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(b) Condominium Units: Proceeds on account of Condominium
units shall be in the following undivided shares:
(i) Partial ~estruction-when units are to he repaired and res~ored-
~ for the owners of the damaged units, in proportion to the cost
of repairing the ~.mage suffered by each unit owner.
(ii) Total L~estructien of Condominium improvements of where
"very substantia.l" damage o~curs and the Condominium
Improvements are not to be restored, as provided hereinafter.
- . in this Article-for the Unit Cwners of all Condominium units-
each Unit Cwner's share being in proportion to his sh~.re in
the common elem~nts (whether in fee ~r remainder).
~ (c) Mortc~ages: In the event a Mortgagee Endorsement nas been
issued as to a parcel or Interval Cwnership, the share of the U nit
Cwner shall be held in trust for the mortgagee and the U nit Gtivner as their
interests may appear, provided, however, that no mortgagee shall have
any right to determine or participate in the determina.tion a~ to whether
or not any damaged pr~perty shall be rec~nstructed or repaired.
~ 3. L`istribution of Proceeds: Pro~eeds of Insura.nce Poli~ies
received by the Insuran~e Trustee shall be distributed to and/or for the
~ benefit of the beneficial owners, and expencied or disbursed after first
paying or makinq provision for the payment of the expenses of the
Insurance Trustee in the follov~ring manner:
(a) Re~onstruction or Repair: If the damage for which the pro~eeds
were ~~d _s to be repaired and restored, the remaining proceeds shall
be pa.id to defray the cost thereof, as elsewhere provided. Any proceeds
I; ~ remaining after defrayinq su~h costs shall be payable jointly to the
~E Unit Cwner and his mortg3gee (s). T't~is is a covenant for the benefit _
f of 3ny mortgagee of a Unit and may be enfor~ed by said mortga.gee. S~id _
~ remittan~e shall be made solely t~ an Institutional First Mortgaqee
when requested by such Institutiona.l First Mortgagee whose mortgage
~ provides- that it ha.s the right to require appli~ation of the insurance
proceeds to the payment or reduction of its mortga.ge debt.
(b) Failure to Reconstruct or Repair: If it is determined in the
manner elsewhere provided that the damage for which the pro~eeds are
paid shall not be repaired or restored, the proceeds shall be disbursed to
the benefi~ial owners; remittances to U nit Cwners and their mortgagees
being ~id jointly .to them. This is a covenant for the benefit ef any
m~rtgagee of a unit and may be enf~rced by su~h mortga,qee. Said -
rEmittances shall be made solely to an Institutional First Mortga,gee when
requested by sach Inst:tutional First Mortgagee.whose mortgage provides -
that it has the right t~ require appli::a.tion of the insuran~e proceeds to
• the payment of its mortgage debt. In the event of loss or damage to
personal property belonqing to the Asso~iation, and should the R~ard ~f
- Administration of the Association determine not to replace such personal
property as may be lost or da.maged, the proceeds shall be disbursed to
~ the beneficial owners as s~rplus, in the manner elsewhere stated herein.
(c) Certifia.tes: In making distribution to Unit G~vners and their
mortgagees, the Insurance Trustee may rely upon a Certificate of the
w. fx. scon
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