HomeMy WebLinkAbout2845 owners arxi their respective ahares of the distribution. i
10.6 Association as Agent. The Association ia hereby ~
irrevocably appo n e gen or each apartment owner and for ~
each owner of ar~y other interest in the Cor~dominium property ~
to ad3ust all claims arising under the insurarice policies
purchased by the Association-and to execute and deliver re-
leas~s upon the payment of a claim.
;
10.7 Recreation Area. The terms of the Ninety-Nine Year ~
Lease shall govern e stribution of proceeds of insurance ;
on or attributable to such area, provided, however, that no
distribution of proceeds shall be made to the Lessor unleas '
it shall have been determined pursuant to the terms aryd ;
provisions of the said Ninety-Nine Year Lease not to reconstruct
or repair damage to the property demised thereunder.
11. Reconstruction or repair after casualty.
11.1 Determination to reconstruct or repair. If any part oP
the Condomin um proper y s a amage y casualty, whether or
not it shall be reconstructed or repaired shall be determined in
~ the following manner:
(a) Common element. If the damaged improvement
~ is a common e emen , e damaged property shall be recon-
structed or repaired, unless it is determined in the
manryer elsewhere provided that the Coniominium shall be
terminated.
(b) (1) Lesser damage. If the damaged
improvemen s e apartment building ar~d
if apartments to which fifty percent ~50~)
of the cormnon elements are appurtenant are
found by the Board of Directors of the
Association to be tenantable, the damaged
' property shall be reconstructed or repaired,
I unless within sixty (60) days after the
; casualty, it is determined by agreement in .
k the manner elsewhere provided that the Con-
} dominium shall be terminated.
~ (2) Ma~or damage. If the damaged im-
~ provement s e apartmen~ building, and if
~ apartment to which more than fifty (509d)
~ percent of the common elements are appurtenant
~ are found by the Board of Directors to be not
~ tenantable, then the damaged property will
~ not be reconstructed or repaired, and the Con-
~
~ dominium will be terminated without agreement
~ as elsewhere provided, unless within six ty
~ (60) days aPter the casualty, the owners oP . ~
~ eighty percent (8d9~) of the comm~n elements s
~ ag~ee in writing to such reconstruction or `
- repair. ~
_ ;
(c) CertiPicate. The Insurance Trustee may re],y upon .
a certifica o e Association made by its President and ~
= attested by its Secretary as to whether or not the damaged i
property ia to be reconstructed or regaired. ` _
_ }
-;~~f 11.2 Plans arxi specifications. Any reconstruction or ;
repair must e sues an a y n accordance with the plans and .
specifications for the original building, or, in lieu thereof,
_ according to plans and specifications approved by the Board oP
= Directors oP the Aasociation, and SP the damaged property is in
the apart~ent building, by the owners oP not less than eighty
percent (80~) oP the com~ran elements, including the ownera of
all damaged apartments, together with the approval of the
institutional mortg,ageea holding Pirst mortgages upon all daaoa~ged
ry~{ -10- p~
BCQK 1~ ~ACE~~~~
1..AW OFFIGE6 OF GOlOSTEIN, FRANKLiN, CHONIN e SGHRANK. P.A., 2020 NORTHEAGT IOJ~O BTHEET, NORTN MIAMI BEACH, F40R~CA 3~tG2
~ - _
, . ~