HomeMy WebLinkAbout0948 collected on account of a casualty, and the
sums deposited with the Insurance Trustee by the
Association from collections of assessments
against dwelling unit owners on account of
such casualty, shall consCitute a construction
fund which shall be disbursed in payment af the
costs of repair and reconstruction in the fol-
lowing manner and ~rder:
a. Association - Lesser Dama e. If the
amount o t e e stimated costs of re-
construction and repair that is the
reGponsibi~ity of the Association is
le ss than $5,000.00, then the construc-
tion fund shall be disbursed in payment~
of such costs ugon the order of the
Association; provided, however, that upon
request tQ the Insurance Trustee by a
mortgagee that is a beneficiary of a~ in-
surance policy the proGeeds of which are
included in the consLruction fund, such
~ fund shall be disbursed in the manner
_ provided for the reconstruction and re-
pair of major damage.
' b. Association - Ma 'or Dama e. If the
amount cf t e estimate costs of re-
construction and repair that is the
responsibility of the Association is
more than $5,000.00, then the construction
fund that is neld by the Insurance Trustee
shall be disbursed in payment of such costs -
in the manner required by the Board of
Directors of the Association ar.d upon ap-
proval of an archi~ect qualified to practice
in the State of Florida and employed by
the Associa~ion tc supervise the work.
c.~ Dwellin~Unit C~wner. The portion of in-
surance proceeds representing damage for
which the re sponsibility of reconstruction
ar.d repair lies with a dwelling unit owner
shall be paid by the Insurance Trustee to
the dwelling unit owner, or there is a
mortgagee endorsement as to the dwelling
unit, then to the dwelling unit owner and
the mortgagee, jointly, who may use such ~
proceeds as they m~y be advised. ?
d. Surplus. It shall be presu,~ned that the
~irst monies disbursed in payment of costs
of reconstructicn and repair shall be from ~
I insurance uroceeds. If there is a balance
in a construction fund, afLer payment of
~ all costs of the reconstruction and repair
for whir_h the fund is established, such
, balance shall be distributed to the bene-
ficial owners of the funds in the manner
elsewhere stated; except, hawever, thaL ;
the part of a distribution to a beneficial '
owner ~hat is not in excess of assessments ~
paid by such owner ir~to the construction E
fund sha~l not be made payable to any mort- ;
gagee.
e. Certificate . I~otwithstanding the provisions
of this znstrument, the Insurance Truste~ {
shall not be requ ired to determine w}~ether
~r n~L s~uns paid by the dwelling unit awners
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