HomeMy WebLinkAbout0940 _ special assessments and disburse them in payment of the costs of
reconstruction and repair.
2. Insurance Trustee. The proceeds of insurance
collected on account of a casualty, and the sums deposited with
the Insurance Trustee by the Association from collections of
special assessments on account of such casualty, shall constitute_
a construction fund which shall be disbursed in payment of the
costs of repair and construction in the following manner and
order;
a. Association - Lesser Damage. If the amount of
the estimated costs of reconstruction and repair that is the
responsibility of the Association is less than Twenty-Five
Thousand Dollars ($25,000.00), the construction fund shall be
disbursed in payment of such costs upon the order of the
Association.
b. Association - t,ajor Damage. If the amount of
the estimated costs of reconstruction and repair that is the
responsibility of the Association is Twenty-Five Thousand Dollars
($25,000.00) or more, then-the construction funds held by the
Insurance Trustee shall be disbursed in payment of such costs in
the manner required by the Board of Directors of the Association,
anc3 upon approval by an architect qualified to practice in Florida
' and employed by the Association to supervise the work.
c. Surplus. It shall be presu;zed that the first
~ monies disbursed in payment of costs of reconstruction and repair
shall be fro;:. insurance proceeds. If there is a balance in a
construction fund after payment of all costs of the reconstruction
and repair for which the fund is established, such balance shall
be distributed equally to the members.
d. Certificate. 17otwithstanding the provisions'of
this Declaration, tt~e Insurance Trustee shall not be required to
r
determine whether or not sums paid by the members upon special
assessments shall be deposited by the Association with the
Insurance Trustee, nor to determine.whether the disbursements from
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