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HomeMy WebLinkAbout2209 in excesa of the cost of the repair, repla~ement or reconatruction oF such COMMON PROPERTY, then such exceee inaurance proceed~ ahall be paid by the Insurance Truetee to the awners of all of the PRIVATE D'WELLINGS and their respective mortgagees, the distribution to be separately made to the owner of each PRIVATS DiWELLZI~G an~ ~ia res- pective mortgaqee or mortgageea, aa their respective intereste may appear, in such proportion that the share of such exceas insurance ~ proceeds paid to the owner of each PRIVATE DiWELLING and his said mortqagee or mortgageea. i~ any, shall bear the same ratio to the total excees insurance proceeds as the undivided interest in CQMMON - PROP$RTY appurtenant to each PRIVATS DWELLING bears to the total un- divided intereat in COI~IMON PROP$RTY appurtenant to all PRIVATS DWELLINGS~ If it appears tnaL the insurance proceeds coverinq the ~ fire and casualty loss or damage payable to the Ineurance Truetee are not aufficient to pay for the repair, replacement or reconetruction of the loss or damage, or that the insurance proceeda when collected will not be so sufficient, then AS90CIAT=ON shall deposit with the Insurance Trustee a sum which, toqether with the insurance proceeda received or to be received will enable said Inaurance Trustee to completely pay for the repair, replacement or reconetruction of any loas or damage, as the case may be. The moniea to be deposited by ASSOCIATYON with the Inaurance Trustee, in said latter event, may be paid by ASSOCIATTON out of ita Reserve for Replacement Fund, arid if the aum in such Reserve for Replacement Funa is not sufficient, then ASSOCIATION Rhall Zevy and collect an asaeesment against the ownere of all PRIVATS DWELLINGS and said PRIVATB DWELLINGS in an amount which shail pra~•i~e the funds required to pay for said repair, re- placement and/or recaazstruction. In the event of the losa of or damage to COMM()N PROPSRTY and any PRIVATE IyWSLLII+~G or PRIVATE DWELLIN~GS, which loss or damage is covered by the fire and~casualty insurance, the proceeda paid to the Insurance Trustee to cover sach~lose or damage shall be first applied to the repair, replacement or reconstruction, as the case may be, of COl~+II~~OD1 PROPERTY, real or personal, and then any remaining inaurance proceeds shall be appliec3 to the repair, replacement or'reconstruction of any PRIVATE Dq1ELLING ar PRIVATE D~WELLINGS which may have sustained any loss or damage so covered. If the insurance proceeds are in excess of the cost of the repair, replacement or reconstruction of the COMMON PROPERTY and the PRIVATE DWELLING or PRIVATL DiWELLIN6S sustaining any loss or damaqe, then such excess insurance proceeds ahall be paid and distributec3 by the Insurance Trustee to the owners of all PRIVATE DiWFLLINGS', and to their mortgagee or mortqagees, as their re8pective interests may appear, such distribution to be made in the manner and in the proportions as are provided hereinbefore. If it appears that the insurance proceeds covering the fire and casualty loss or damage payable to the Insurance Trustee are not sufficient to pay for the repair, replacement or reconstruction of~the loss or damage, or that the insurance proceeds when collected will not be so sufficient. then the Board of Directors of ASSOCIATION shall, based upon reliable and detailec7 estimates obtained by it from crnnpetent and qualified parties, determine and allocate the cost of repair, replacement or reconstruction between the COMMDN PROPBRTY and the PRIVATE DWFL~LING or PRIVATE DWELLINGS sustaining any losa or damage. I# the proceeds of said fire and casualty insurance are sufficient to pay for~the repair, replacement or reconstruction of any loss of or damage to C4MNIi0N PROPERTY, but should the same not ~e sufficient to repair, replace or recons~ruct any loss of or damage to any PRIVATE I~WELLING or PRIVATE DWELI.~INGS, then ASSOCIATION shall levy and collect an assessment from the owner or owners of the PRIVATS D~WELLING or PRIVATE DWELLIIIGS sustaining any loss or damage, anr] tHe assessment so collected from said owner or awners ahall be deposited with said Insurance Trustee so that the sum on deposit with said Tns~cance Trustee ahall be sufficient to completely pay for the repair, replace- ment or reconstruction of a1Z COIrIlKON PROPERTY and PRIVATE DH+iELLING or PRIVATE DWSLLINGS. In said latter event, the asses~ment to be levied and collectea from the owner or owners of eachPRIVATE DWELLING or -12- 10.15 . 2 60oK ~~U ~A~E - .~~i ~ ~W SP[ELVOOEL, GOLDMAN AA:D CARUSO, P. A. - ATTORNEY5 AT LAW . MERRI'i'T ISLAND, FLORIDA . -