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HomeMy WebLinkAbout1870 remittance to apartment owners and their mortgaqees being payable jointly to them. This is a covenant for the benefit of any mort- qagee of an apartment and may be enforced by such mortgagee. ~ d. Certificate. In making distribution to apartment owners and t eir mortgagees, the Insurance Trustee may rely upon a certificate of the Association as to the names of the apart- ment owners and their respective shares of the distribution. 14.6 - Association as Agent. The Association or Atlantic Condominium Management Corporation, as Managing Agent during the term of the Management Agreement, is irrevocably appointed agent for each apartment owner and for each owner of any other interest in the condominium property to adjust alI claims arising under insurance policies purchased by the Association and to execute and deliver releases upon the pay- ment of claims. 15. RECONSTRUCTION OR REPAIR AFTER CASUALTY. 15.1 - Determination to Reconstruct or Re air. If any - t art of the condominium s p property shal be damage by casualty, whether or not it will be reconstructed or repaired will be determined in the following manner: a. Common Elements. If the damaged improvement is a common element, the damaged property will be reconstructed or repaired, unless it is determined in the manner elsewhere pro- vided that this condominium will be terminated. b. Apartments. (1) Lesser damage. If the damaged improvement is an apartment or apartments, and if apartments to which . fifty per cent (50$) of the common elements are appur- tenant, are found by the Association to be tenantable, ` the damaged property will be reconstructed or repaired unless-within sixty (60) days after the casualty it is determined by agreement in the manner elsewhere provided that this condominium will be terminated. ~ (2) Major dainage. If the damaged improuement is ~ an apartment or apartments, and if apartments to which more than fifty per cent (50$) of the common elements are appurtenant, are found by the Association to be not tenant- able, then the damaged property will not be reconstructed ' or repaired and the condominium will be terminated without agreement as elsewhere provided, unless within sixty (60) days after the casualty the owners of seventy-five per ~ cent (75$) of the common elements of this condominium agree in writing to such reconstructi.on or repair. ' c. Certificate. The Insurance Trustee may rely upon a certificate o the Association to determine whether or not the damaged property is to be reconstructed or repaired. 15.2 - Plans and Specifications. Any reconstruction or repair must be substantially in accordance with the plans and specifications for the original building, or if not, then in accordance with plans and specifications approved by the Board of Directors of the Association; and if the damaged property is an apartment or apartments, by the owners of not less than seventy-five per cent (75$) of the common elements of this condominium, including the owners of all damaged apartments, which approval will not be unreasonably withheld. 15.3 - Responsibility. If the damage is only to those parts of one apartment for which the responsibility of mainten- f i i -12- FEE. PARKER & FEE P. A. n ATTORNEYS AT LAW • V ~ ~-t POST OFFICE BOX 1000 ~~Qx t' (;a ~/1~ FORT PIERCE. FLORIDA 33450 ~~~J~J - ' _ - - ' ~'~~~~'~~~~a~`~`,A,. ~ ~ ~ _ . ~ ~ ~'R - , ~z~r•,~~~` '