HomeMy WebLinkAbout2591 This is a covenant for the benefit of any mortgagee of an apartment '
anti may be enforced by such mortgagee.
(c) Failure to reconstruct or repair. If it is
determined in the mz~nner elsewhere provided that the damage for
which ,proceeds are aid will not be reconstructed or repaired, the
remaining proceeds will be distributed to the beneficial owners,
remittance to apartment owners and their mortgagees being payat~le
~_jointly to them. This is a covenant for the benefit o~ any
mortgagee of an apartment and may be enforced by such mortgagee.
(d) Certificate. In making distribution to apart-
ment owners and their mortgagees, the Insurance Trustee may rely '
upon a certificate of the Association as to the names of the apart-
ment owners and their respective shares of•the distribution.
11.6. Association as agent.. The Association is irrevoc-
ably appointed agent for each 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 payment of claims.
12. RECONSTRUCTION OR REPAIR AFTER CASUALTY.
12.1 Determination to reconstruct or repair. If any part
of the condominium property shall be damaged by casualty, whether or
not it shall be reconstructed or repaired will be 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. If the damaged improvements
is an apartment or apartments to which 508 of the common elements
are appurtenant are found by the. Board of Directors of the Associa-
tion to be tenantable, the damaged 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-
minium will be terminated.
2. Major damage. If the damaged improvement~is
an apartment or apartments and if apartments to which more thar~ 508
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, un.lzss
within sixty (60) days after the casualty the owners of 758 of the
common elements agree in writing to such reconstruction or repair. ~
(c) Certificate. The Insurance Trustee may rely upon
a certificate of the Association to determine whether or not the
damaged property is to be reconstructed or repaired.
12.2. Plans and specifications. Any reconstruction or
- repair must be substantially in accordance with the plans 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 758 of the common elements,
including the owners of all damaged apartments, which approval will
not be unreasonably withheld.
12.3. Responsibility. If the damage is only to those
parts of one apartment for which the responsibility_of maintenance
and repair is that of the apartment owner, then the apartment owner
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