HomeMy WebLinkAbout1774 xxvizi.
TERMINATION
Notwithstanding anything to the contrary contained in ARTICLE
XXIII hereof, in the event of fire or other casualty or disaster
which shall totally demolish the.CONDOMINIUM, or which shall so destroy
the CONDOMINIUM as to require more than two-thir8s of the building and
improvements, as determined by the Board of Directora o# ASSOCIATION,
to be reconstructed, then this Declaration o£ Condominium and the Plan
of Condominium Ownership established herein shall terminate, unZess
the owners of at least fifty (50) PRIVATE D~WELLINGS agree that the
CONDOMINIUM shall be reconstructed, or un.tess any policy or policies
of easualty insurance which may cover the damage or destruction of
said buil~?'~g requires the reconstruction thereof as a condition
preceden~ to the payment of insurance proceeds under such policy or
policies, but not withstanding the fact tha t the owners of fifty (50)
or more PRNATE 17WLLLINGS agree to reconstruct said building, or if
such policy or policies of casualty insurance require the same to be
reconstructed, this Declaration of Condominium and the Plan of Condominium
Ownership established herein shall still be terminated if there exists
any regulati~n or order of any governmenta2 authority having jurisdiction
of the Project which may then prevent the reconstruction of the
CONDOMINIUM, al.though nothing herein contained shall be construed as
releasing or in any manner changinq any obligation which may be owed
to ASSOCIATIC?N. for itself and for the benefit of the owners of all
PRIVATE DWELLINGS, under any insurance policy or policie9 then ;
existing. Reference to two-thirds of the building and improvements
shall be taken to mean two-thirds of the total value of all of the ?
,
building and improvements as of the day prior to the event or events }
cauainy such damage or destruction as determined by the Board of
Directors of ASSOCZATION.
If, as above provided, this Declaration of Condominium and the Plan of ~
Condominium Ownership established herein is to be terminated, then a
Certiticate of a Resolution of the Boazd of Directors of ASSOCIATION
to said effect, and notice of the cancellation and ~ermination hereof,
r a~+n~is~7~AfTA>i i»
shall be executed by the President ana ~~c~ei,a~y c~~ ii3.iV~.u~:+v~.
recordable form and such instrument shall be recorded in the Public
Records of St. Lucie County, Florida. Upon termination of this s
Declaration of Condominium and the P1an of Condomin~um Ownership
established herein, all of the owners of PRIVAT'E D~WELLINGS sha 11 be
and become tenants in cammon as to ownership of the real property
herein described, and any then_remaining improvements thereon, the
undivided interest in such real property and remaining improvements
' held by the owner or owners of each PRIVATE ~NJELLING to be the same
as the undivided interest in COHIl~iON PROPERTY which was formerly
appurtenant t~ such PRIVATE DWELLING, and the Zien of any mortgage
i or other encumbrance upon e~ch PRIVATE DWELLING sha12 attach, in the
` same order of priority, to the percentage of undivicled interest of
~ the owne~ of a PRIt7ATE DfWE7~LING in the property and then remaining
~ improvements as above provided. Upon termination of this Declaration
€ of Condominium and the Plan of Condominium Ownership established
° herein, the owner or ov~mers of all PRIVATE DWELLINGS still habitable
~
shall, within sixty (60) days from date of recording of said
; Certificate of Resolution, deliver possession ot their respective
; PRIVATE nWELLINGS to ASSOCIATION. Upon termination of this
Declaration of Condominium and the Plan of Condominium Ownership
= established herein, the Insurance Trustee shall distribute any
~ insurance indemnity which may be due under any policy or policies of
~ casualty insurance ta the owners of the PRIVATE DWELLINGS and their
mortgagees, as their respective interests may appear, such distribution
to be made to the owner or owners of each PRIVATE DiWELLING in
accordance with their then undivid~d interest in the real property and
remaining improvements as hereinbefore provided. The assets of
' ASSOCIATION, upon termination of the Plan of Condominium Ownership
created hereby, shall then be distributed to a1Z of the owner or the
~ awners of each PRIVATE DWELLING and to his or their mortgagees, as
~ their respective interests ~ay appear, in the same manner as was above
provided for the distribution af any final insurance indemnity.
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' E:~~r 220 ~77~0
' 10.15.2
SPIELVpGEL, GOLD~t ~N AND CARUSO, F. A. • ATT'O:t*:EYS AT LAW . wtERRITT 1SI.AND, FLORiDA