HomeMy WebLinkAbout2219 XXVIII.
TERMINATION
Notwithstanding anything to the contrary contained in ARTICIE
XXIII hereof, in the event of fire or other casualty or disaster
which shall totally demolish the CONDOMINIUM, or which shall so deatroy
the CONDOMINI~! as to require more than two-thirds of the building and
improvements, as determined lay the Board of Directors of ASSOCIATION,
to be reCOnstructed, then this Declaration of Condominium and the Plan
of Condominium Ownership established herein shall terminate, unless
the owners of ~t leas~ fifty (50) PRIVATE DwELLINGS agree that the
CONDOMINIUM shall be reconstructed, or unless any policy or polieies
of casualty insurance which may cover the damage or destruction of
sa~d building reguires the reconstruction thereof as a condition
precedent to the payment of insurance proceeds under such policy or
policies, but not withstanding the fact tYe t the owners of fifty (50)
or more PRNATE DWELLINGS agree to reconstruct said builcling, or if
such policy or policies of casualty insurance require the same to be
reconstructecl, this Declaration of Condominium and the Plan of Condominium
Ownership established herein shall still be terminated if there exists
any regulation or order of any governmental authority having jurisdiction
of the Project which may then prevent the reconstruction of the
CONDOMINIUM, al.though nothing herein contained shall be construsd as
+~?e~.i:.:~~ ~r ~n j ma~nne~ chanaina anv obliqation which may be owed
to RSSOCIATION, for itself and for the benefit of the owners of all
PRIVATE DWELLINGS, under any insurance policy or policies then
existing. Reference to two-thirds of the building and improvements
shall be taken to mean two-thirds of the total value o£ all of the
building and improvements as of the day prior to the event or events
causing such damage or destruction as determined by the Boarc7 of
Directors of ASSOCIATION.
If, as above provided, this Declaration of Condominium anc~ the Plan of
Condominium Ownership established herein is to be terminated, then a _
Certificate of a Resolution of the Board of Directors of ASSOCIATION
to said effect, and notice of the cancellation and termination hereof,
shall be executed by the President and Secretary of ASSOCIATION in
recordable form and such instrument shall be recorded in the Putblic
Recoras oi 5L. i.uci~ • s~~~_^. ~f
VViiilty, iivi: ii.ici . v~:;I": ~.:.:::;~:3:: - - - - -
Declaration of Condominium and the Plan of Condomin~um Ownership
established herein, all of the owners of PRIVRTE DWELLINGS sha 11 be
and become tenants in common as to ownership of the real property
herein described, and any then remaining improvements thereon, the
undivided interest in such rea 1 property and remaining improvements
held by the owner or owners of each PRIVATE D~iJELLING to be the same
as the undividea interest in COMMON PROPERTY which was formerly
appurtenant to such PRIVATE DWELLING, and the lien of any mortgage
or other encumbrance upon e~ch PRIVATE DWELLING sha12 attach, in the
same order of priority, to the percentage of undivided interest of
the owner of a PRIVATE DWELLING in the•property and then remaining
improvements as above provided. Upon termination of this Declaration
of Condominium and the Plan of Condaminium Ownership established
herein, the owner or owners of all PRIVATE DiWELLINGS still habitable
shall, within sixty (60) days from date of recording of said
Certificate of Resolution, deliver possession of 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
casua2ty insurance to 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 DWELLING 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 P2an of Condominium Ownership
created hereby, shall then be distributed to ai1 of the owner or the
owners of each PRIVATE DWELI.ING and to his or their mortgagees, as
their respective interests may appear, in the same manner as was above
provided for the distribution of any final insurance indemnity.
-22-
~o.z5.2 r~~~ 220 1770
SPIELVpGEL, GOLD~IIN AND CARUSO, T'. A. - ATZ'OitNE'YS AT LAW -'~1~RR1TT ISt.AND, FLORIDA
~OOK ~O f~iCi ~jv
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