HomeMy WebLinkAbout2808 undertaking for such repair or reconstruction and as frequently
thereafter as the Lessor may require, to provide evidence satis-
factory to the Lessor that at all times the undisbursed portion of
such fuad in said bank account is sufficient to pay for the re-
construction and repair in its entirety, and if at any time.it
should reasonably appear that said fund will be insufficient to
pay the full cost of said repair and reconstruction, the Association
will immediately and forthwith deposit into said fund such additional
funds as may reasonably appear to be necessary to pay such full
cost and to procure receipted~bills and full and final waiver of
lien when the work shall have been completed and done. The pro- ~
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i visions of Section 14.2 (a), (b) and (c) relative to procedures _
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g and requirements for disbursemeat of the fund therein mentioned are -
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~ adopted as part of this Section to the extent the centext so permits. :
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~ (b) Proviso. In any instance where the proceeds ~
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~ insurance for damage or destruction shall be less than $5,000.00 for
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~ the reason that the reasonable estimate of the damage shall be less
than $5,000.00, then the proceeds of insurance shall be payable to
~ h As ociation and disbursed b it for the ur ose of pa ing for
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~ the reconstruction and repair.
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~ repair or replacement of damage, pursuant to 19.3 (a), there shall
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y~ remain any surplus of the insurance proceeds, said surplus shall
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~ ' be first used to pay any amouats due the Lessor at that time and
~ the remaining balance, if any, shall be paid to the Association. ~
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