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HomeMy WebLinkAbout1669 (2) Association - Ms~or damnge. If the ~ amount of ~F"ie e's~3-'m~~ed coats of reconatruc- tion and repair that ia the reaponsibility o! ; the Aasociation ia more than ~10,000.00, than ; the construction fund ahall be dieburaed in . - pa~yment of auch coata in the mnnner required ; by the Board of Directora of the Aasociation. (3) Apartment oMner. The portion of inauranae procee e representing damage for ~ xhich tha responaibility of reconatruction , and repair lies with an apartment oNner ahall be paid to the said ormer, or if there ia a mortgagee endorsement aa to tha apartment, then to the oMner thereof and the mortgagee ` ~ointly, xho may uae such proceeds as they may be adviaed. (4) Su lus. It ahall be presumed that the firat mo es diabursed in payment oP costs of ra_conatruetion and repair shall be !'rom inaurance proceeds. If there ia a balance i in a conatruction furid after payment of all coats of the reconatruction and repair for rrhich the fund ia eatablished, such balance shall be diatributed to the benePicial aMners o!' the Pund in the manner elaeMhere atated; eacapt, ho~ever, that the part of a diatri- bution to a beneficial ormer that is not in excess of assessmenta paid by such oMner to the conatruction Pund shall not be made pay- able to any nwrtgagee. E (5) Certificate. Notwithatar~ding the provisiona o a nstrument, the Inaurance . Truatee shall not be required to determine Mhether or not aums paid by the apartment oxnera upon assessments ahall be depoaited by the Aasociation Mith the Inauranae Trustee, nor to determine ~+hether the disbursementa ~ Prom the construetion fund are to be upon j the order of the Asaociation, or upon the f approval of an architect or othe~iae, nor = whether a disburae~ent is to be made from the ~ construction fund nor to determine the pay~ee nor the a~ount to be paid. Inatead, the ~ Inaurance Truatee may rely upon a certificate ' of the Association made by its President and ~ Secretary as to any or all of auch matters and stating that the sume to be paid are due and properly payable and atating the name oP the payee and the amount to be paid; provided, that Mhen a mortgagee ia required in this in- strument to be named as payee, the Inauranee Trustee ahall alao name the mor~tgagee aa a ~ payee of any diatribution of inaurance proceeds a to a unit oMner; and further, provided, that ~ Mhen the Asaociation, or a mortgagee that ia ~ the beneficiary of an insurance policy Mhose ~ pro~eeda are included in the conatruction ftirxi, ~ so requires, the approval of an architect ~ named by the Asaociation shall be firet ob- ~ tained by the Aseociation prior to disburse- ~ menta in payment of costa of reconatruction ~ and repair. ~ ~ ~ ~ ~ ~ ~ 1~ ~ i~~ - ~ goR,193 2608 t.aW OiFIGE£ OF GOLU57EIN. FRANKUN. CHON~N O SCHRANK. P A. 2U20 NORTMEAST 10lNU SiREET. NORTH MIAMI BEACH. FLORIDA 3j102 : , - - _--~'~.~.~s'aara_~ , x. .~-,r~.