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(d) In the event any dispute shall arise as to whether or not
".very sub~tantial" d3mage has occurred, • it is agreed that such a finding
made by the IV~arcagement Firm, as long as the Management Agreement
remains in effect, and thereafter by the L~oard ~f A dm inistration of the
Association, shall be bindinq upon all unit owners.
7. Surplus: It shall be presumed that the first monies disbursed
in payment of costs of repa.ir aRd restoration shall be from the
Insurance proceeds; and if there is a balance in the funds held by the
Insuran~e Trustee after the pa.yment of all costs of the repair
- and restora.tion, such balance shall be distributed to the beneficial
~ owners of the ;und in the manner elsewhere ~rovided herein.
. 8. Certificate: The Insuran~e I'rustee may rely upon a
Certifica.te of the Management Firm, as long as the Management
Agreement remains in effect and thereafter of the Asso~iation, ceriifying
as to whether or not the damaged proQerty is to be repaired and
restored, Upon request of the Insuran~e Trsutee, the Management Firm,
and thereafter the Association, shall forthwith deliver such ~ertifi~te.
9, Plans and Sp~cifications: Any repair and restoration must
be substa.ntially in acc~rdance with the Plans and Specifications f~r the
_ ~riginal building (s) or as the building was last constru~ted, or ac~~rding
to the plans approved by the Manaqement Firm and the ~oard of
Administration ~f the Ass~ciation, which 3ppro~~a1 shall, not be unrea.-
sonably withheld. If any materia.l or sub~tantia.~ chanqe is contempl3ted,
the approval ~f all Institutional Fir~t M~rtgagees shall also be required.
ld. Association's Power to C~mpromise ~'laim: The Man~.qement
_ Firm, as long as the Management Agreement remains in effect, and
thereafter the Associatioq is hereby irrevocably app~inted Agent for
each I) nit Cw ne r fo r the purpose of com prom is ing and settl ing cla im s
arising under Insura.nce Folicies purchased by the Mar~gement Firm,
and thereafter by the Association, and t~ execute and deliver Releases
therefor, upon ~the payment of ~ clauns.
~ 11. Institutional Mortqa~qee'~ piqht to Adva.nce Premiums:
Should the AGsociation fail to pay such premiu~n~ when due, or should
the Associa.tion fail to comply with other insurance requirements ~f the
Instituti~na.l Mortc~gee holding the greatest dollar volume of parcel
and/or Interval G~vnership mortgages, said Institutional Mortgaqee (s)
shall have the right, at its option, to ~rder insurance c~olicies and to
advance such sums as are required.to maintain or procure such
insurance, and to the extent of the money so advanced, said Morigagee
sha,ll be subroc,~.ted t3 the assessment and lien riqhts ~f the As~~ciation
. as against the individuai Unit Cwners for the ~.yment ~f ~uch item of
~ommon e~pense. - ~
C. WCRKMEN's CCMPENSATICN PCLICY - ~Fvorkmen's
Compensation insurance sufficient to meet ~the requirements ~f law shall
be purchased, and premiums charged as a common expense.
CTH~R INSURANCE - Such ~ther insurance as the Manage-
ment Firm, as long as the Management Agreement remains in effect and,
thereafter the Poard of Administration ~f the A~socia.tion, shall
. determine from time to time to be disira,ble shall be obta.ined. The
W. R. SCOTT
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