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Home My WebLink About0937 _ Trustee designated by the Board of Directors of the Association. The Insurance Trustee shall not be liable for the payment of . premiums nor the renewal nor the sufficiency of policies nor the failure to collect any insurance proceeds. The duty of the Insurance Trustee shall be to receive such proceeds as are paid and to hold the proceeds in trust for the purposes elsewhere stated herein for the benefit of the members and mortgagees in the following shares, which shares need not be set forth on the records of the Insurance Trustee. 1. Common Property. Proceeds on account of damage to Common Property or the property of the Association shall be an equal undivided share for each member. ~ _ E. Distribution of Proceeds. Proceeds of insurance policies received by the Insurance Trustee shall be distributed to or for . the benefit of the members in the following manner: 1. Expense of the Trust. All expenses of the Insurance Trustee shall be paid first, or provisions made for such . payment. 2. Reconstruction or Repair. If the damage for which proceeds are paid is to be repaired or reconstructed, the remain- ; ing proceeds shall be paid to defray the cost of such as herein- i ~ after provided. Any proceeds which remain after defraying such E costs shall be distributed to the members. 3. Failure to Reconstruct or Repair. •If it is deter- t ~ ,;,fined in the T.3^ner rerei.^.after pro:~ided that the damage for which proceeds are paid shall not be constructed or repaired, the remaining proceeds shall be distributed to the members. There shall be no distribution of remaining proceeds until all debris, remains and residue have been cleared and removed, and the damaged area has been properly landscaped. In the event of loss or damage to personal and/or real property belonging to the Association, and should the Board of Directors of the Association determine not to replace such personal and/or real property as may be lost or damaged, the proceeds shall be distributed to the members. . -13 - BOOK P4GE J•~U i 15",_