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HomeMy WebLinkAbout1420 restore such damaged improvements . Such Assessment need not be uniform as to all Apartments, but may be in accordance with such factors as the Board shall consider to be fair and equitable under the circumstances. Upon the determination by the Board of the amount of such special Assessment, the Board shall immediately levy such Assessment against the respective Apart- ments setting forth the date or dates of payment of the same, and any and all funds received from the Apartment Owners pursuant to such Assessment shall be delivered to the Insurance Trustee and disbursed as provided in Subpara- graph 3(b) immediately preceding. In the event the deficiency between the estimated cost of the repair and replacement of the damaged Condominium Property and the insurance proceeds exceeds the sum of Fifty Thousand (650,000.00) Dollars, and three-fourths (3/4) of the Apartment Owners advise the Board in writing on or ~ before the date for the first payment thereof that they are opposed to a special Assessment, then, with the prior written approv- al of the Approved Mortgagee holding the highest dollar indebtedness encum- bering Apartments in the Condominium, the Insurance Trustee shall divide the net insurance proceeds into the shares described in Article VII of this Decla- ration and ~ shall promptly pay each share of such proceeds to the Apartment Owners and Approved Mortgagees of record as their interests may appear (an "Insurance Proceeds Distribution"). In making such distribution to the Apartment Owners and the Approved Mortgagees , the Insurance Trustee may rely upon a certificate of an abstract company as to the names of the then Apartment Owners and their respective Approved Mortgagees . 4. In the event that after the completion of and payment for the repair and reconstruction of the damage to the Condominium Property , and after the payment of the Insurance Trustee's fee with respect thereto, any excess insurance proceeds remain in -the hands of the Insurance Trustee, then such excess shall be disbursed in the manner of the Insurance Proceeds Distribution. However, in the event such repairs and replacements were paid for by any special Assessment as well as insurance proceeds, then it shall be presumed that the monies disbursed in payment of any repair, replacement and reconstruction were first disbursed from insurance proceeds and any remaining funds held by the Insurance Trustee shall be distributed to the Apartment Owners in proportion to their contributions by way of special Assessment. 5. In the event the Insurance Trustee has on hand, within ninety (90) days after any casualty or loss, insurance proceeds and, if necessary, funds from any special Assessment sufficient to pay fully for any required restoration and repair with respect to such casualty or loss, then no mort- E gagee shall have the right to require the application of any insurance pro= ceeds or special Assessment to the payment of its loan. Any provision con- ; tained herein for the benefit of any Approved Mortgagee may be enforced by ~ an Approved Mortgagee . - 6. Any repair, rebuilding, or reconstruction of damaged Condo- minium Property shall be substantially in accordance with the architectural plans and specifications for (i) the originally constructed Condominium Prop- erty, (ii) reconstructed Condominium Property or (iii) new plans and specifi- - cations approved by the Board; provided, however, any material or substan- tial change in new plans and specifications approved by the Board from the plans and specifications of previously constructed Condominium Property shall require approval by the Approved Mortgagee holding th~> highest dollar in- debtedness on any Apartments . i ~ 7. The Board shall determine, in its sole and absolute discretion, whether damage or loss occurs to unprovements within Apartments alone, or to improvements within Common Elements and Apartments contiguous thereto. 4 `.2 7 ~'t R r 23 50~~~0~ ~~~E1418 RUDEN, BARNETT_ McCLOSKr 6 SCHUSTER, ATTp RNErS AT LAW. 25 SOUTH ANDREWS AVENUE. FORT LAUDERDALE, FLORIDA