HomeMy WebLinkAbout2343 paid and hc>ld the proc~c.-*eds in tn~st for the ~SUrposes elsc~here stated in
this Declaration and for the benefit of the apartment aaners and their
m~rt~gagees in the follawing shares, but which share need r~ot be set forth
on the revords of the Insurance Txv.stee:
(a) Oamion Elements: Proceeds on acvount of damage
t~o var~ron elements - an undivided share - for each apar~ent vwner, such
share being the same as the w~divided share in the vo~mnn elem~nts appur-
tenant to his apariinent.
(b) Apar~n~nts: Prooeeds on acoount of damage to
apartments shall be held in the follawing Lu~divided shares:
(1) When the building is to be restored - for
the aaners of damaged ap~artments in pY~oportion t~o the oost of repairing
the damage suffered tyy each apartment awner, which ~st shall be det.exmined
by the Association. ~
(2) When the building is not to be restored = an
undivided share for each apartmer~t vwner, such share being the same as the
undivided share in the vamr~n elements appurtenant to his aparht~nt. -
(c) Nbrtgagees: In the event a irortgagee endorsenent
has been issued as t~o an apart~nent, the share of the apartment aaner shall
be held in tn~.st for the mc~rtgagee and the apart~nent v~nner as their interests
may ap~pear; provided, haa~ever, that no m~rt~qagee shall have any right to de-
texmine or participate in the deternnination as to whether or not any damaged
property shall be rectinstructed or repaired, and r~o tmrtgagee shall have any
right to apply or have applied t,~ the reduction of a mprtgage debt any insur-
anc.~e proceeds except distributions of such proc~ed.s made to the apartinent
awner and nx~rtgagee pursuant t~o the provisions of this Declaration. -
9.5 Distribution Of Proceeds: Proceeds of insuranc~ policies
received by the Insurance Trustee shall be distributed bo or for the benefit
of the b~neficial awners in the follawing manner:
~ .
i (a) Expense Of Z~e Tn~st: All expen.ses of the Ir~surance
` Tru.stee shall be paid first or provision made for such payment.
~ ~
_ (b) Reo~nstruction Or Re}~air: If the clamage for which
~ proceeds are gaid is tb be repaired or reoonstnicted, the rana,ining proceeds
; shall be paid t~o defray the oosts of such as elsewhere provided. Any pro-
~ ceeds ranaining after defraying such o~sts slial.l be distributea to the bene-
~ ficial awners, remittances t~o apartment awners and their mc~rtgagees being
~ payable jointly tA then. This is a vovenant for the benefit of any m~rtgagee
~ of an apartment anci may be ~forced by such mortgagee. - .
~ •
~
~ (c) Failure Zb C~nstruct Or Repairz If it is dete.rniined
~ ~ by the Board of Directors of the Association that the damage for which pro-
~ ceeds are paid shall not be reoonstructed or repaired, the r~aining proc.ti~eds
~ shall be distributed t~ the beneficial owners, remittanoes to apartm~nt owners
~ and th~ir mnrtqaqee,s being payable jointly to th~n. This is a oovenant for
~ the benefit of any m~rtgagee of an apartment and may be enfor~ed by such
~ mortgagee.
~ (d) Certificate: In making distribution to apartment
;3 awners and their mortgagees, the Insurance TnLStee may rely upon a certifi- ~
~~--j cate of the Association made by its President and Secretaty as tA the na¢nes ~
of the apartinent vwners and their respective shares of the distribution.
" 9.6 A~soci.ation As AgPnt: The Association is irrevocably
- ap~pointed agent for each apartment owner and for each owner of a rmrtgage
or other lien u~on an apartment and for each aaner of ariy interest in the
eondaniniun property to adjust all claims arising under insurance policies
r~; purchasec3 by the Association and to execute and deliver releases upon the
x~
payment of claix~.
X. ~7C(XVSTRtIL'PI(X~1 OR REPAIR AFTER CAS[lALTY:
- 10.1 Detexmination Zb Reeonstruct Or R~.q~air: If any part of
~w,
_ ~ ~ 223 PAGE 2J~J -
CML I_ [LLWAN6ER ATTORN[Y AT LAW P. O. SOX /060 STUART. FLORIDA 3S4G4