HomeMy WebLinkAbout0016 (4) Sur.lus. It shal~ be presumed that the
first monies s ursed in payment of costs of
reconstructior, and repair sha~l be from insurancz
procaeds. If there is a balance in a construction
fund after payment of all costs of the reco~struction
and repair for which ~he fund is established, sueh
balance shall be distributed to the beneficial owners
o£ the fund in the manner elsewhere states; except,
however, that the part of a distribution to a
~ benEficial ownar that is noi in excess ~f assessments
paid by such owner to the construction fund sh311 not
be m~de payable to any mortgagee.
(5) Certificate. Notwitnstanding the provisi.ons
of this instrument, the Ins~~rance Trustee shall not be
required to determine whether or not sums Raid by the
apartment owners upon assessments shall be deposited
by the Association with the Insurance Trustee, nor
' to detern~ne whether ~he disbursements from the
construction fur,d 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 construction fund nor to detex~ine the
payee nor the amount to be paid. Instead, the Insur-
ance Trustee m.ay rely up~n a certificate of the
Association made by its President and Secretary as
ta any or all of such matters and stating that the
sums to be paid are due and properly payable and
stating the name of the payee and the amount to ~
be paid; provided that when a mortgagee ~s required
in this instrument to be named as payee, the Insurance
Trustee shall also name the mortgagee as a payee of
any distribution of insvrance proceeds to a unit
~~ner.; and further, provided, that when the Association,
or a mortgagee that is t~e be;~af iciary of an insurance
pol.icy whos~ proceeds are included in the c~nstruction
fund, so required, the approval of an architect
named by the Association shall be first obtained by
the Association prio~ to disbursements in payment of
costs of reconstruction an~ repair.
12. Use Restrictions. The use of ten Condominium property shall
~ be in accordance wit~ t e foliowing pror?isions as lon~ as the
~ Cando~ri~ium exists and the apariment b~ilding Zn useful conditions
exists upon thQ land.
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~ 12.1 Apartments. Each of the apartment units shall be
i occupied only as a single family private dwelling. Except as
; reserved to Developer, no apartment unit :nya~be divided or
; subdivided into a small unit.
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~ 12.2 Common elements and limited common elements. The
; common elements and limited commor: e ements s a be used only
! for the pcarposes for which they are ~ ntended in the furnis;:ings
I of services and facilities fo~ the enjoyment of the ~partments.
€ 12.3 Children. No pers~ns who have not yet attained the
~ agE of thirteen 13) years shall be pzrmitted tQ reside i?~ anv
~ of the apartments except with the ~vritten consent of the Roa~rd
; of Directors of the Association, or of the DeveZoper, ~r~vided,
: s•~ch written con~e;?t when once given and relied upon in connectior
j with the purchase and acquisition of a condominium apartment
' un?i may not thereafter be revoked or ±erminated without the
~ consent of the apartment owner, ancl prcvided,further, that
chilciren under such age may visit and temporarily resid~ ~n an
apartment unit provided such temparary resi.dence shall not
exceed thirty (30) days within any consecutive twelve-month -
period.
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