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HomeMy WebLinkAbout1969 ~ ~ This is a covenant for t;~e benefit of any mortgagee of an apartment and may be enforced by such mor~eagee. (c) Failure to reconstruct or re air.- If it is. - . determined in the manner a-sew ere prow a tat t e damage for which proceeds are paid will not be reconstructed or repaired, the remaining proceeds will be distributed to the beneficial owners, remittance to apartment owners and their mortgagees being payable _ jointly to them. This is a.covenant for the benefit of any ~ - mortgagee of an apartment-and may be enforced by such mortgagee. (d) Certificate. In making distribution to apart- went owners and. their mortgagees, the Insurance Trustee ®ay rely upon a certificate of the Association as to the names of-the apart- . went owners and their respective shares of the distribution. 11.6. Association as a ent. The-Association is irrevoc- ably appointed agent or eac apartment owner and for each owner of . any other interest in the condominium property to adjust all-claims arising under insurance policies .purchased by the-Association and to execute and deliver releases upon the payaent of-claims. - 12. RBCONSTRUCTION OR REPAIR AFTER CASUALTY. 12.1 Determination to~reconstruct or re air. If any part . of the condominium property-shall amaged y casua ty, whether or . not it shall be reconstructed or repaired will tie determined in the -following manner: (a) Common Elements. If the damaged improvement is a common element, the damaged property will be reconstructed or _ repaired, unless it is determined in the manner elsewhere provided that the condominium will be terminated. ` - (b) Apartments.. - ~ - ~ 1. Lesser damage. Yf the damaged improvements is an apartment or apartments to which 50$ of the common elements- -are appurtenant are found by the Board of Directors of the Associa- _ tion to be tenantable, the 3amaged-property will be reconstructed or repaired unless within sixty (60) days after the casualty_ it is det= ermined by agreement in the manner elsewhere provided that the condo-- mnium will be terminated. - I ~ - -~2. Na'or lama e. If the-damaged improvement is ' an apartment or apartments and- apartments to which more than 50$ of the common elements are appurtenant are found by-the Board of Directors of the Association not to be tenantable, then the damaged - property will-not be reconstructed or repaired and the condominium will be terminated without agreement as elsewhere provided, unless - within sixty (60) days after the casualty the owners of 75$ of the - common elements agree in writing to such reconstruction or repair. (c) Certificate.. The insurance Trustee m_ ay rely upon - - a certificate of the Assoc at on-to detereine whether or not the damaged property is to bP reconstructed .or repaired.- - j _12.2. Plans ands cifications. Any reconstruction or ~ repair. must be su stant a yin accordance with the pla:~s and speci- fications for the original building; or if not, then according to ~ plans and specifications approved by the Board of Directors of the Association; and if the damaged property is an apartment or apart- ments, by the owners of not less than 75$ of the common elements, including the owners of all damaged apartments, which approval will ° not be unreasonably withheld. - - -12.3. Res onsibflit If the damage is only to those parks of one apartment for wh ch the responsibility of maintenance . and repair is that of the apartment owner, then the apartment owner i -I2- P/GE~~ - ~ - ~ .