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HomeMy WebLinkAbout0371 and casualty insurance, the proceeds paid to the Insurance Trustee to cover such loss or damage shall be applied to the repair, replacement or reconstruction of such loss or damage. If the insurance proceeds are in excess of the cost of the repair, replacement or reconstruction.of such Common Elements, then such excess insurance proceeds shall be paid by the Insurance Trustee to ~wners, the distribution to be separately made to each Owner and his respective mortgagee as their respective interests may appear, in such proportion as each Apartment bears to the undivided interests in Common Elements appurtenant to all Apartments. If it appears that insurance proceeds covering the casualty loss or damage payable to the Insurance Trustee are not sufficient, then the Condominium Association shall deposit with the Insurance Trustee a sum ~hi~h, together wit~ the insurance groceeds recei~•ed ~r tn be received will enable the Insurance Trustee to completely pay for the repair, replacement or reconstruction of any loss or damage. The monies to be deposited by the Condo- minium Association with the Insurance Trustee, in said latter event, may be paid by the Condominium Association out _ of reserve funds, if any, and if the amount of such funds are not sufficient, or if the Board determines not to use such funds for said purpose, then the Condominium Association shall levy and collect an Assessment against Owners in an .amount which shall provide the funds required to pay for said repair, replacement or reconstruction. In th~e event of the loss or damage to Common Elements and an Apartment, which loss or damage is covered by fire and casualty insurance, the proceeds paid to the Insurance Trustee to cover such loss or damage shall first be applied to the repair, replacement or reconstruction of Common Elements, and any remaining insurance proceeds shall then be applied to the repair, replacement or reconstruction of any Apartment which may have sustained any covered loss or damage. If the insurance proceeds are in excess of the cost ' of the repair, replacement or reconstruction of the Common Elements and Apartments sustaining any loss or damage, then j such excess insurance proceeds shall be paid and distributed ~ by the Insurance Trustee to Owners, and their mortgagees as ~ their respective interests may appear. Such distributions _ ~ are to be made in the manner and in the proportions as are provided herein. If it appears that the insurance proceeds covering the fire and casualty loss payable to the Insurance Trustee are not sufficient to pay for the repair, replacement or reconstruction of the loss or damage, or that the insurance proceeds, when collected, will not be sufficient, then the Hoard_shall, based on reliable, detailed estimates obtained from competent and qualified parties, determine and allocate the cost of repair, replacement or reconstruction between the Common Elements and Apartments sustaining any loss or damage. If the proceeds of said fire and casualty insurance are sufficient to pay for the repair, replacement or recons- truction of any loss or damage to Common Elements, but not sufficient to repair, replace or reconstruct any loss or damage to Apartments, then the Condominium Association shall Ievy and collect an Assessment from the Owner sustaining any loss or damage, and the Assessment so collected from said Owner shall be deposited with the Insurance Trustee so that the sum on deposit with the Insurance Trustee shall be sufficient to completely pay for the repair, replacement or reconstruction of all Common Elements and Apartments. In said latter event, the Assessment to be levied and collected from an Owner sustaining loss or damage shall be apportioned among all Owners in such manner that the Assessment levied ~ - -7- F?t ~;t~ plif,~ ~ ~ w~_ _ _ e _ _ ~ ~