HomeMy WebLinkAbout0988 after the casualty so that sufficient funds are on hand to fully
pay for such. restoration and repair, then no mortgagee shall have
the right to require the application 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 Institutional !lrtgagee 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 subject.to special assessment for
such sum.
6. "Very Substantial" damage. As used in this
Declaration 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 (758) percent
•or more of the total amount of insurance coverage for all four
Dwelling Units in any one building -becomes payable. Should such
"very substantial' damage occur, then:
(a) The Association shall promptly obtain reliable
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and detailed estimates of the cost of repair and restoration
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thereof.
(b) The provisions of Article VII, B.5 (e) shall
~ not be applicable to any Institutional Mortgagee who shall have
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the right, if its mortgage so provides, to require application of
the insurance proceeds to the payment or reduction of its mortgage
debt. The Association shall ascertain, as promptly as possible,
the net amount of insurance proceeds available for restoration and
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repair.
(c) Thereupon, a meeting of the affected Dwelling
E Unit Owners shall be called by the Association to be held not
later than sixty (60) days after the casualty to determin the
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wishes of those Owners with reference to the abandonment of the
~ building(s), subject to the following:
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s~K331 FEE 988