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HomeMy WebLinkAbout1869 be paid to such bank in Florida with trust powers as may be desig- nated as Insurance Trustee by the Board of Directors of the Association, which Trustee is referred to in this instrument as . the Insurance Trustee. The Insurance Trustee will not be liable for payment of premiums nor for the renewal or the sufficiency . of policies nor for the failure to collect any insurance proceeds. The duty of the Insurance Trustee will be to receive such proceeds as are paid and to hold the proceeds in trust for the purposes elsewhere stated in this Declaration and for the benefit of such apartment owners and their mortgagees in the following shares, but which shares need not be set forth in the records of the Insurance Trustee: a. Common Elements. Proceeds on account of damage to common elements - an un ivided share for each apartment owner, such share being the same as the undivided share in the common ~ elements appurtenant to his apartment. ~ f b. Apartments. Proceeds on account of damage to apart- : ments will be held in the following undivided shares: ~ (1) When the building is to be restored - for the owners of damaged apartments in proportion to the cost of repairing the damage suffered by each apartment owner, which cost will be~determined by the Association. (2) When the building is not to be restored - An undivided share for each owner of an apartment in the i damaged building, such share being the percentage determined by taking the number of square feet of area within the boundaries of each apartment in the damaged building divided by the total number of square feet of area within the boundaries of all apartments in said damaged building. c. Mortgagees. In the event a mortgagee endorsement has been issued to an apartment, the share of the apartment owner will be held in trust for the mortgagee and the apartment } owner as their interests may appear; provided, however, that ~ no mortgagee will have any right to determine or participate ~ in the determination as to whether or not any damaged property 4 will be reconstructed or repaired, and no mortgagee will have ! any right to apply or have applied to the reduction of a mort- ! gage debt any insurance proceeds except by way of distribution j of such proceeds being made to the apartment owner and mortgagee ' pursuant to the provisions of this Declaration. 14.5 - Distribution of Proceeds. Proceeds of insurance = golicies received by the Insurance Trustee will be distributed ~ ~ to or for the benefit of the beneficial owners in the following ~ manner: - ` a. Ex ense of the Trust. All expenses of the Insurance Trustee will e pai 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 will be paid to defray the cost of such as elsewhere provided. Any proceeds remaining after defraying ~ such costs will be distributed to the beneficial owners, ` remittances to apartment owners and their mortgagees being pay- ~ able jointly to them. This is a covenant for the benefit of any ~ mortgagee of an apartment and may be enforced by such mortgagee. c. Failure to Reconstruct or Repair. If it is deter- ~ mined in the manner elsewhere provided that the damage for which proceeds are paid will not be reconstructed or repaired, the ~ remaining proceeds will be distributed to the beneficial owners, ~ ~ -11- ~ FEE. PARKER & FEE. P. A. /n ~Gt ~ n~~ AT70RNEY5 AT LAW BO'JKM~~ V V~ ~ POST OF~ICE BOX 1000 ~ FORT PIERCE. FLORIOA 33450 ' ~ 3 ~ _ _ ~ ~ ; , ~ ~ r .s,,. ~...+~a: ~x r~:.~.~~.~,:::G^_~a.~~.~~ . _ _ .