HomeMy WebLinkAbout0012 (d) Ir.suranc~ or the Recreativn Are~~ pursuant to th~
provisions i e anety-Ni~e Year Lease Agreement.
(e) Such other insurar,ce that the Board of Directors
of the Association shall determi~ne from time to time to be
desirable.-
10.3 Premiums upon insurance policies purchased by the
Association s a e paid by ihe Association as a commc~n expense.
10.4 Insur~~~ce Trustee• Share of Proceeds. All insurance
policies purc ase y t e Association s a e for the benefit of
the Associa~i.or~. an~i the apartment owners and their mortgagees as
their interests may appear, and shall provide that aIl proceeds
covering property losses shall be paid to FIRST NATIONAL BANK
OF FORT PIERCE, 300 South 8th Street, Fort Pierce, :lorida~ as
Trustee, or to such other bank in Ftorid3 with trust powers as
may h~ designated as Insearance Trustee from time to time by the
~eard o~ Directors o£ the Associat~.~,'"~w~i~ch trustee being referred
ta herein as the Insurance Trust,ee, provided, however, that the
selection of the Insurance Tru~tee is subject to the approval of
the Ir~stitutional mortgages holding the greatest dollar amount of
first mortgages against the apartment units in the Condominium.
T'~e Insuzance Trustes shall not be liable for payment of prefiiums
nor t:,r the failure to collect any Insurance proceeds. The duty
of the Insurance Trustee sha21 be to receive such proceeds as
are paid and hold the proceeds~in`trust for the purposes eisewhere
- statzd in thi,~ instrument and for the benefit of the apartment
owners and their mortgagees in the following shares, prcv~ded,
however, such shares need not be set forth ~h~ {~~~~~s ~f
the insurance Trustee:
(a) Proceeds on account of dama e to commcan elements
and limited common e ements: unaivi e s are or eac
apartment owner, suc s are being the same as the undivided
s~zare in the common elements and limited cor~mon elements
; appurtenant to his apartment.
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"(b) A ari.ments. Proceeds on account of damag-~ ~o
apartment unzts s a 1 be held in the follcwi.ng undiv~ded
shares:
(1) ~tihen the building is to be re~tored: For
the owners of damaged apartment in proportion to the
cost of repairing the darnage suffered by each apartment
otivner, said cost to be determined by the. Association.
(2) When the Building is not to be restored: An
! undivided share for each apartment unit o4ti~ner, such
; - share being the same as the undivided share in the
~ common elements appurtenant to his apartment unit.
~ (c) Cost of restoration and re air of the Recreation
~ Area after casualty shall be paid out of the proceeds rom
; insurance, and the said Recreation Area shall in all events
{ be repaired and restored unless there shall be not only a
~ total destruction of the Recreation Area and appurtenances
i thereto, but in addition a destruction of a majority of the
f apartment units in the Condominium. In th? event additional
; monies are required over a~~ above the amount available from
ins~!rance proceeds to restore, r~construct or repair the
~ Recreation Area, such monies shall be considered a common
expensp. to he paid by the condominium unit owners and to
be chargeab~.e to and callectable from them in the same
manner as elsewfiere provided herein for the assessment anci
collection of assessments and common expenses, all pursuant
to the provisions of the Ninety-Nine Year Lease.
P~6f ~
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