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HomeMy WebLinkAbout0090 ~ in the event of determination not to rebuild, any insurance funds remaininq in tRe construction fuad of the Condomiaium Association or the construction fund of the Insurance Trustee, shall be paid to the owners of apartments as their interests in such insurance pro- _ . ceeds are determined by the Condominium Association, subject, ho~ever, to the interest of mortgagees, if any, who shall also be designated as payees of such excess funds. Prior to the disbursement of any funds by the Insurance Trustee, the Insurance Trustee may first deduct any fees earned and expenses incurred in such capacity. Thereafter, the sole responsi- bility of the Insurance Trustee shall be to make disbursen~ents as authorized and directed by the Condominiwn Association. In making~ any disbursements, the Insurance Trustee may rely upon a certificate of the Condominium Association made by its President and Secretary and affixed with the corporate seal, as to any and a1I mat~ters including the sums to be paid, the payees thereof and whether damaged property is to be reconstructed or repaired. D. Mortgages ; Provision shall be made for the issuance of mortgagee endorsements and the delivery of copies of insurance policies to the mortgagees of Condominiwn Parcels. No mortgagee shall have any right to detenaine or ~ participate in the deternunation as to whether or not any damaged i ~ property shall be constructed or repaired, and no mortgagee shall ~ . ~ • have any right to apply or have applied to the reduction of a ~ mortgage debt any insurance proceeds except distributions of such f ' ~ proceeds made to the apartment owner and mortgagee pursuant to € - ~ the provisions of this Declaration. ~ ~ k • ~ Certain provisions in this Article X entitled "Insurance - ~ ~ ~ Destruction of Premises" are for the benefit of mortgagees of Condo- minium Parcels and all of such provisions are covenants for the bene- i ~ ; fit of such mortgagees and may be enforced by them. This Article X ~ entitled "Insurance - Destruction of Premises" may not be amended ~ ~ ' . ~ ~ ~ ~ ; , ~23- ~ BOQK~~~ PA~f ~ ~ ~ i ~ - ~ ~ L ~ ~ ~~.=,~~C. ~ , - .