HomeMy WebLinkAbout2021 Insurance Trustee is sub3ect to the approval of fihe instifiu-
tional mortgagee holding the greatest dollar amount of first
mortgages against the apartment units in the Condominium.
The Insurarice Trustee shall not be liable for payment of
premiums nor for the failure to collect any Insurance proceeds.
The duty of the Insurance Trustee shall be fio receive such
pmceeds as are paid and hold the proceeds in fi rust for the
purposes elsewhere stated i.n this instrument and for the
benefit of the apartment owners and their mortgagees in the
fQ1ZQ:•:inb s?~ares, gr~vi~iPd, hawpvPr, such shares need not be
set forth on the records of the insurance trustee:
(a) Proceeds on account of damage to cortgnon elements
and limited common elements: An undivided share for each
apartment owner, sueh share being the same as the undivided
share in the comnon elements and limified common elements
appurtenant to his apa~tmenr.
(b) Apartments. Proceeds on account of damage to
apartment units shall be held in the following undivided
shares:
(1) When the building is to be restored: For
the owners of damaged apartment in proportion to the
cost of repairing the damage suffered by each apart-
ment owner, said cost to be determined by the
Association.
(2) When the Building is not to be restored: An
~ undivided share for each apartment unit owner, such
share being the same as the undivided share in the
common elements appurtenant to his apartment unit.
(c) Cost of restoration and repair of the Recreation
Area after casualty sta 11 be paid out of the proceeds from
insurance, and the said Recreation Area shall in all events
be~repaired and restored unless there shall be not only a
total destruction of the Recreation Area and appurtenances s
E thereto, but in addition a destruction of a majority of the
` apartment units in the Condominium. In the event additional
monies are required over and above the amount available from
~ insurance proceeds to restore, reconstruct or repair the
1 Recreation Area, such monies shall be considered a comnon
; expense to be paid by the condominium unit owners and to
' be chargeable to and collectable from them in the same manner
~ as elsewhere provided hereir. for the assessment and collec-
3 tion of assessments and conm?on expenses, all pursuant to the
- provisions of the ?Vinety-Nine Year Lease.
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~ (d) Mortgagees. In the event a mortgagee endorse-
~ ment has been issued as to an apartment unit, the share of
~ the unit awner shall be held in trust for the mortgagee and the
~ unit o~mer as their interests may appear; provided, however,
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~ that no mortgagee shall have any right to determine or
~ participate in the determination as to whether any damaged j
K property shall be reconstructed or repaired, and no mortgagee :
shall have any right to apply or have applied to the reduc- 4
tion of a mortgage debt any insurance proceeds except distri- ~
~ butions of such proceeds made to the apartment owner and ~
~ mortgagee pursuant to the provisions of this Declaration. -
Notwithstanding the foregoing the mortgagee shall have the
right to apply or have applied to the reduction of its
~ mortgage debt any debt or sums of i.nsurance proceeds
applicable to its mortgaged unit in any of the following
- events. >
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~ - BOOK 237 PACE~O~~ - #
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