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occasioned by use for other than a residence, or misuse, occupancy -
or abandonment of a unit or its appurtenances or of the common -
elements by a unit owner shall be assessed against and paid. by that
owner. Not less than ten (10) days prior to the date when a
premium is due, evidence of the payment shall be furnished by the .
Association to each ~aortgagee listed in the roster of mortgages. - ?
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11.4. Insurance truste~e~ share of roceeds. All ~
insurance policies-pure ased~y
t-Iie
Assoc at on w be- fo'r the
benefit of the Association and the apartment owners and their
mortgagees as their interests may appears and will provide that all
proceeds covering property losses wall be paid to such bank in
Florida with trust powers as may be designated as insurance trustee .
by:the Board of Directors of the Association, which Trustee is
referred-to in this instrument as the Insurance Trustee. _The
Insurance Trustee will not be liable for payment of premiums nor
ftr the rQnewal or the sufficiency of policies nor for the .failure
to collect any insurance proceeds.. The duty of-the Insurance. ~
Trustee will be to-receive such proceeds as are paid and hold the
proceeds in trust for the purposes elsewhere stated fn this
instrument and for-the benefit of the apartment owners and their
mortgagees in the following shares, but-which shares need not be
set forth on the records of the Insurance Trustee:
_ (a) Common Elements. Proceeds on account of lama e
to common elements: An un vide s are or eac apartment owner,
such ehare ng the same as the undivided share in~the common -
elements appurtenant to his apartment:
- (b) Apartments. Proceeds on account of .damage to
apartments will be he d in the following undivided shares: - -
l. When the building is to be restored - for
the owners of damages apartments in proportion to the cost of -
repairing the damage _suffered by each apartment owner, which cost
will be determined by the Association.
- 2. When the _building -is -not -to be restored - -
an undivided share for each apartment owner, such share being the
same as the undivided share in the com~aon elements agpurtenan_t to
his apartment.
- - (ci Nortgages. In the event a mortgagee endorse-
went has been issued as to an apartment, the share of the apartment
owner will be held in trust for the mortgagee and the apartment
owner as their interests may appear; provided, however, that no
mortgagee will have any right to determine or participate in the
determination as to W1~ether or not any damaged property will be -
reconstructed or repaired,-and no mortgagee will have any right to -
- apply or have applied to the reduction of a mortgage debt any -
insurance proceeds except distribution of such proceeds .made to the
apartment owner and mart~agee-pursuant to the provisions of *_his -
Declaration. _
11.5. Distribution of Proceeds: Proceeds of insurance
policies received by the Insurance ~'rustee will be distributed-to
~ or for- the t?enefit of the beneficial c:ar•:rs in the folloi~ing 1
manner: ~
- - - i
~ - - (a). Ex ense of the trust. All expenses of the - ~
t Insurance Trustee wi he pa rst, or provision ~cade for such
E payment. ~ - }
E - -
~ - (b) Reconstruction or re air. If the damage for
which the proceeds are psi s tQ a reps red-or reconstructed, the
remaining proceeds will be paid to defray the cost of such as else-
where provided. Any proceeds remaining sfter defra~rfng such costs
will be distributed to the_ beneficial owners, remittances to apart- -
ment owners-and their mortgagees being payable jointly to them.
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11- ~3~24 ~~1965 ~
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