HomeMy WebLinkAbout1050 ~ s
•
i
i
attributable to specific individual damaged Unit, then the Board
of Directors shall levy the assessment for the total deficiency
against all of the Unit Owners in proportion to the Unit Owners'
share in the Common Elements as if all of said damage had occurred
to the Common Elements. The special assessment funds shall be
delivered by the Association to the Insurance Trustee and added
by said Trustee to the proceeds available for the repair and
restoration of the property.
(f) In the event the insurance. proceeds are
sufficient to pay the cost of restoration and repair-, or in the
event the insurance proceeds are insufficient but additional
funds are raised by special assessment within ninety (90) days
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 unless (i) the provisions of the mortgage to
the Institutional Mortgagee so require anc~/or (ii) the Board of
Directors consents to such an application of proceeds, and, in
either event only upon request therefor by said Institutional
Mortgagee. To the extent that any insurance proceeds are required
to be paid over to any mortgagee, the Owner of the Unit subject
to the mortgage held by said mortgagee shall be obligated to
replace the funds so paid over, and said Unit Owner shall be
subject~to special assessment for such, sum and his Unit to a lien
for said assessment.
(2) "Ver Substantial" Dama e. As used in this Declara-
tion, or in any other context ea nq with this Condominium, the f
term "very substantial" damage shall mean loss or damage whereby
three-fourths (3/4) or more of the total Units of the Condominium
are rendered untenantable, or loss or damage whereby seventy-five
percent (75$), or more of-the total amount of insurance coverage
(placed pursuant to Article XIII B 2) becomes payable. Should
such "very substantial" damage occur, then:
1
(a) The Board of Directors of the Association
shall promptly obtain reliable and detailed estimates of the coat
of repair and restoration. ~
(b) The Board of Directors shall ascertain as
promptly as possible the net amount of insurance proceeds available
for restoration and repair as well as the estimated cost of s
restoration and repair. _
I'i -
(c) Thereupon, a membership meeting shall be €
called by the Board of Directors of the Association, to be held
not later than sixty (60) days after the casualty, to determine
the wishes of the membership with respect to the termination of ~
the Condominium, subject to the following:
1. If the net insurance proceeds available
for restoration and repair, together with funds advanced by Unit
Owners to replace insurance proceeds paid over to Institutional
Mortgagees, are sufficient to cover the cost thereof so that no
special assessment is required, the Condominium Property shall be F
restored and repaired unless three-fourths (3/4) of the total i
{ votes of the members of the Association shall be cast in favor of }
termination of the Condominium, in which case the Condominium
~ Property shall be removed from the provisions of the law in f
accordance with Section 718.117, Florida Statutes, and there
shall be recorded in the Public Records of St. Lucie County an
instrument terminating this Condminium, which instrument shall
~ -15-
P~~