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dwelling ur.it ~wner ir. accordance with the undivided share in tne coi:,-
m:~r. elements appt:rtenant to the dwelling ~anit owned by h:m.
D. II~SURANCE TRE35iEE x SHARES GF PRl1CEEUS . All 1T1SUT'1!'? Ce
pol~cies purchased bi- ~he Associatior, shall benefit the Associatior.,
~::e dwellir.~ ur.it owr.ers ar_d :.heir mor~gagees, as their interests ^:a}~
aFpear, and s~al~ Frovide t!,.at all proceeds cavering ,~ropert~~ Ioss~s
s::all be paZ•able ur:~:.~ ~r.e Ir:surar.ce Trustee . Tr.e Insurance Tr~.;stee
s~:all not be i~3ble for payr.:ent of prer.liL:r:,s or for fa~lure to c~llect ;
ar:~ ir:surar.ce Froceeds, it be~ng ~re dt.tv of the Insurance Trustee to
receive suc:: proceeds ar.d hold t~:e same for purposes elsewhere s~ated
~r * ti:is ir.str::~:~ent.
1. ~ ommor_ ~lements. Proceeds or, acco:~n~ of ~
da:nage to common elemer.ts: Ar: undivided
share for eac:: dwellir.g ~.r.it ~wner, sucY:
s'r.are beir~~ the same as the undivided share
ir. ~he ~~a.~mon elements appurtenan~ *o his
dwellir~g ur.it.
Dwelling_Ur.its. Proceeds ar. accol.:r.t of dam-
age *o dwelling units shall be heid in~tt~e
! fellow~r.g undivided shares: _
;
t
a. ~Y:en the Buildin is to be Restored - ~
c
For the ok•ners o d~aged dwe ling w:its ~
; in proFortior. to the cost of repairing
~ ~he da„iage suffered by each dwelling unit
j owr!er, which cost shall be deterr;:ined by
; ~he Association.
~
d
t
?tirier. tr:e Buildin~ is not *o be Restored -
~ kr.~ ur:divided share far each dwelling ur.iL
: owner, such sY~.are being the same as the ur.-
4 di~-ided share ir~ tr.e co~rk-non elements a~- ~
~
purter.an~ ~o his dwell~ng uni~.
~ :iOr..GAG~E, in tre even~ a mortgagee er.dorse-
~ TM~en* has'beer: issued as ta a dwell~r_g ur;it, x
~ t~.e share c~f the divelling uni ~ ow:~~er shall
~ be ?~eld for the mortgagee and the dwellin~
x :~r:i ~ owr.Er as tne ir ir:tere sts ma~ agpear;
provided, however, that r.o n:or~gagee shall
?-:ave an;~ right to determine or participate
a ir_ ~re detern:ir:a~ion as to whether or not
ar_~ damaged propert~ shall be re co~s'.r~a~ ~ed _
_ or repaired.
r~~:: ~'RIB~ 1~CP; ~F PRGCEEDS Tre proc~eds .~f insuranne poli- ;
_:E c ie s re ce i~~d ~'r.e insurar.ce Trus ~ee shall be di s* ribu Led * o ~r f:,r
" ~re benefi~ of the ~e::eficial owners ir: ~he foliowir,g :rianr.er:
:ii
1. ~xper.s~ s of * he i rust . All exper.se s of the
Ir:surance Trustee shali be paid first or provi-
si or:s T~ade for such ga~rn'ler.t .
;'yY
~ 2. Pec;,r.s~ruction or Repair. If ~he dantdge for
~
~
~w _ aocx 1~ ~rE s
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