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HomeMy WebLinkAbout0181 ~ unit owner as their 3nterests may appear; provided, however, ~ that no mortgagee shall have any right to determine or par- ~ ticipate in the determination as to whether ar~y dame~ged pro- ~ perty ahall be reconstructed or repaired, and no mortgagee shall have any right to apply or have applied to the reduc- tion of a mortgage debt any insurance proceeds except dis- tributions of auch proceeda made to the apartment owner ar~d mo~tgagee pursuant to the provisions of' this ueclaratiion. No~withstanding the foregoing the mortgagee shall have the right to apply or have applied to the reduction of its mortgage deb~ ar~y or all swns of insurance prooeeds appli- _ cable to its mortgaged unit in ar~y of the following events : (1) Its mortgage is not in good ataryding and is in default. ~ (2) Insurance proceeds are insufficient to restore or repair the building to the con- dition existing prior to the loss and additional ; monies are not available Por such purpose. 10.5 Distribution of Proceeds. Proceeds of insurance policies rece ve y e nsurance ustee shall be distributed to or for the benefit of the ~eneficial owners in the fo llowing manner: (a) All expenses of the Insurance Trustee shall be paid first or pr~visions made for such payment. ( b) If the damage for which the proceeds are paid is to be repaired or reconstructed, the remaining proceeds shall be paid to defray the cost thereof as P~ APL1I"1R1'~P nrnvi ded . Anv ~roceeds remainina after de- fraying such cost shallvbe distributed to the beneficial owners, remittances to apartment owners and their mort- gagees being payable ~ointly to them. This is a covenant for the benefit of, and may be enforced by, any mortgagee ~ of an apartment. ~ ' If it is determined in the manne r elsewhere ~ provided that the damage for which proceeds are paid ; shall not be reconstructed or repaired, the remaining proceeds shall be distributed to the beneficial owners, ` ~ remittances to apartment ownera and their mortgagees ~ being p~yable ~ointly to them. This is a covenant for the benefit of, and may be enforced by, the mortgagee ~ ~ of an apartment. _ ~ ~ (d) In making distribution to apartment owners ~ and their mortgagees, the Insurance Trustee may rely ~ upon a Certificate of the Association made by its Presi- ~ dent and Secretary as to the names of the apartment ~ owners ar~d their respective ahares oP the diatribution. ~ ~ 10.6 Asaociation as Agent. The Association ia hereby 1 rri~V(1~±A~~~ Sg~ ~aen 4r eaeh apartment owner and for each owner of any other +interest in the Condominium property ~ to ad~ust all claims arising under the insurance policies : purchased by the Association and to execute and deliver re- - leases upon the payment of a claim. 10.7 Recreation Area. The terms of the Ninety-Nine Year ~y Lease sha21 govern e stribution of proceeds of insurance on or attributable to such area, provi~ed, however, that no distribution of proceeds shall be made to the Lessor unless - it shall have been determined pursuant to the terma and _ provisiona of the said Ninety-Nine Ye ar Lease not to reconstruc t ~u or repair damage to the property demised thereunder. 8ao~:198 P~~~ ~81 - 9- - ~AW OFFICES OF GOLDSTEIN, FRANKLIN, CHONIN Q SGHRANK, P. A.. 2020 NORTliEAST 163po STREET. NORTH MIAMI BEACH. FLORIDA 33162'~ s ~ _ • ~ ' - ss_.. ~ . : , = - ; : ~ ~ .'.;M_.