HomeMy WebLinkAbout2619 as is attributable to his individual Dwelling Unit. The special
assessment funds shall be added by the Association to the pro-
ceeds available for the restoration and repair of the affected
Dwelling, Unit(s). -
e, In the event the ir~curance proceeds are suffi-
ci~ent to pay for the-cost of restoration-and repair, or in the
event the insurance proceeds are insufficient but additional
funds are raised 6y speci_al assessment within ninety (90) days
after the casualty so that su-fficient funds-are. on hand to -
fully pay for such restoration and repair., them no mortagee
shall have the right-to require the applicati-on of insurance
proceeds to the payment of its loan; provided,. however, that -
this provision may be waived by the_Board of Directors of the
Association in favor of any Institutiona l-Mortgagee upon
request therefor at any time. To the extent that any insurance -
proceeds are-required to be paid over to such .mortgagee, the
Dwelling-Unit Owner shall be obliged to replenish the funds so
paid over, and said Dwelling Unit Owner and his Dwelling Unit
-shall be sub3ect to special assessment far such sum. - _ -
"Very Substantial" Damage. As used_in this Declara- -
i - -
tion or any other context dealing with this Property, the term
"very substantial" damage shall mean loss or damage whereby-all
-of the total unit space in the affected building is rendered
untenantable, or-loss or damage whereby seventy-five percent-
(75~.) ar more of the total amount of insurance coverage for -
for al l four Dwelling Units i n any one b~ti 1 di ng becomes ~ pay-
able. -Should such "very substania~al"- damage occur, then:
a. The Association shall promptly obtain reliable, .
and detailed estimates of the cast of repair and restoration-
thereof. - - -
- b. The provisions of Article-YIII, B; 5e shall not
be applicable to any Institutional Mortgagee who shall-have the
right, if its mortgage so provides, to require application of
- the insurance proceeds to the payment or reduction of its
mortgage debt. Tips Association shall as certain, as promptly -
- -
as possible, the net amount of insurance proceeds available for
restoration and repair. - -
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