HomeMy WebLinkAbout2611 (2) Aaaociation - Nla~or damage. IP t2~s
aiaount of e~ ea mn ed coats of reconatrua-
tion ar~ repair that ia the reaponsibility of
the Association is more than ~10,000.00, then
tha construction fund ahall be disburaed in
payment of auch coats in the manr~er required
by the Board ot Directora of the Aasociation.
(3) A artment owner. The portion of
~ inaurance procee s representing damnge for
~ Mhich the responaibilitq of reconatruction
atzd repe~ir lies Nith an apartment oNner shall
be paid to the said oMner, or if there is a
mortg8gee endoraement as to the apartment, j
then to the o~+ner thereof and the mortgagee !
ao~ntly, Nho may-use ~~ich proceeds as they ~
may be advised.
(4) Su lus. It ahall be presumed that
the Pirat mo es diabursed in paym~ent of costa
of reconstruetion and repair shall be from
ineurance proceeda. If there is a balance
in a construction fund aPter paq~ment of all
coats of the reconatruction arxi repair for
Mhich the funa ia established, such balance ;
shall be diatributed to the beneficial oMner9
of the fund in the manner elae~here stated;
except, horrever, that the part of a diatri-
bution to a benef3cial ormer that is not in
eacess of assessments pnid by such ormer to
the conatruction fund shall not be me~de pay-
able to anq mortgagee.
(5) Certificate. Notxithstanding the
provisions
og~Ti3~strument, the Inaurance
Truatee ahall not be required to determine
Mhether or not sums paid by the apartment
~ oMnera upon assessments shall be deposited ;
; by the Aasociation ~ith the Insurance Trustee,
nor to determine Mhether the diaburaementa
from the construction fund are tcs be upon ~
the order of the Aasociation, or upon the
approval of_an architect or othe~rise, nor
Mhether a disburaement~is to be made from the
conatruction fund nor to determine the payee
nor the am~unt to be paid. Inatead, ~he
- Insurance Truatee may rely upon a certifict~te
of the Association made bq its President and
Secretary as to any or all oP such matters and
stating that the sume to be paid are due ar~d
properly payable and stating the name of the ,
payee snd the amount to be paid; provideds '
that Mhen a mortgagee ia_required in this in-
strument to be~named as paq~ee, the Inaurance~
Truatee shall alao name the mortgagee ae a
payee of any diatribution of inaurance.proceeds
to a unit ormer; and further, provided, that
Mhen the Association, or a mortgagee that is -
the beneficiary of an insuranae policy Mhose ~
proceeds are included in the construction lUr~d, ~
so requirea, the approval of an architect
named by the Association shall be first ob- ,
tained by the Asaociation prior to disburae- f
ments in payment of costs of reconatruction '
and repair. '
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°"193 ~608
BO~r
LAW OFFICES OF GOLDSTEIN. FRANKLIN. GHONIN 8 SCHRANK. P. A.. 2020 NORTHEAST 163A~ STREET NORTH MIAMI BEACH. FL.ORIDA 33162