Repair. If the damage for
which tr~e proceeds are paid is ta be repaired
or reconstructed, the rernaining proceeds shall
be paid to defray the cos~ of such as elsewhere
provided. Any proceeds which rer~ain after ;
deirayir~g such costs shall be distributed to `
the beneficial owners, remit~ances to dwelling
ur~it owners and their mortgagees being payable
j~ir~tly to them. This is a covenant for tlie
benefit ~f an}- r?:ortgagee of a dwelling unit ~
and ~iay be er.forced by s~ch mortgagee .
3• rail~zre to Reconstruct or Rep?ir. If it is
determir.Ed in the manner elsewhere provided
Lrat the damage for which proceeds are paid
shal~ not be reconstructed or repaired, the
remaining proceeds shall be distributed to
*r.e beneficial owners, remittances to dweil-
ing ~anit owners and their mortgagees bei:~g
payable jcintly ta them. This is a covenant
fcr the benefi ~ ef ar,y mortgagee of a dwell-
ing unit and :.a~T be erforced by such mertgagee .
i,. Certificate . Ir, making distributior ~c dwell-
ing ~ar.it ~wr.ers and their mortgagees, the In-
suran~e Trustee ~r~ay rely ~apon a certificate of
the Asseciation m.ade by its President and .~,'ec-
retary as tc the r,ames of the dweliing unit
~wr.Ars ar:d *_~e~r resgect~vP shares of the
dis~ributifln.
F. A~~C~.IATICI~ AS AGEi:T. The tisscciatior:_ is irrevoeably
~pF~;::~ed a~.zn* for ea~h dwe~lir:g ;:r.it owr.er ar:d for eacr. owner o~ a
::~or~`a`e ~r ~`'r.~r l~en ~.por. a dwellir:g uri* and for each own~er cf ar.v
.,~::er ~r.~eres' ~re C;;rd~mir,z;;~r proper~y-, to adjtisL all clair.;s aris-
;ng ~^der ~r.surar.~e pclic~es Furchased bv ~he Associati~n, and ex-
e_~,: ~e ar:G ~eliver release s~;:Fan * he pay^:ent cf claims. ;
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