HomeMy WebLinkAbout2221 by the Association to the Insurance Trustee and added by said
~rustee to the proceeds 3vailable for the repair and restoration
o~ the property. The proceeds shall be disbursed by the Insurance
Trustee for the repair and restoration of the property as provicea
in Paragraph 5(c) above. To the extent that any insurance proceeds
u-re paid over to such mortgagee and in the event it is deter~ined
r.ot to abandon the condominium project and to vote such special
assessment, the unit owner shall be obliged to replenish the funds
so paid over to his mortgagee, and said unit owner and his unit
s'r.all be subject to special assessment for such sum.
In the event any dispute shall arise as to
w:,c~her o~ not very substantial" damage has occurred, it is agreed
t:at such a f inding made by the Board of Directors of the Association
s:.all be binding upon all unit owners,
7. Surplus. It shall be presumed that the first moneys
dis~ursed in payment of costs of repair and restoration shall be
f:or.1 the insurance proceeds; and if there is a balance in the
~;::.ds held by the Insurance Trustee after payment of all costs of
~ne repair and restoration, such bala~ sYiall be distributed to
~he beneficial owners of ~the funrl in the manner elsewhere stated.
8. Certificate. The Insurance Trustee may rely upon a
certificate of the Association certifying as to whether or not the
da:naged property is to be repaired and restored. Upon request of
t ~L
the Insurance Trustee, the Association tortnwitn snaii ae~i~e~ su~••
certificate. •
9. Plans and Specifications. Any repair and restoration
nust be substantially in accordance with the plans and specif ications
' for the origirial building, or as the building was last constructed,
or according to the plans approved by the Board of Directors of the
~ Association, which approval shall not be unreasonably withheld.
j If any material or substantial change is contemplated, the approval
of all institutional first mortgagees shall also be required.
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~ 10. Association's Powet to Comnromise Claim. The
~ Association is hereby irrevocably appointed agent for each unit
ow:zer for the purpose•of compromising and settling claims arisin5
under insurance policies purchased by the Association, and to execute
and deliver releases therefor upon the payment of claims. ~
C. Workmen's Comt~ensation Policv to Meet the Reauirenents of
Law.
D. Such other insurance as the Board of Directors of the
~ Association shall determine from time to time to be desirable.
~
E. Each individual unit owner shall be responsible for
~ purchasing, at his own expense, liability insurance to cover
~ ~ccidents occurring within his own u~it, and for purchasing
~
~ ~
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LAW OFFICES BART L. CONEN, CITY N/?TIONAI. BANK BUILGING, MIAMi~ FLORIOA
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