HomeMy WebLinkAbout2847 (2) Association - Ma~or damage. If the ~
amount of e ea ma ed costa of reconstruc- =
tion and repair that is tho responsibility of
the Association is more than ~10,000.00, then f
the construction fund shall be disbursed in +
payment of such costs in the manner required ~
by the Board of Directora oP the Asaociation.
,
(3) Apartment owner. The portion of !
insurance procee s representing damage for
~ which the responsibility of reconstruction ~
and repair lies with an apartment owner shall ~
~ be paid to ~he said owner, or ir there is a i
mortgagee endorsement as to the apartment,
• then to the owner thereoi' and the mortgag~e
~ointly, who may use such proceeds as they
may be advised.
(4) Surplus. It shall be presumed that
the first mon~es
disbursed in payment of coats
of reconstruction and repafr shall be from
ineurance proceeds. If there is a balance
in a construction fur~d after payment oP all
costs oP the reconstruction and rep~ir for
which the fund is established, such balance ~
ahall be diatributed to the beneficla 1 owners
of the Pund ~n the maru~er elsewhere stated;
~ except, however, that the part oP a distri-
~ bution to a beneficial owner that is not in
; excess of assessments paid by such owner to
' the construction fund ahall not be made pay-
i able to any mortgagee.
~
} (5) Certificate. Notwithstanding the
~ provisions~~Y
ii s~strument, the Insurance
~ Trustee shall not be required to determine
s whether or not sums paid by the apartment
~ owriers upon assessments shall be deposited
~ by the Association with the Insurance Trustee,
nor to determ~ne whether the disbursements ~
~ from the construction fund are to be upon
~ the order of the Association, or upon the
~ approval of an architect or otherwise, nor
~ whether a disbursement is to be made from the
conatruction fund nor to determine the payee
~ nor the amount to be paid. Instead, the
~ _ Inaurance Trustee may rely upan a certificate
~ of the Aasociation made by its President and F
s
Secretary as to any or all pf such matters ar~d j
~ stating that the sums to be paid are due arxi !
~ properly payable and stating the izame of the i
~ payee and the amount to be paid; provided,
~ that when a mortgagee ia required in this in- ~
~ s trument to be named as T
~r payee, the Itzsurance ;
Trustee shall also name the mortgagee as a ;
payee of any distributlon of insurance proceeds `
to a unit owner; and Purther, provided, that '
~ when the Association, or a mortgagee that is
= the beinePiciary of. an insurance policy whose
~ proceeds are included in the construction flind,
so requires, the approval of an architect
named by the Association shall be Pirst ob-
tained by the Aasociation prior to disburae-
ments in payment ot' costs of reconatruction
and repair.
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SooK198 ~~f2844
_ 1-~.W OFfICEi OF GOLDb7E1N, FRANKLIH, CHONIN • iCHRANK. P.A., 2020 NOi1TMEAiT 10.1110 iTAEET, NORTM MIAMI BEACH. FLOR!:~A :3iL2
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