HomeMy WebLinkAbout0986 for the benefit~of the beneficial Owners and expended or disbursed
in the following manner:
(a) Reconstruction or Repair: It shall be presumed
that the first moneys from the insurance proceeds shall be in
payment of costs for repair and restoration. If the damage for
which the proceeds were paid is repaired and restored and any
proceeds remain after defraying such costs, they shall be
distributed to the beneficial ownersf all remittances to Dwelling
Unit Owners and their mortgagees- being payable jointly to .them.
This is a covenant for the benefit of any mortgagee of a Dwelling _
Unit and may be enforced by said mortgagee. Said remittances
shall be made solely to an Institutional Mortgagee when requested
by such Institutional Mortgagee whose mortgage provides that it
has the right to require application of the insurance proceeds to
the payment or reduction of its mortgage debt.
(b) Failure to Reconstruct or Repair: If it is
determined in the manner elsewhere provided that the damage for
which the proceeds are paid shall not be repaired and restored,
the proceeds shall be disbursed to the beneficial o`+ners,
remittance to Dwelling Unit Owners and their mortgagees being
payable jointly to them. This is a covenant for the benefit of
I' f
any mortgagee of a Dwelling Unit and may be en orced by such
mortgagee. Said remittances shall be made solely to an
~ Institutional [rortgagee when requested by such Institutional
Mortgagee whose mortgage provides that it has the right to require
application of the insurance proceeds to the payment or reduction
of its mortgage debt. In the event of loss or damage to personal
property belonging to the Association and should the Board of
Directors of the Association determine not to replace such
personal property as may be lost or damaged, the proceeds shall be
disbursed to the beneficial owner as surplus in the manner
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provided in Article VII B.3 (a).
4. Loss Within a Single Dwelling Unit. If loss shall
~ occur within a single Dwelling Unit or Dwelling Onits without.
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