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HomeMy WebLinkAbout2218 i~~ ~ . ~a and their respective shares of the distribution approved in wr~ting ~y aa a~zorney autnorized to practice law in the State of Florida, Title Insurance Company or Abstract Company authorized to do ~ 01Si:1v~SS in the State of Florida. Upon request of the Insurar.ce ~ ~_,,:stee, the Association forthwith shall deliver such certificate. ~ . ~ 4. Loss Within Sinyle Unit. If loss shall occur within ~ a single unit or units without damage to the common elements, the ~:.sLrance proceads shall be distributed to the beneficial unit ~w:.ar, remittances to unit owners and their mortgagees being payable ;o-~ntly to them. This is a covenant for the benefit of any mortgagee o~ a unit and may be enforced by him. Said remittance shall be solely to an institutional first mortgagee when requested by scch institutional first mortgagee whose mortgage provides that it P,as t:~e rignt to require application of the insurance proceeds to ".a paynent or reduction of its mortgage debt. The unit owner shall ;.:z~reupon be fully responsible for the restoration of the unit. 5. Loss Less than "Very Substantial". Where a loss or aamage occurs to more than one unit, or to the common elements, or ~o any u:~it or units and the common elements, but said loss is iess ~:z~r. "very substantial" (as hereinafter defined) , it shall -be ob;igatory upon the Association and the unit owners to repair, restore and rebuild the damage caused by said loss. Where such ioss or damage is less than "very substantial": (a) The Board of Directors of the Association shall promptly obtain reliable and detailed estimates of the cost of repairinq and restoration. ~ f (b) If the damage or loss is limited to the common eler.ients, with no, or minimum damage or loss to any individual units, [ and if such damage or loss to tne common elements is less than ~ $3,000.00, the insurance proceeds shall be endorsed by the Insurance i ~ Trustee over to the Association, and the Association shall promptly ~ ~ contract for the repair.and restoration of the damage. ~ ~ - e dama e or loss involves individual units ~ (c) If th g er.cumbered by the institutional first mortgages, as well as the ~ corc~~non elements, or if the damage is limited to the common elements ~ a~oae, but is in excess of $3,000.00, the insurance proceeds sna~~. be disbursed by the Insurance Trustee for the repair and restoration ~ oz ~he property upon the written direction and approval of the Association, and provided, however, that upon the request of an institutional f irst mortgagee, the written approval shall also be required of the institutional first mortgagee owning and holding the first recorded mortgage encumbering a condominium unit so long ~s it owns and holds any mortgage encumbering a condominium unit. At such time as the aforesaid institutional first mortgagee is not ~ L::e holder of a mortgage on a unit then this right of approval a:,d designation shall pass to the institutional first mortgagee :avi:~g the highest dollar i~debtedness on units in the condominium ~ pcoperty. Should written approval be required as aforesaid, it ~ s:~all be ~aid.mortqaqae'~ duty to qive written notice thereof to g ~ ~ ~ ~ -15- ~ B~JOK ~.JU PAGE~~~ LAW OFFICES BART L. GONEN, GITY NATIONAL 9ANK eU1LO1Nt3, MIAM1~ F~.ORI~A ~ . , - _ _ - - - - - = ~ ~ .r..~;., 7~~~,~r a ~ ~~.~~~~.ti ~?~.a~"~ ~ „r~ ~ ~ . _ . ~.rz