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Home My WebLink About1666 ' ~ - ~ be repaired and reatored unleaa there ahall be not only a ~ total deatruction of the Rearsation Area and appurtennnaea ~ thereto, but in addition a deatruation of a ma~ority of the apartment unita in the Condominium. In the event additional ; monies are required ovsr and above the am~unt available from ~ insurance proceeda to reatore, reconatruat or rspair tha Recreation Area, auch monies ahall bs conaidered a com~oon expenae, to be paid by the condominium unit oMr~era and to be chargeable to and aollectable from tham in the aame mnr?- ner as elaexhere provided harein for the asaea8ment ar~d collection of aaaesan~ente and common expenaea, all purauant ~ to the pravisiona oF the Ninety-Nine Year Leaae. (d) Mort a ea. In the event a mortgagee et~doraement has been iaaue aa to an apartment unit, the share of the unit oxner ahall be held in truat for the mortgagee and the unit oMr~er as their intereata may appear; provided, hoKever, that no mortgagee ahall have any right to determine or par- ticipate in the determd.nation aa to Mhether ar~y damaged pro- perty ahall be reconatructed or repaired, ar~d no mortgages shall have an~ right to apply or have applied to the reduc- tion oP a mortgage debt any inaurance proceede eacept dia- tributions of such proceec~a made to the apartment oMner and mortgagee pursuant to the provisiane of thia Declaration. ~ Not,xithstanding the foregoing the mortgagae ahall have the right to apply or hav~e applied to the reduction of its mortgage debt any or all aums of insurance proceede appli- i cable to its mortgaged unit in any of the folloxing events: (1) Ita mortgage is not in good stan~ding and ia in default. (2) Insurance proceeds are inaufPicient to restore or repair the buildirig to the con- dition ezisting prior to the loss and additional monies are not available for such purpose. 10.5 Diatribution of Proceeds. Proceeds of insurance - - policiea rece v q e nsurance Truatee shall be diatributed to or for the benefit oP the beneficial oxnera in the folloxing ~ manner: ~ _ . i ~ ~ (a) All expenses of the Insurance Truatee shall be paid first or provisions made for such paymerYt. (b) If the damage for r~hich the proceeds are paid is to be repaired or reconatructed, the remaining proceeda shall be paid to defray the cost thereof as elae~here provided. Any proceeda remaining att'ter de- fraying such coat shall be diatrib~uted to the bensficial orrners, remittances to apartment oxners and their mort- gagees beir~g payable ~ointly to them. This is a covenant for tl~e benefit of, and may be entorced by, any mortgagae of an apartment. ~ (c) If it is determined in the manner elaexhere ~ provided that the damage for Mhich proceede are paid ~ ~ shall not be reeonatructed or rep~ired, the reme~ining ~ proeeeds ahall be diatributed to the beneflcial oMnsra, ~ remittancea to apartment o~rnera and their mort~ageea =ri being payable ~ointly to them. This ia a cov~enant for ~ the benefit of, and may be enforeed by, the mort~ages ~ ~ of an apartment. ' ~ (d) In mdking distribution-to apartment oMr~ ra ~ and thair mortgagees, the Insurance Trustee may rely ~ upon a Certificate of the Aaaociation n~ad~ by ita Preai- dent and Seerstarq as to the naaes of the apartment ao~ 1y5 P~ 1f~6~ ~ 9~ dU~iK ' ~ 193 2605 ` O«IC[fi G/ GOLU~T[iN /RAHKIW. G~~ONI'1 9:CIIRAH1f i~ A JU10 NUNINLAbI 10JM~~ •.titl tl. NORTN MIAM) 6CACH. FL01110A 3~101 - - - a~ .s~~~'~