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(d) Inaurance on the Recreation Area pursuant to the
provisions
o3'-
i~FFe Ainety-Nine Year Lease Agreement.
(e) Such other insurance that the Board of Dire ctors
of the Asso-~a'~n
ahall determine from time to time to be -
desirable.
1U.3 Yre~ums upon insurance policies purchased by the Associ-
ation shall'~e
paia by the Association as a connnon expense.
10.4 Insurance Trustee; Share of roceeds. All insurance
policiea purc ase y e asoc a on s a e for the benefit of
the Association and the apartment owners and their mortgagees as
their interests may appear, and shall provide that all pro ceeds
covering property losses shall be paid to FIRST NATIONAL BANK
OF FORT PIERCE, 300 South 6th Street, Fort Pierce, Florida,
as Trustee, or to such other bank in Florida with truat powers as
may be designated as Insurance Trustee from time to time tyy the
Board of Directors of the association, which trustee being referred
to herein as the Inaurance Trustee, provided, however, that the
selection of the Insurance Trustee is subJect to the approval of
the institutional mortgagee holding the greatest dollar amount of _
first mortgages againat the apartment units in the Cor~dominium.
The Insurance Trustee shall not be ligble for payment of premiuma
nor for the failure to collect ar~y insurance proceeds. The duty
of the Insurance Truatee shall be to receive such proceeds as are
paid and hold the proceeds in trust for the purposes elsewhere
stated in this inatrument and for the benefit of the apartment
owners and their mortgagees in the following shares, provided,
however, such shares need not be set forth on the records of the
Insurance Trustee:
(al Proeeeds on aecount of dama¢e to comenon elements
and limite common e emen s: n un v e s are or eac
apar men owner, suc s are being the same as the undivided
share in the cocrmon elecnents and limited corrmon elements
appurtenant to his apartment.
(b) Apartments. Proceeds on account of damage to
~ apartment u s s ia 1 be held in the following undivided
E shares:
F (1) When the building is to be restored:
~ For the owners of damaged apartments in propor-
z tion to the cost of repairing the damage suffered
~ by each apartment owner, said cost to be determined ~
} by the Association.
K
z (2) When the Building is not to be restored:
~ An uridivided share for each apa.rtment unit owner,
~ such share being the same as the undivided share
~ in the common elements appurtenant to his apartment
~ unit.
~
s
~ (c) Cost of restoration and re air of the Recreation
~ Area ai'ter casual~v
s~l~b~d ou o e ~roce s rom
~ 3nsurance, and thevsaid Recreation Area shall in all events
be repaired and restored unless there shall be not only a
~ total destruction of the Recreation Area and appurtenances ,
~g thereto, but in addition a destruction of
a ma~ority of the
= apartment units in the Condominium. In the event additional
monies are required over and above the amount available from ;
insurance proceeda to restore, reconstruct or repair the :
Recreation Area, such monies shall be considered a common ~
~ expenae, to be paid by the condominium unit owners and to
~ be chargeable to and collectable from them in the same mar~
ner as elsewhere provided herein for the assessment and
_ collection of assessments and ~ommon expensea, all pursuant
~3~ _ ~9p paG~ ~,,~0 to the provisions of the Ninety-Nine Year Lease.
O
s`~ (d) Mortgagees. In the event a mortgagee endorsement
has been issued as to an apartment unit, the share of the
unit owner shall be held in trust for the mortgagee ar~d the
~AW OFFICES OF GOLDSTEIN. FRANKLIN, GHONIN Q SCHRANK. P. A.. 2020 NORTHEAST 183no STREET, NORTH MIAMI BEACH. FLORIDA 33162 ~ '
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