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HomeMy WebLinkAbout0629 membership with respect to the termination of the Condominium subject to the following: i. If the net insurance proceeds available for restoration and repair, together with funds advanced by unit owners to replace insurance groceeds paid over to institutional first mort- gagees, are suff icient to cover the cost thereof so that no special assessment is required, then the Condominium property shall be restored and repaired, unless two-thirds (2/3) of the total votes of ~ the members of the Association shall vote to terminate the Condomi- nium, in which case the Condominium property shall be removed from the provisions of the law in accordance with Section 711.16, Florida Statutes, and there shall be recorded in the Public Records of the county in which the Condominium is located, an instrument termina- ting this condominium, which instrument terminating this condominium shall further set forth the facts effecting the termination, certified by the Association and executed by its President and Secretary. Ter- mination of the Condominium shall become effective upon the recording of said instrument and the unit owners shall, thereupon, become owners as tenants in common in the property, that is, the real, per- sonal, tangible and intangible personal property, and any remaining structures of the condominium and their undivided interests in the property shall be the same as their undivided interests in the common elements of this Condominium prior to its termination and the mort- gaqes and liens upon condominium parcels shall become mortgages and liens upon the undivided interests of such tenants in common with _ the same priority as existed prior to the termination of the Condo- minium. ii. If, the net insurance proceeds available for restoration and repair, together with funds advanced by unit owners to replace insurance proceeds paid over to institutional first mort- gagees are not sufficient to cover costs thereof, so that a special assessment will be required_, then if a majority of the total votes of the members of the Association vote against such special assess- ment and to terminate the Condominium,~ then it shall be so terminated and the property removed from the provisions of the law in accordance with Section 711.17, Florida Statutes, and with the preceding para- graph hereof. In the event a majority of the total members of the ~ Association vote in favor of the special assessment, the Association shall immediately levy such assessment and thereupon the Association shall proceed to negotiate and contract such repairs and restoration, subject to the provisions of sub-paragraph 5(c) and (d) above. The ! special assessment funds shall be delivered by the Association to the Insurance Trustee and added by said Trustee to the proceeds available for the repair and restoration af the property. The proceeds shall be disbursed by the Insurance Trustee for the repair and restoration of the property as provided in sub-paragraph S(c) above. To the extent that any insurance proceeds are paid over to such mortgagee and in the event it is determined not to abandon the condominium project and to vote such special assessment, said unit owner and his unit shall be subject to special assessment for such sum. (d) In the event any dispute shall arise as to whether or not "very substantial" damage has occurred, it is agreed that such a finding made by the Board of Directors of the Association shall be binding upon all unit owners. 7. Surplus. It shall be presumed that_the first monies disbursed in payment of costs of repair and restoration shall be from the insurance proceeds and if there is a balance in the funds ~ held by the Insurance Trustee after paymen~ of all casts of the ~ repair and restoration, such balance shall be distributed to the beneficial owners of the fund in the manner elsewhere stated herein. 8. Certificate. The Insurance Trustee may rely upon a certif icate of t e Association, certifying as to whether or not the damaged property is to be repaired and restored. Upon request of the~Insurance Trustee, the Association forthwith shall deliver such certificate. -11- ~ aQ01I ~+d(r PASf - ~ r ~ - - ~ :a k~ r=~~ ~ ~ . ~ ~:~-s-~,~ : y ~ ' = ~`~IIB~~ - a ~ sd_ _ ~z