HomeMy WebLinkAbout0627 which the proceeds were paid is to be repaired and restored, the
remaining proceeds shall be paid to defray the cost thereof as
elsewhere provided. Any proceeds remaining after defraying such
costs shall be distributed to the beneficial owners, all remittanGes
to unit owners and their mortqaqees beinq payable jointly to them.
This is a covenant for the benefit of any mortqagee of a unit and
may be enforced by him. Said remittance shall be made solely to
an institutional first mortgaqee when requested by such institu- •
tional first mortgaqe~ whose mortgage provides that it has the
riqht to require application of the insurance proceeds to the pay-
ment or reduction of its mortgaqe debt. ~
(b) Failure to.Reconstruct or Repair: If it is
determined in the manner elsewhere provided that the damage for
which the proceeds are paid shall not be repaired and restored,
~ the proceeds shall be disbursed to the beneficial owners; remit-
tances to unit owners and their mortgagees being payable jointly
to them. This is a covenant for the benefit of any mortgagee of
a unit and may be enforced by him. Said remittance shall be made
solely to an institutional first mortgagee when requested by such
institutional first mortgagee whose mortgage provides that it has
~ the right to require application of the insurance proceeds to the
payment of its mortgage debt. In the event of loss or damaqe to
personal property belonging to the Association and should the Board
of Directors of the Association determine not to replace such
personal property as may be lost or damaged, the proceeds shall be
disbursed to the beneficial owners as -surplus in the manner else-
where stated.
(c) Certificate: In-making distribution to the unit
owners and their mortgagees, the Insurance Trustee may rely upon a
certificate of the Association as to the names of the unit owners
and their respective shares of the distribution approved in writing
by an attorney authorized to practice law in the State of Florida,
or a title insurance company or abstract company authorized to do
' business in the State of Florida. Upon request of the Insurance
Trustee, the Association forthwith shall deliver such certif icates.
4. Loss Within Sin le Unit. If loss shall occur within
a single unit or units wit out damage to the common elements and/or
party wall between the~unit, the provisions of Article XII B5 below
shall apply. -
~ 5. Loss Less Than "Ver Substantial". Where a Ioss or
` damage occurs to more t an one unit, or to t e common elements, or
! to any unit or units and the common elements, but said lo~s is less
~ than "very substantial" (as hereinafter defined), it shall be obli-
~ gatory upon the Association and the unit owners to repair, restore
~ and rebuild the damage caused by said loss. Where such loss 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
repairing and restoration.
(b) If the damage or Ioss is limited to the common
elements, with no, or minimum damage or loss to any individual
~ units, and if such damage or loss to the common elements is less
than $3,000.00, the insurance proceeds shall be endorsed by the
Insurance Trustee over to the Association, and the Association shall
promptly contract for the repair and restoration.
-T' (c) If the damage or loss involves individual units
~ encumbered by institutional first mortgages, as well as the common
elements, or if the damage is limited to the common elements alone,
~ but is in excess of $3,000.00, the insurance proceeds shall-be dis-
~ bursed hy the Insurance Trustee for the repair and restoration of
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