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HomeMy WebLinkAbout1764 in excesa of the cost of the repair, replacement or reconatruction of such COMMQN PROPERTY, then such exce$s inaurance proceede ahall be paid by the In~urance Trustee to th~ awners of all of the PRIVATS D~wELLINGS and their respective mortgageea, the distribution tQ be separately made to the owner of each PRIVATE D~FTF.yLING and hie res- pective mortgaqee or mortgagees, as their respective interests may appear, in auch proportion ~hat the share of such excess insurance proceed~ paid to the owner ~f each PR~VATE DWELLING and hia anid mortgagee or mortqageea, if any, ahall bear the eame ratio to the total exceas iriaurance proceeds as the undivided interest in CO~MON PROP$RTY appurtenant to each PRIVATS DWELLII~G bears Eo the total un- divided interest in COMMON PROPBRTY appurtenant to all PRIVATR DWELLINGS~ If it appears that the insurance proceecle covsring the fire and casualty loss or damaqe payable to the Insurance Trustee are not ~ufficient to pay for the repair, replacement or reconetruction of the loss or damage, or that the insurance proceed$ when collected will not be so eufficient, then ASSOCIATION shall depoait with the Insurance ~rustee a sum which, together with the insurance proceede received or to be received will. enable said Insurance Trustee to completely pay for the repair, replacement or reconstruction of any loss or damage. as the case may be, The monies to be deposited by ASSOCIATION with the Ineurance Truetee, in said latter event, may be paid by ASSOCIATION out of ite Reserve for Replacement Fund, and if the sum in such Reaerve for Replacement Fund is not sufficient, then ASSOCIATI0~11 Rh~ll levy and collect an asseesment against the owners of all PRIVATE DWEI,LINGS and said PRIVATE DWELLINGS in an amount which shall provide the f~nds required to pay for eaid repair, re- placement and/or recaenatructi.on. In the event of the loas of or damage to COMMDN PROPBRTY and any PRIVATE IyWSLLri+TG or PRIVATE DWELI~IN~GS, which loss or damage is covered by the fire and casualty insurance, the proceeds paid to the Insu~ance Trustee to cover such 2osa or damage shall be first applied to the repair, replacement or reconstruction, as the case may be, of CO1~II~lON PROPERTY, real or personal, and then any remaining insurance proceeds shall be applied to the repair, replacezaent or'reconetruction of any PRIVATE DWELLING or PRIVATE DWELLINGS which may have sustained any lo$s or damage so covered. If the insurance proceecis are in excess of the cost of the repair, replacement or reconstruction of the COMMON PROPERTY and the_PRIVATE D~WBLLING or PRIVATE DWELLIN6S sustaining any Zoss or damage, then such excess insurance proceeds shall be paid and distributecl by~the Insurance Trustee to the awners of all PRIVATS DWELLINGS, and to their mortgagee or mortgagees, as their respective interests may appe~r, such distribution to be made in the manner and in the proportiona as are provided hereinbefore. If it appears that the irisurance proceeds covering the fire and casualty 2oss or damage paya}~le to the Insurance Trustee are not sufficient to pay for,.the repair, replacement or recanstruction of the lose or damage, or that the insurance proceeds when collected wi11 not be so sufficient• then the eoard of Directora of ASSOCIATION shall, based upon reliable and detailed estimates ob~airied by it from campetent and qualified parties, determine and alloca~e the coet of repair, replacement or reconstruction between the COMNbN PROP$RTY and the PRIVATE DWELLING or PRIVATE DWELLINGS sustaining any losa or damage. If the proceede of said fire and casualty insurance are sufficient to pay for the repair, replacement or reconstruction of any loss of or damage to COMMtJN PROPERTY, but ahould the same not ~e sufficient to repair, replace or reconatruct any loss of or damage to any PRIVATS D~WELLING or PRIVATE nWELLINGS, then ASSOCIATION shall levy and collect an - assessment from the owner or awners of the PRItTATE DWELLING or PRIVATE ]7WELLINGS sustaining any loss or damage, and the assessment.so collected fram said owner or owners shall be depositec7 with said Insurance Trustee so that the sum on deposit with said Insts ance Trustee shall be sufficient to campletely pay for the repair, replace- ment or reconstruction of all COMM4N PROPERTY and PRIVATE D~WELLING or ~ PRIVATE DWSLLINGS. Zn said latter event, the assessment to be levied and collected from the owner or owners of eachPRIVATE DWELLING or -12- io.is.z . ~:~i SPIELVOGEL, GOLDMAN AND CARUSO, P. A. • ATTORNEYS AT LAW . MERRlTT ISLAND. FLORIDA