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PRIVATE DWELLINGS suetaining loss or damage shall be apportioned
between each owner or ownere of a PRIVATS DWELLING and his PRIVATE
DwELLING shall bear the same proportion to the total asseeement
1~~~~c~ a~~inbt a12 af said awn~rs of PRIV~~,~~ I~I~II~GS ~~~tai n~,ng -
losa or damage as does the cost of repair, replacement or recon-
struction of each owner'e PRIVATE D~WELLING bear to the coat applica-
ble to all of said PRIVATE DWELLINGS sustaininq loss or damage. If
the fire and casualty insurance proceeds payable to the Insurance
Trustee in the event of the loss of or damage to ~SOMMON PROPBRTY and
PRIVATS DWELLING or DWELI,IDiGS is not in an amount which will pay for
the complete repair, replacement, or reconetruction of the COMMON
PROPSRTY, it being recognized that such inaurance proceeds are to
be first applied to payment for repair, replacen?ent or reconetruction
of Baid COI~ON PROPBRTY before being applied to the repair, replace-
ment or reconstruction of a PRIVATE DpWSLLING or PRIVAT$ DW~LLIDiGS,
then the coet to repair, replace or reconstruct the said C~OMMpN -
PROPERTY in exrcess of available fire and casualty insurance proceeds
shall be levied and collected as an asaesement from all of the ownera
of a~l PRIVATB D~+IBLLINGS in the same manner as would euch assessment
be levied and collectecl had the loss or damage suatained been solely
to C0~lON PROPERTY and the fire~and casualty insurance proceede been
not euf#icient to cover the cost of repair, replacement or recon-
struction. and the cost of repair, replacement or reconstruetion of
each PRIVATE DWBLLING or PRYVATE DiWELLINGS austaining loss or damaqe
shall then be levfed and collected by assessment of the owner or
cx~mers of PRIVATE LyWELI.ING or PRIVATE DWELLIN~GS sustaining the
loss or damage in the same manner as is above provided for the
apportionmeat of such assessment between the owner or ownera of
PRIVATE DWSLLING or PR=VATE DWELLII~GS sustaining such loss or damage.
In the event of loas of or damage to property covered by such fire
and casualty insurance, ASSOCIATION shall, within sixty (60) days
after any such.occurrence, obtain reliable and detailed eatimates
of the cost to place such damaged property in condition as good as
that before such losa or damage, such estimates to contain and include
the cost of any professional fees and premium for auch bond as the
Board of Directors of ASSOCIATION may deem to be in the best interests
of the mernbershap of ASSOCIATION. Whenever it shall appear that the
insurance proceeds payable Eor such loss or damage wi11 not be
sufficient to defray the cost of the repair, replacement or recon-
struction thereof, the additional monies required to campletely
p~y for such repair, replacement or reconstruction of said loss or
c3amage, whether to be paid by all of the owners of PRIVATE DWELLINGS
or only by the awner or owners of any PRZVATS DWELLING or PRIVATE
DwELLINGS sustaining loss or damaqe, or both, shall be deposited
with said Insurance Trustee not later than thirty (30) days from the
date on which said Insurance Trustee shall receive the monies payable
under the policy or policies of fire and caaualty insurance,
Nutwithstanding anything hereinabove set forth to the contrary, in
the event of loss of or damage to PRIVATE DWELLINGS or COMMUN PROPERTY,
including personal property belonging to the ASSOCIATION or which may
be a part of the COiriMON PROPERTY, and the loss or damage has been
established as being $5,000.00 or less, regardle8s of the amount which
may be available under any applicable insurance policy or policies
to pay for the repair, replacement and/or•reconstruction of the property
lost or damaged, then and in said event the proceeds of any insurance
recovery shall be paid to the AS90CIATION, or by the Insurance Truatee
to the ASSOCTATION, and the ASSOCIATION shall thereafter be respons-
ible for the repair, replacement and reconstruction of the property
lost or damaged. In the event of loss of or damage to personal prop-
erty belonging to ASSOCIATION and/or which may be a part of the CONII~30N
PROPERTY, and should the ASSOC2ATION determine not to replace all or
part of such personal property as may be lost or damaged, then the
insurance proceeds applicable thereto shall be paid by the ASSOCIATION
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10.15 . 2 boox ~~?V P,~Gf 2~
c:t~ ~~o ~~s~.
SPIELVOCEL. GOLD7~IAN AND CARI,'SO. P. A. • ATTORNEYS AT LAW • MERRITT tSLAND, ~I.ORIDA