HomeMy WebLinkAbout2627 (2) "Ver Substantial" Derma e. As used in this Declara-
tion, or in any of er context ea ing with this Condominium, the
term "very substantial" damage shall mean loss or damage whereby
three-fourths (3/4) or more of the total Units of the Condominium
are rendered untenantable, or loss or damage whereby seventy-five
percent (75$), or more of the total amount of insurance coverage
(placed pursuant to Article XIII B 2) becomes payable. Should
such "very substantial" damage occur, then:
(a) The Board of Directors of the Association
shall promptly obtain reliable and detailed estimates of the cost
of repair and restoration.
(b) The Board of Directors shall ascertain as
promptly as possible the net amount of insurance proceeds available
for restoration and repair as well as the estimated cost of
restoration and repair.
(c) Thereupon, a membership meeting shall be
called by the Board of Directors of the Association, to be held
not later than sixty (60) days after the casualty, to determine
the wishes of the membership with respect to the termination of
the Condominium, subject to the following:
1. If the net insurance proceeds available
for restoration and repair, together with funds advanced by Unit
Owners to replace insurance proceeds paid over to Institutional
Mortgagees, are sufficient to cover the cost thereof so that no
special assessment is required, the Condominium Property shall be
restored and repaired unless three-fourths (3/4) of the total
votes of the members of the Association shall be cast. in favor of
termination of the Condominium, in which case the Condominium
Property shall be removed from the provisions of the law in
accordance with Section 718.117, Florida Statutes, and there
shall be recorded in the Public Records of St. Lucie County an
instrument terminating this Condminium, which instrument shall
further set-forth the facts effecting the termination and shall
be certified by the Association and executed by its President and
Secretary. The termination of the Condominium shall become
effective upon the recording of said instrument and the Unit
Owners shall, thereupon, become owners as tenants in common in
~ "the property", that is, the real, personal, tangible and intangible
f personal property, and any remaining structures of the Condominium
and their undivided interest in "the property" shall be the same
as their undivided interests in the Common Elements of this
i Condominium prior to its termination and the mortgages and liens
upon Condominium Units shall become mortgages and liens upon the
~ undivided interests of such tenants in common with the same
priority as existed prior to the termination of the Condominium.
2. If the net insurance proceeds available
a for restoration and repair, together with funds advanced by Unit
~ Owners to replace insurance proceeds paid over to Institutional
~ Mortgagees are not sufficient to cover the costs thereof, so that
a special assessment will be required, and if a majority of the
~ total votes of the members of the Association vote against such
~ special assessment which vote shall be considered and denominated
as a vote to terminate the Condominium, it shall be so terminated
and the property shall be removed from the provisions of the law
in accordance with Section 718.117, Florida Statutes, and the
ownership interest shall be as stated in the preceding paragraph
hereof. In the event a majority of the members of the Association
vote in favor of the special assessment, or in the event that
less than a majority of the said members shall fail to vote
against said special assessment, the special assessment shall be
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