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HomeMy WebLinkAbout2022 (1) Its mortgage is not in good standing and is in default. (2) Insurance proceeds are insufficient to restore or repair the building to fihe condition existing prior to the loss and additional monies are not available for such purpose. 10.5 Distribution of Proceeds. Proceeds of insurance policies received by the Insurance Trustee shall be distributed to or for the benefit of the beneficial owners in the follow~ing manner: (a) All expenses of the Insurance Trustee shall be paid first_or provisions made for such payment. (b) If the damage for which the proceeds are paid ~ is to be repaired or reconstructed, the remaining proceeds shall be paid to defray the cost thereof as elsewhere pro- vided. Any proceeds remaining after defraying such cost shall be distributed to the beneficial owners, remittances to apartment owners and their mortgagees being payable jointly to them.'~TFiis is a covenant for the benefit of, and may be enforced by, any mortgagee of an apartment. (c) If it is determined in the marmer elsewhere pro- vided that the damage for which proceeds are paid shall not be reconstructed or repaired, the remaining proceeds shall be distributed to the beneficial owners, remittances to _ apartment owners and their mortgagees being payable jointly to them. This is a covenant for the benefit of, and may be enforced by, the mortgagee of an apartment. (d) In making distribution to apartment owners and their mortgagees, the insurance Trustee may rely upon a Certificate of the Association made by its President and ; Secretary as to the names of the apartment owners and their E respective shares of the distribution. i ~ 10.6 Association as Agent. The Association is hereby s irrevocably appointed Agent for each apartment owner and for each owner of any other i.nterest in the Condominium property ; to adjust all claims arising under the insurance policies ; purchased by the Association and to execute and deliver re- ~ leases upon the payment of a claim. ; 10.7 Recreation Area. The terms of the Ninety-Nine Year ~ lease shall govern the distribution of proceeds of insurance ; on or attributable to such area, provided, however, that no ~ distribution of proceeds shall be made to the Lessor unless ~ it shall have been determined pursuant to the terms and , provisions of the said Ninety-Nine Year Lease not to re- : ~ construct or repair damage to the property demised thereunder. ~ S 11. Reconstruction or repair after casualty, ~ ; 11.1 Determination to reconstruct or repair. If any part " of the Condominium property shall be damaged by casualty, ~ = whether or not it shall be reconstructed or repaired shall ; be determined in the following manner: ~ 'r - (a) Common element. If the damaged improvement is - a corrmon element, the damaged property shall be reconstructed or repaired, unless it is determined in the manner elsewhere ~ provided that the Condominium shall be terminated. ' ~ ~ lU - ~s - BOOx / ~AGE2O20 - - , - ~ , ~w ` ` x ~ ~ ' : ` ~ x I ~.~-~`i~"° 'sa ~n'~ ~"a--,.a.,+o- ~ x : ? r, ~~'"s ~ ~ ~~.~:.~~~~~.~?~:.._.,v~.~~,_t~ ~ , , . r~~.~.-xF ~1~~