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- whose mortgage provides that it has the right to require apply-
cation of th$ insurance proceeds to the payment or reduction
of its mortgage debt. In the event of loss or damage to per-
sonal property belonging to the Association and should the-board
of Directors of the Association determine ndt to replace such
- personal property as maybe lost or damaged, tie proceeds shall
be disbursed to the beneficial- owners as surplus in the manner
provided in Article VIII. 6.3 a. - -
4. toss Within a Single Dwelling Unit. If loss shall..
occur within a single-Dwelling Unit or Dwelling Units without
damage to the party wall between Dwelling Units, the provisions
of this ARTICLE VIII, B. 5 below shall apply.- _ - - -
5. Loss Less Than "Yerv~Substantial". Where a -loss or f
damage occurs within a Dwelling Unit.or Dwelling Units but said
loss is less than "very substantial", as hereinafter-defined,-it _
-.shall be obligatory upon the Association-and the Dwelling Unit
Owner(s) to repair,, restore and rebuii.d the damage caused by said
loss. -Where such loss or damage is less than "very substantial°:--
a.- The Association shall promptly obtain reliable
and detailed estimates of the, cost.of repair and restoration.
- b. The Association shall promptly-contract for-the -
repair and restoration of the damage. All payees shall-deliver -
paid bills and waivers of mechanics' liens to the Association -
and execute=any affidavit required by law or .by the Association
and deliver same to the Association. -
c. Sub3ect to the foregoing, the Association shall -
have the right and obligation to negotiate and contract for the
repair and restoration of the property and shall. have.the power
- to disburse the funds held by it for the repai-r and restoration
of the property. - -
d. If the net proceeds of the insurance are in- -
sufficient to pay for-the estimated cost of restoration and - -
- repair (or-for-the actual cost t~~ereof if the work has actually
been done), the Association shall promptly, upon determination
of the deficiency, levy a special assessment against the indi-
vidual Dwelling Unit Owner for -that portion of the ~eficienc;
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