HomeMy WebLinkAbout0156 21.5 Association's Power to Com romise Claims. The
Board of Directors o t e Assoc at on s ere y rrevoca y
appointed agent for each unit owner and for each owner of any
other interest in the condominium property, for the purpose of
compromising and settling all claims arising under insurance
policies purchased by the Board of Directors or the Association,
and to execute and deliver releases therefor upon payment of
claims.
21.6 Mort a ee's Ri ht to Advance Premiums. Should
the Association fail to pay nsurance premiums w en due, or should
the Association fail to comply with-other insurance requirements
set forth in this Declaration., the Institutional Mortgagee holding
the greatest dollar volume of unit mortgages shall have the right,
at its option, to order insurance policies and to advance such
sums as are required to maintain or procure-such insurance, and to
the extent of.the money so advanced, said Institutional Mortgagee
shall be subrogated to the assessment and lien rights of the
Association as against the individual unit owners for the payment
of such items of common ,expense. "
22. RECONSTRUCTION OR REPAIR AFTER CASUALTY.
22.1 Determination to Reconstruct or Re air. If any
part of the condominium property sha a amage by casualty,
whether or not it shall be reconstructed or repaired shall be
determined in the following manner:
(a) Common Elements. If the damaged improvement is a
common element, the damaged property shall be reconstructed
or repaired, unless it is determined in the manner
hereinafter provided that the Condominium shall be _
- terminated.
(b) Property (Real and Personal) of the Association.
If the damaged improvement is property owned (in whole or
part) by the Association, the damaged property
shall be reconstructed or repaired unless it is determined in
the manner hereinafter provided that the Condominium shall be
terminated.
(c) Condominium Building Containing Units. "
(1) Lesser Damage. If the damaged improvement is
the building, and if units to which fifty percent (50$)
of the common elements are appurtenant are found by the
Board of Directors of the. Association to be-tenantable,
the damaged .property shall be reconstructed or repaired,
unless within sixty (60) days after the casualty it is
determined by agreement in the manner hereinafter
provided that the Condominium shall be terminated.
(2) Substantial Damage. If the damaged
improvement is the building, and if units to which more
than fifty percent (50$) of the common elements are
appurtenant are found by the Board of Directors to be
not tenantable, then the damaged property will not be
reconstructed or repaired and the Condominium will be
terminated without agreement as hereinafter provided,
~ unless within sixty (60) days after the casualty the
owners o.f units to which more than seventy-five percent
(75$) of the common elements are appurtenant agree in
writing to such reconstruction or repair.
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