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be repaired a:xi restored unleaa there ahall be not only a .
total deatrvction of the Recrsation Area and appurterse?ncea ~
thereto, but in addition a deatruction of a ma~oMty of the
apartment unita in the Condominium. In the event additional
nanies_are required over and above the airount available from
inaurance proceeda to reatore, recor~atruct or repair the t
Recreation :~rea, such moniea ahall be considered a comm4n
expenae, to be paid by the condominium unit oMner~ and to -
be chargeable to and collectable from th~m in the 8ame man-
ner as elaexhere provided herein for the asaessment and
collect3on of asaessmenta and common e~cpenses, all pursuant
to the provisione of the Ninety-Nine Year Lease. i
(d) Mort es. In the event a mortgagee er~doraement ~ .
has been isaue aa to an apartment unit, the ahare of the
unit oxner ahall be held in truat !or the mortgagee and the
- unit oMr~er as their interests may appear; provided, hoMever,
that no mortgagee shall have any right to determine or par-
ticipate in the deterffination as to Mhether any damaged pro-
perty ahall be reconatructed or repairad, and no m~rtgagee
shall have ar~ right to apply or have applied to the reduc-
tion of a moricgage debt any inaurance proceeds eacept dis-
tributions oP auch proceeds made to the apartment oMner ani
mortgagee pursu~nt to the provisions of thia Declaration.
NotMithatanding the forsgoing tha mortgagee ahall hav~e
~ the right to apply or h~ve applied to the reduction of its
~ mortgage debt any or all aums of insurance proceeds appli-
cable to i*.a mortgaged unit in any of thQ PolloMing events:
(1) Ita mortgage is not in good standing
and is in default.
(2) Insurance proceeds are inaufficient
to reatore or repair the building to the con-
dition existing prior to the loss and additional
monies are not available for such purpose. ~
10.5 Diatribution of Proceeds. Proceeds oP insurance ;
policies rece v y e nsurance Trustee ahall be 3lstributed '
to or for the benefit oP the beneficial o~+ners in the folloxing
; manner:
i
~ (a) All eapenses of the Insurance Trustee ,
shal l be paid Pirst or proviaions made for such paymerit . ~
(b } If the damage for which the proceeds are
paid is to be repaired or reconstrueted, the remaining
proceeda shall be paid t4 dePray the cost thereof as _
elser~here provided. Any proceeds remaining after de-
fraying_. auch coat shall be diatrib~uted to the beneficial :
oxners, remittancea to apartment orrt~ers and their mort- }
gagees beir~g ~payable ~ointly to them. Thia is a cov~enant ~
for the benefit of, and may be enforced by, any mortFr,ag~e
of an apartment. ~
(c) TP it is determined in the manner elseNhere
provided that the damage for ~hich proceeds are paid
shall not be reco~tru~~~ u~ ~•a~ired, the rea~ining ~
proceeds shall be distributed to the beneficial o~nera, F
remittances to apartmen~ oMnera and their mort~agees ~
being payable Jointly to them. This is a cov~enant for
the benefit of, and may be enforced by, the nart$agee -
of an apartment.
(d) In making distribution-to apartment oMne ra
and their mQrtgageea, the Inaurance Truatee mny rely ;
upon a CertiPicate of the Asaociation n~ade by its Presi- ~
dent and Secretary aa to the namea of the apartment
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- _ 3~!;X193 2605 '
LAW OFFICEi OF GOLDSTEIH. FRANKIIN, CHONIN a SCNRANK, P A 2020 NOR7NEA57 163H~~ ~.IH! ET NOHTN MIAMI BEACH. FIORIDA 3~162 -
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