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HomeMy WebLinkAbout2844 be repaired arxi restored unless there ahall be not only a ~ total destruction of the Recreation Area and appurtenances ; thereto, but in addition a destruction of a ma~ority of the ~ ~ apartment units in the Condomiriium. In the event additional ~ monies are required over and above the anraunt available from insurance proceeds to restore, reconstruct or repair the ~ Recreation Area, such monies shall be considered a common expense, to be paid by the condominium unit owners and to be chargeable to and collectable Prom them in the same man- ner as elsewhere provided herein Por ths assessment and ~ collection of assessments and con~non expenses, all pursuant ~ to the provisions of the Ninety-Nine Year Lease. ~ ~ ~ (d) Mortgages. In the event a mortgagee endorsement has been issue as to an apartment unit, the share of the unit owner shall be held in trust for the mortgagee and the unit owr~er as their interests may appear; provided, however, that no mortgagee shall have any right to determine or'par- ticipate in the determination as to whether any damaged pro- perty shall be reconstructed or repaired, and no mortgagee shall have ar~r right to apply or have applied to the reduc- tion of a mortgage debt any insurance proceeds except dis- tributions of such proceeds made to t2~e apartment owner aryd mortgagee pursuant to the provisions of this Declaratior~. Notwithstanding the foregoing the mortgagee shall hav+e the right to apply or have applied to the reduction of ~its mortgage debt any or all su~ oP insurance proceeds appli- cable to its mortgaged unit in any of the following eventa: (1) Its mortgage is not in good star~ding ar~d 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 Diatribution of Proceeds. Proceeda oP insurance ` policiea rece v y e nsurance tee~shall be distributed ~ to or Por the benePit oP the ber~ePicial owners in the Pollor~ing = manner: ~ ~ ~ ~ (a) All e~cpenses of the Insurance Trustee ~ shall be paid first or provisions made for such payment. v (b) If the da,mage for which the proceeds are ; paid is to be repaired or reconstructed, the remaining ~ proceeds shall be paid to def'ray the cost thereof as ~ elsewhere provided. Any proceeds remaining after de- ~ fraying such cost shall be distributed to the beneficial ~ ~ ~ ~ owners, remittances to apartment owners and their mort- } o-_ gagees being payable 3ointly to them. This is a covenant ~ ~ for the benefit of, and may be enPorced by, any mortgagee ' ~ ~ of an apartment. ~ ~ (c) If it is determined in the manner elsewhere ~ provided that the damage for which proceeds are paid = Y t ~ shall not b~ reconstructed or repaired, the remaining =K3 proceeds shall be distributed to the benePicial owr~ers, = remittances to apartment owners and their aartgagees being payable Jointly to them. This is a covenant for the benePit of, and taay be enforced by, the m~rtgagee of an apartment. (d) In making distribution to apartment owne rs and their mortgagees, the Insurance Trustee may re~y ~ ~ upon a Certificate of the Aseociation made by its Presi- ~ _ dent and Secretary as to the namea ot trie apartment ~ _ ; r=: ~~1 ~Y~- -9- aoac198 r~cE~~l .AW OFi1CEfr O/ GOL.DfiTE1N, RRANKLIN, CHONIN A SCHRANK. P. A.. 2020 NORTHEALT 168~o STREET. NORTM MIAM! B~ACH, FLORIDA 331G2 ~ - . ` ' _ . . , ; 4 - xh.