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. management Firm, as lonq as the Manaqement Agreement remains In
effect, and thereafter, the Association, as to the names of the Unit
Cwners and their respective shares of the distribution. Upon request of
the Insurance Trustee, the Management Firm, and thereafter the Ass~-
^ia.ti~n, forthwith shall deliver such Certificate. .
4. Loss Within a Sinqie Unit: If loss shall occur within a sinqle
unit or units, without damage to the ~ommon elements and/or the party
wall between Units, the provisions of A rticle xIIII P. 5. below shall apply.
5. Loss Less Ttian "Verv Substantial": Where a loss or damage ~
occurs within a unit or units, or to the common elements, but said loss
- is Iess than "very substantial", (as hereinafter defined) it shall be
obliga,tory up~n the Ass~ciation and the Unit G1,vner (s) oi that unit t~
repair, restore and rebuild the damage caiised by said Ioss. ~~here such
Ioss or damaqe is less than "very substantia.l": ~
(a) The Management Firm, as long as the Management
Agreement remains in effect, and thereafter tne Association, shall
promQtly obtain relia~le and detai~ed estimates of the cost of repairinq
and restora.tion. ~
(b) If the damage or loss is lunited to the common elements with
no, or mini.mnm, damage or ioss to any individua.l units and if such
da.mage or loss to the common elements i~ less than $3, 000. 00, the
insura.nce proceeds shatl be endorsed by the ?nsu»a,nce Trustee over to the
Management Firm, as l~nq as the Man~.qement Agreement remains in
effe~t, and thereafter to the Association, and the Management Firm, and
~ therea.fter the Asso~iation, shall promptly contra~t for the repair and
restora,tion of the damage.
(c) If the damage ~r loss invotves :ndividual units encumbered
by Institutional First Mortgaqees, a~ well as the commoq elements,
~r if the damage is limited to ttie common elemertts alone, but it is in
ex~ess of $3, 000.00, the insura.nce proceeds shall be disbursed by the
Lnsura.nce Trustee for the repair and restorati~n of the property upon
the written direction and approval of the Management Firm, as
long as the Mana.gement Agreement remains in effect, and tnereafter
the Associa.tion, provided, however, that upon the request of an
Institutiona,I First M~rtgagee, the written approval shall also be required
of the Institutional First Mortgaqee (s) owning and holding a first mort- ~
gage encumberinq C~ndoininium parcels in this Condominium where the
unQaid balances due on said mortgaqes to said ~nstitutiona.l First
Mortgagees are equal'to $100, 000.00 or more. Should written approval
be required, as aforesaid, it shali be said M~rtga.gees' duty t~ give
written notice thereof to tfie Insura.n~e Trustee. The Insuran~e Trustee
may rely upon tE-ce Certificate of the Management Firm, as lonq as the
~ Mana,gement Agreement remains in effect, and thereafter the Associ.ati~n,
and tfie aforesaid Institutional First Mortga.gees' written approvaZ, if
sa~d Institutional First Mortgagees' approval are required, as to the
payee and the amaunt Eo be paid from said proceeds. AlI payees shall
deliver paid bills and waivers of inechanic's liens to tne Insura.nce
Trsutee, and execute any Affidavit required by law or by the Management
Firm, as Iong as the Marr~.gement Aqreement remains in effect, and
w. R, scon thereafter the Associa.tion, the aforesaid Institutional First Martgagees
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