HomeMy WebLinkAbout0104 2. Reconstruction or repair. 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 of such as elsewhere provided. Any proceeds which remain after defraying
such costs shall be distributed to the beneficial owners, remittances to dwelling
unit owners and their mort~agees being payable jointly to them as their interests
may appear . This is a covenant for the benefit of any mortgagee of a dwelling -
unit and may be enforced by such mortgagee.
3. Failure to reconstruct or repair . If it is determined in the manner elsewhere
provided 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 dwelling unit owners and their mortgagees being payable jointly
to them and as their interest may appear . This is a covenant for the benefit of
_ any mortgagee of a dwelling unit and may be enforced by such mortgagee .
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! 4. Certificate. In making distribution to dwelling unit owners and their martgagees,
~ the Insurance Trustee may rely upon a certificate of the Association made by its
> President and Secretary as to the names of the dwelling unit owners and their
~ respective shares of the distribution .
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~ F. Association as A~ent. The Association is irrevocably appointed agent for each dwel-
~ ling unit owner and for each owner of a mortgage or other lien upon a dwelling unit and for
~ each owner of any other interest in the condomir?ium property, to adjust all claims arising
~ under insurance policies purchased by the Association, and to execute and deliver releases
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~ upon the payment of claims . -
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ARTICLE XI
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~ RECONSTRUCTION OR REPAIR AFTER CASUALTY
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A. 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:
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- 1. Common elements. If the damaged improvement is a commori element, the damaged
~ property shall be reconstructed or repaired unless it is determined in the manner
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elsewhere provided that the condominium shall be terminated .
~ 2 . Apartment building .
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a. Lesser damage . If the damaged improvement is an apartment building
or buildings and if dwelling units to which 50~ of the common elements
are appurtenant are found by the Board of Directors of the Association
to be tenantable, the damagcd property shall be reconstructed or re-
- paired unless within 60 days after the casualty it is determined by
~ agreement in the manner elsewhere provided that the condominium
~ shall be terminated .
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