HomeMy WebLinkAbout0801 ~~!C~I 1i~.ic jfl t~lC: i:Vvfl~. d(ilOitC3uc)~?~~ f:fl(~OTSemEnt
t?,~;, t,«,,n is_.u~~c t_c~ ,,~-,.,1 t.m~.~nt w~i t~ the sharF of tt?e
unil uwn~•r ~~~.~11 t,~. t~,:1.f in t-rust fczr the mortgagee and the
uni t ownc~r Lh~:ir in~~~rc.•sts may appcar; provided, hov~ever.
tht~t no mc~i tc~.~c~Ee sh.~ll l~~v~ any right to determine or
E>;;rticip~~~ in th~~ d.~t~~rrninaLion as to whett~?er ~~ny d~maged
~ro~erty sh~,ll b~~ rc~constructeci or repaired, and no mortgagee
~.;t~~~ll h~vF, ~ny riyl~t t~, aF~~~ly or h~v~ applied to the
r~•~iuc~ion ~.f rnortc~;~z~~~ a~•bt an~ insurance proceeds exccpt
eli:,trihuti~»?s c,f ,;uc1, F:rc?c~~~ds ms~1~.~ to the a~artment owner
~,nci mort:~.~c~,:e ~~ur,u.~nt t~ ~he provisions of this Declaration,
NuCV'11(,~]:;C~~n~~linc~ tt~~~• s~ar~~7oing tht rnortgagee ,hall have the
ric~1~ t t~ :~F-,E>ly or h~v~~ ~p~~l ied t~ the reduction of its
, rnortc~~ye d~bt any d~_•t~t or sums of insurance proceeds
a~plzc~ble to its mortc~;~yc,d unit in any of the following
evNnts.
(1) Its rnortyage is not in good stan~ing and ~
i s in d~.~t ~ul t.
Insurancc }~roceeds are insufficient to .
r~,storc.~ or repai r th~ building to the condition
txisting prior tc} the loss and additional monie~ ~
~~r~., not available for such purpose.
1U.5 lii°.trit~uticir~ af ! rocc~:ds. Proceeds of insurance
polici~~s rec~~zvc~ l,y t?~ Insurance Trustee shall be distributed
to cr fc,r the b~n.~t it of it~~- beneficial owners in the follov~ing
mann~r:
i nll ~xpt,nses of•the Insurance Trustee shall be
~ ~,.~i.i first ur provisions made for such payment.
~ -
f ( b) I f t~~e: d~?naq~, for which the proceeds are
~ p~zd is to be repairE~d or reconstructed, the remaining
i ~,rocet-~is sF?all ~be p~i;1 to defray the cost thereof as
~ elsewl~~~re provid~ci. ~ny ~,roceeds remaining after defraying
such co;:t shall be distributed to the beneficial
uvrners, rernittances tc~ apartment owners and their mor;,gagees ~
bt~inc3 pay~ble jointly tc, them. This is a co•:enant for the
s b~n~rit ot, ~nd m~,y be enforced by, any mortgagee of an
~ d~',ar t~~1~•f?t . •
!
E (c) If it is d~~termintd in the manner elsewhere
~ provid~d that the d,~rnag~ for which proceeds are paid shall
~ n~>t t~e rcconsY.ructed or rt~paired~ the r~maining proceeds
~ ;t~~~ll t;f• ~~istributed to th~ ben~:ficial owners,
~ r~-rnitt~nces to o~.iTLlf~i~nt ovrners and their mortgagees
i b~.ir~y ~~~y~.t,l~ jointly to them. This is a covenant far
~ t!„ b~:n~ f i t oE, and may b~~ enforced by, the mortgaqee of
~ ~n ~,p~rt,m`an t.
~ (d) In n?aking distribution to apartment owners and ~
~ " their ~nurtg~ye~s, tf~` insurance Trustee may rel~
r u~~on ~~~t:rtificate ai tha Association made by its
i ~rCsid~nt and ~~cret~ry as to the names of the apartment =
; o:•Y~ners ~nd their respECtive shares of the distribution.
i
~ 1U.6 k~~~,~ciatioR as Ac E-nt. The Association is hereby ~
` irr~.~vcc:,bly ~E~~,~lr,t~ Ag~nt or each apartment owner and for
each ~~h~n~r of ar?y nther int~r~est in the Condominium property
tc; sdju~t, ~11 cl~irns arising under the insurance policies
purch~~c~d by th~ Association and to execute and deliver
' rE!e~r~~~s u~~on ±he E~aymc~nt of a claim.
' 1U,7 :t,•cr•-~tion l~r.e~~. I~~j~ terms of the 1Jin~.~ty-Nine Year
~ Lease shall ,3avcrn t~E~ distribution of proceeds of insurance
on ~r .,tLr:t~ut~+ble to suc1: ar~-a, provided, howEVer, that no
~ ciistriuuti~~n r,f proceeds shall b~ made to the Lessor unless it
` ~t~.,l !!..sv«~ ;:..~.~n d~~L~r:;~i n~-•d ~;ursuant t~, the terms an~
; F;rovi~iUn~ th~ said ilin~ty-Nine Year Lease noL to reconstruct
or r~F,~~zr :~i,~r,,,c~~~ to th~ pro~~c:rty d~?nised thereunder.
~
~
~ - $Dm( ~i~.tJ ~#S~ ~
,