HomeMy WebLinkAbout0872 • (,i) A'~~rt~~.~~i~•~•~.. Ii~ tt~t: ~v~~nt. mortguc.~4~ ~n~.i~r~emant
i?.~ ~ t,~t:n i~,~.u~ c,,_. t.~, .~E,:,i Ln?c~n~ ~ini L. thi- sh.,rc of the
ui~i~ u~v~i~•r :.1~~~11 I~~~l.i in trust fur th~.~ mortgag~~e an~ Lhe
u~?i~ o~vn~•r Ch~ir ir?t.~~ic~~ts mdy ~~,~~ar; providc.~cl, t~ovrever~
th~,t no mort~~~yi•t~ sli.~ll h~v~: any riyht to de.termine or
E~.~~~ticip~~+~ in th.: d.~t~.rn~inati~n as to whether ~~ny d~?maged
~~ro,.~rr~y sh:~ll h~ r~constructed ot repaired. .~nd no mortgagee
sl<<~11 h~v` .:~~y ri~ht ic. .~F;ply or h~v~~ app~ied to the
i~~•~1UC ~lUCI (~f IIIOi L~J:~~)~~ .~~•f~i an~ insurdnce ~:IOCC'tC~S except
~iic.t,rihu~iuri~ c.! :~uct! ~;re~ce:t~~ls ma~lc~ to the apartment owner
.~n~i mc~rty.~c~~~t: F~~,r :~~.~nt tc~ ~.t?e E~rovision5 of this ,Declaration.
tdc~~,rritl~,~.~r~?:linc~ ii~~• ior~~~~c~iny th~: ~nortgagee Sllilll have thc~
ric~ht to ,~F~E~ly ~~r tti.~v~~ .,E,E~li~~d ta ftu~ raduction af its
,n:~rtc~~,~~e d,~i~t any ci~•t~t or s~ins of insurance proceeds
- ~E~~?lic~iblc: to its morCg:~~e~i u~~it in any of the following
~vt•nts.
(1) It:: rn~yrty,~ge is not in good standing and
i~ in ci~f uult. .
' ) In~r~+n~::~~ f;rc~ce~ds are insuf f icie~t to
r~~~,tar`> or r~~p~i r th~: building to the condition
~xistin~~ E-,rior t~o the loss ~nd additional monies
~~re not availsble tor such ~urpose.
10.5 !)i~tributi~n ~i I'I'UC~t~:is. Proceeds ot insurance
polici~•s rc:._~ivc~ y t~ Insur:~nce Trustee shall be distributed
to c.r for tli~~ E~~:n~fit of Lh~• he~~eficial owners in the following
rnann~r:
) f~ll ~ x~~ti,ns~ oE the Insuranc~ Trustee shall be
E}~ici i irst or ~,rovisions made for such payment.
I f ttle d~m<,g~_ f or ?tihich the proceeds are
p.~id i~ Lo b~.~ repaired or reconstructed, the remaining
E;r~~c<<~~~t~ si;sll b~ E~.~ic1 to defray the cost thereof a~ :
els~ti•nc~r~ provid~d. Any {~roceecis remaining after defraying `
; such ~ost shall b~ distributed to the beneficial '
t ~"n~~-rs, r~rnittance, t.c, apartment owners and their mor;.yagees V
€ t~~:iri~~ E~ay.~bl~.~ jointly ta them. This is a co~renant for the z
E h~ n~ i i t o t, ncf m.~y b~ en f orc~:d by, any mortgagee of an ,
~ aE;~r~~;::~nt. ~ ' ~
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~ (c) If it is dE,t~rmintd in the manner elsewhere
~ E,roviel~d that the d~m~+y~ for which proceeds are paid shall
~ ,~~,r_ t~t~ i~c~cc,nstruct~~d or rt~paired, the remaininc~ proceeds
~ ;!,.sll b~• distrib~ted to the beneficial awners,
E r~~r~i_c.c:~i~~:~s to ~p~rtr.?`nt avmers and their mortgayees
h~~i.n~~ ~>.~y~t~Ie jc,intly to therr~. ~ This is a covenant for
~ tt~~~ b~n~.;tit oE, and inay b~~ entorced by~ the mortgagee of
~ , ~.r~ ap.~i•r.ir?~~nt. .
~ ,
~ ( d) In in~ik i~~~) d i; tribution to apartment uwner s and
~ tr~c:ir snc,rtc~aycrs, th~- insurance Trustee may rely
~ u~.un s~~rtific~t~ of th` Association made by its
~ f~r~. ~ici~~rt ~n~i ~~cr~ t.~ry ~~s to the names of the ap~rtment
~ o~:;nc.rs ~r?d thc~ir ri:sp~:ctive shares of -the distribution.
~
~ lU.b E,~~.~ci~~ti~n u~ ~~nt. ~fhe Association is hereby ~
irrc-vc~c:~~;ly ~~~~}~u rzi.c: Ay~nt o-r each apartment oUmer and for ~
= ~:ach ~~~mer of ~~ny oth~r in*~~rest in the Condominium property
t~ s~ij~~~t ~11 c~~+ir~,s arising und~r the insurance }~olicies
, purct~~~~~d by th~ i~ssoci~tion ~nd to execute and deliver
~ relc~ ~ uF~~n the p~ymen t of a clairn.
~s " 10.7 k~•cr~-~ition /~r~~:s. The terms of the t~linety-Nine Year
Lease: sh~ll c~uv~•rn t?e ciistribution of proceeds of insurance
on or .,ttrit}ut~ble to such are:.~, provided, however, that na
- c~i~.,r_rit~u!.ic,n vi procee~is :.h~ll b~ made to the Lessor unless it
:.t,.~ l' ~:..v.: t~~ ••n d~~ t~ r-:~~ r,~• ~ E,ur ~u~int t~~ the terms and
~ F,rcvi~~cn_~ vf t1~~ sai.: ~:ir:~-ty-~dine Ye~r L~ase not to reconstruct
cr r~:~ •~ir .~~r~~:~c~~~ *r~ th~ F;roE c•rty ~~mised tt?ereund~:r.
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~ 600K ~:~J ~Aif. V~
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