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~ o;: ai.d r~ pa ir of r,a,' or dar:a Te .
. b. ~ssociatior - ?~'a ;or I?ama e. if *..r.e
amoi:nt o tr~e estimated c~sts ~f re-
constructioi: and repair ~Y:at is the
respor.s~bili*y of tY:r Association is
!riore `,~~:an ;''S,0~~0.00, then *Y:e construct ion
fur.d ~h~t is held by the ?nsurance Trustee
shall ~e disbursed in paymen~ of such c:~sts
~n the manner required by the Board of
~'irect~~rs ~~f t.he Association and upon ap-
pro~~al of ar: architest qualified ta practice
'_r_ }.re ~ ~a~e of F~oryria and em~~loti~ed b~:
~ ti-_e Assoc•iati~Yn to superv~se tY:e work.
:.'weliin~ ~:r.it ~:;wner. The por* ion of' i:~-
s..rance pr~ceeds represer,* in~ dam,a~e for
whic~~: the responsibilit~,~ ef recons:ructicr
ar.d repair lies wit~. a dwelli:~e- i:nit owner
shall be paid by t~~e Insuran ~ e~ Trustee Lo
tl~:e dv?*elling uni ~ owr~er, or Lhere is a
, mort.~a~ee endorsement as to the dwellir.~
~~.r:~t ,*~:er. `o t~:e dwzllinf~ uni ~ owner ar.d
~ ize r:-~ort~a~ee oin~l wl,o m~~: use s..ch
proceeds as the~: riav be advised.
d. `'ur l~„s. shall '~e presumed that t?-:e
~r~s mo::ies ~isbursed i:~ pa.,•mert of costs
cf re cons~rt.~t i~r. and repair s!~:all be from ~
ir.st.rar.ce pT`OCeeds. If ~l-,ere is a balance {
in a cons~ructior~ fund, after pa_Ymlen~ of
all nos'.s ef ~he reconstruct~on ard repair
~or Vrhi~h tre fund is es~ablished, suc}~
baiance shall be distributeci to the bene-
~'icial c,wr~ers of *hF funds in ~he manr.er
~ elsew'r.ere stated; except., rowever, that
~he part ef a distri~~a~ion to a beneficial
~ owner that is no* in excess of assessmer.ts
paid b; such owner ir~~.c the construction
f~a?:d shall no~ be ma~e payable t~ ar.,a m~rt- ;
~agee. ~
~
e. ~'ertifica~e . I~~otwzthstardin~ ~he Fravis? ons ;
~ f ~ris ir.s ~r_:r,cent , the Ir.surance Trusr_ee ;
E
s: ali r•o* be reQU irea ~e determir.e whether '
~r r.ot sums paid b:l t'r_e dhell~n~ uni* cwners
~:pan assessments sr:all be deFosited b~~ the
~ssoc±a~~~on with the ~ns~irance Trustee~,. nc~t
`o dQtermir_e •,~*hether the disbursaments from
~'r:e construc~~an fund are to be upon the
order of ~re ~sscciatior. or uFan approval
nf ar: arc~itecL or other~rise . nor w}:et,rer a
d~sbt.:rsene::t is ~a be made fram rhe cc~nstruc- ~
~i~r.~ i~:nd nor determir.e the pa~:ee nor t~-_~ ~
amoun`. * c~ ~e pa id . Ins~ ead . the Ins~.rar.ce ~
Trustee ma~~ rel~,• ~apor. a certificate of t:-:e ~
Asscciat;or: made b~: its Fresiden~. and ~ecre- 3
~ar;~ as ~o an~ cr ali of suc~ matters a::d ~
s*a* in~ t~_a* t he sums to be paid are Gue and :
properl_; pa~,~able and s*atir~- ~he name o, *he
F3_ree and tr:e amo~:nt t~ be pa~d; pr'o~,rided
~hat w".er. a mcr*.gagee is re~uired i.r? ~};is
instr;~ment ~c bP named as pavee, the insur-
ar.ce Tr;;stee shall aiso name the mor~gagee
as a pa}'ee of an~; distrioution c.f insurar:ce
pr~~eeds to a d~relling uni~ owner; ~nd fur-
t'r;er prcvided *hat when *h~ Association, or
a mor*gagee that ~s ~he benefiz~iary ~f an in-
surar.ce pol i~~r whose pr+~ceeds arP incl,uded ;
E'~Rk ~ iJ~ P~G?_" U~
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