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HomeMy WebLinkAbout0808 property shall be reconstructed or repaired, and no mortgagee shall have any right to apply or ha~~e applied to the reduction of a moi•tgage debt any insurance proceeds except distributions of such proceeds made ta the apartment owner and mortgagee pursuant to the provisions of this Declaration. 9.5. Distribution Of Proceeds: Yroceeds of insurance policies received b3? the Insurance Trustee shall be distributed to or for the benefit of the beneficial owners in the following manner: (a) Expense Of The Trust: All expenses of the Insurance Ti•~istee sl~all ba paid first or provision made for such payment. (b) Reconstruction Or .Repair: If the damage for which the proceeds are paid is to be repaired or reconstructed, the. remaining proceeds shall be paid to defray the costs of such as elsewhere pr~vided. Any proceeds remaining after defraying such costs shall be distributed to the bene- ficial owners, remittances to apartment o~vners and their mortgagees being payable jointly to them. This is a covenant for the benefit of an3• mortgagee of an apartment and may be enforced by such mortgagee. (c) Failure To Construct Or Repair: If it is de-- termined by~ the Board of Directors of the Association that the damage for which proceeds are paid shall not be reconstructed or repaired, the remaining proceeds shatl be distributed to the b~neficial owners, remittances to apurtment owners and their mortgagees being payable jointly to them. ~his is a covenant fer tlie benefit of any mortgagee of an apartment and may be enforced by such mort- gagee. (d) Certificate: In making distribution to apart- ment owners and their mortgagees, the Insurance Trustpe may re1Z• upon a certificate of the Association made by its President and Secretary as to the names of th~ apartment owners and their respective shares of the distribution. ' 9. 6. Association As Agent: The Association is irreeoc- j ably appointed agent for each apartment owner and for each owner of a mort- ; gage or other lien upc~n an apartment and for each owner of any interest in the i condominium property to adjust all claims arising under insurance policies pur- f chased by the Association and to execute and deliver releases upon the payment of claims. X. RECONSTRUCTION OR REPAIR AFTER C~StiAL7'Y: 10. 1. Determination To Reconstruct Or Repair: If an,y part of the condominium property snall be damaged by casualty, ~vhether or not < it shall be reconstructed or repaired shall be determined in the following manner: (a) Common Elements: If the damaged improve- ment is a common element, the damaged property shall be reconstructed or re- ~ paired, unless it is determined in the manne_ elsetivhere provided that the cond~- minium shall be terminated. ~ ~ (b? Apartment Building: ~ ~ ~ (1) Lesser Damage: If the damaged im- ~ provement is the apartmeni building, and if apartments to ~vhich 50~0 of the common elements are appurtenant are found by the 3oard of Directors of the ~ A~sociation to be tenantable, the damaged property shall be reconstructed or ~ repaired unless «~ithin sixty (60) days after #he casualty it is determined by ~ ~ ~ ~ ~ ~ -11- _ ~ ~ ~ CAP.L F. EILWANGER ATTORNEY AT LAW P. O. BOX 1858 STUART. FLORIDA 33494 ~ ~ : ~ - ~ : ~ c ~ - : ~'e ~ ~ ~ -~:~s . - _ t=