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and the Insurance Trustee, and deliver same to the Insurance Trustee. In
addition t~ the foregoing, the Institutional First Mortgagee whose approval
may be required, as aforesaid, shall have the right to require the
Management-Firm, and thereafter the Association, to obtain a
Completion, Performan~e and Payment E~ond, in such form and amount, an
with R~nding Company authorized to do business in the State ~f F'lorida,
as are accepta.ble to the said Mortgagees.
(d) Subject to the foregoinq, the Management Firm, as long as the
Management Agreement remains in effect, and thereafter the ~oard of
Administra.tion of the Association, shall have the right and obligation to
- negotiate and contra~t for the repair and restoration of the premises,
(e) If the net proceeds of the insurance are insufficient to pay for
the estimated cost of restoration and repair or for the actual cost thereof ~
if the work has actua.lly been done, the Management Firm, as long as the
- Mana.qemerit Agreement remains in effect, and thereafter the Association,
shall promptly upon determination of the deficiency, levy a specia,l
assessment against all Unit Cwners in proportion of the Unit Cwner's
share in the ~ommon elements (whether in fee or remainder) for that
portion of the deficien~y as is attributa.ble to the cost of restoration of the
common elements, and against the individual owner (s) for that Portion
of the deficiency as is attributable to their undivided unit (s); provided,
however, that if the IViana.qement Firm, as long as the Management
Agreement remains in effect, acting on behalf of the ~oard of Administrati ,
and thereafter the Poar,d of Administration of the Assoeiation sh,all levy
an assessment for the total defi~iency against all ~of the U nit G~vners in ,
pro~rtion to the U nit Cwners' sh~.re in thle c~mmon elements (whether in
fee or remainder) just as though all of ~.id damage had occurred in the
common elements. The specia.l assessment funds shall be delivered by
the Management Firm t~ the Insura.nce Trustee and added by said
Insura.nce Trnstee to the proceeds available for ~he repa.ir and restoration
of the property. _ - ~
(f) No mortga.gee sh~,ll have the right to require the application
~f insura.n~e proceeds to the Pa,yment ~f its toa,n ex~ept as herein set
forth.
E. "Verv Substantial" Ltiama~ce: As used in this reclaration, or
any other context dealing with this Condominium, the term, "very
substantial" damage, shall mean los~ or damage whereby three-fourths
~ (3/4ths) or more of the total unit space in the C~ndominium is rendered
untenable, or loss or damage whereby seventy-five (75~'0) percent or more
of the total amount of insuran~e coverage (Placed as per Article XIIII
L. 1. ) become~ payable. Sh~uld such "very substantia.l" damage o~~ur,
tt~en;
(a) The Management Firm, as long as the N~anagement Agreement
remains in effect, and thereafter, the Associa.tion, shall prompQy obta.in
reliable and detailed estimates of the cost 3f repgir and restoration th.ereof
(b) The Management Firm, as long as the Mana.qement
Agreement remains in effect, and thereafter the Associa.tion, sha11
ascerta,in as promptly as possible the net amount of- insura.nce proceeds
available for restara.tion and repa,ir. No mortgagee shall have the riqht to
require the aPplication of insura.nce pr~ceeds to the pa.yment of it~ loan.
W. R. SCOTT '
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