HomeMy WebLinkAbout0637 . Wr.~~r. *_he procee~s are paid is ~o be repaired
cr rec~ns~ructed, the rerrair.ing proceeds shali
be paid *o defray tr.e cost a_~ such as elsew~:er2
pr'ovided. A:~~~ proceeds which rerr.ain af~er ;
~efra;•ir.~ su^~: ^^s*s shall be disrributed `o
t~,:e beneficial owners, remittances ~o dwe~lir.~
ur: it. cwr,e rs and ~.:~e ir mortga~ee s be ing pa;~a~le
; oir.tl•; to them. This ~s a covenant for the
b~r.efit ef an.~ mertgagee of a d~eiling ~.zr.i ~
3?''id ^~ati~ be er.. orced by such morLgagee .
3. Failure t~ Reconstruc* or Repair. If it is
deterr..ir~ed in the n~anr.er elsewhere provided
tr.at the d~m3ge for which Froeeeds are paid
shall r_o~ be recenstruc*ed cr repaired, the
remaining pr~ceecis shall be dis~ributed ~c
t'r.e ber~eficial ~wr~ers, remit*ances to dwell-
ing ur i ~ ow:-~e rs , and tr,e ir mort ~agee s be ir~g
pa~able ;ointl}~ to them. ~his is a ccvenan*
for the ber:efit of ar.;~ mortgagee of a dwell-
ir.~ ~sit anci r:a.Y be er~forced bv s~ach mortcagee.
w. ~'ertifirate. in makirg distributi~n ~o dwell-
ir:~ ur.it owr.ers ar:d their rncrtgagees, the In-
surar_ce '''rustee m,ay rely uper~ a cer~ificate cf
*he Associa~ion ~ade b;~ its President ar.d Secre-
~arv as ~o ~he names of ~he dwellir,~ Lir_i~ owners
ar.d~ r~e~r respective sY:ares of ~re distrib::tior:.
r, y~= ~hi~:'~ kS A~~Ei~T Tr.@ i~SSOCia~ior. is irrevoca~lv
appo=r_`.,ed a~en~ fnr ea^~ d~ellir.g anit ~Nr?~er ar.d for each owner of a
:~.or*_ga~e ~r o*'~:er l~er, ~;;~cr a dwell~r:~ tir.i* and for each crmer of ar~y
f c~r:zr ir.~eres`, ir. ~r.e ~;1CIL?Tili i;:n-~ Frcper~.: , ~o ad,~us~ all claims aris-
I
a .
~ 12'.~ i.i':der _r_SuT'~2':~f'- P,~~1.~~@S FL:T'c':ased ~V ~~".@ tiSSCC13~10;, ~ 32:Q ~O @X-
,
~ ec~~e a.^.d del~~~er releases ~:por. `::e pa.r:*~:er.*. ~of c~ai~s.
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~ ARTICLL
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~ RE~C?\ST'R;;~TZVP: ~R REPAiR l~F~ER C~SL:AL
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= A. D~~'EPuJ~~?~AT~~~Iti RE~"~i:STRUCT GR REFA~R. if an; par~ of
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~ tre :;:ndc~rini;;.r~ property shali be damaged b;; casual*y, w'r.e~her or r:o~
~
~ sr:a~l ~e re^or.stra~ted or repa~red shall be determir.ed ir. the f~til-
~ , JY: ~:i~ ^':G:1T'iPr :
l. ~.om~-r.o: Elemer:ts. ~f ~he. da^':ageci impr~ve-
~
~
me.^.` is a co~^mor. e~e:ne::~, t~.e tjaI113gPC~ FT'GF-
~ er~: sra'~ be :'Pr'~'.^.S±T'LiCteC~ or repaired,
- :;~~-:iess is de ~er-nir:ed 1:: *r_e r~~ar~ner else-
= where pro~-yded ~::at ~he :;ord;:mir:;um sr.all
- ce ~er~~~r~ated.
~ . n~ar`: ~er:± Buildir.~ .
a. LESSe:~ ~ama e- if ~r,e da:~:1~e~ improve-
:~:er* is ~~-:e apar~*:ent u,,.~ld~*:g 3itd ~f
-lti-
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GUVK ~AI~L