HomeMy WebLinkAbout1051 further set forth the facts effecting the termination and shall
be certified by the Association and executed by its President and
Secretary. The termination of the Condominium shall become
effective upon the recording of said instrument and the. Unit
Owners shall, thereupon, become owners as tenants in common in
"the property",. that is, the real, personal, tangible and•intangible
personal property, and any remaining structures of the Condominium
and their undivided interest in "tha property" shall be the same
as their undivided interests in the Common Elements of this
-Condominium prior to its termination and the mortgages and liens
upon Condominium Units shall become mortgages and liens upon the
undivided interests of such tenants in common with the same
priority as existed prior to the termination of the Condominium.
2. 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 not sufficient to cover the costs thereof, so that
a special assessment will be required, and if a majority of the
total votes of the members of the Association vote against such
special assessment which vote shall be considered and denominated
as a vote to terminate the Condominium, it shall be so terminated
and the property shall be removed from the provisions of the law
in accordance with Section 718.117, Florida Statutes, and the
ownership interest shall be as stated in the preceding paragraph -
hereof. -In the event a majority of-the members of the Association
vote in favor of the special assessment, or in•the event that
less than a majority of the said members shall-fail to vote
against said special assessment, the special assessment shall be
deemed approved and the Association shall immediately levy such
assessment and thereupon the Association shall proceed to cause
such repairs and restoration to be accomplished, subject to the
provisions 'of subparagraph 1(c) and (d) above. 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". The
proceeds shall be disbursed by the Insurance Trustee for the
repair and restoration of "the property" as provided in subparagraph
1(c) above. To the extent .that any insurance proceeds are paid
over to any mortgagee and in the event it is determined not to
abandon the Condominium and to vote such special assessment, the•
Unit Owner of the Unit, subject to the mortgage held by such
mortgagee, shall be subject to special assessment from-such sum.
(d) In the event any dispute shall arise as to
i whether or not "very substantial" damage has occurred, it is
! agreed that such a finding made by the Board of Directors of the
.Association shall be binding upon all Unit Owners.
(3) Surplus. It shall be presumed that the first -
monies disbursed in payment of costs of repair and restoration
shall be from the insurance proceeds and if there is a balance in
the funds 'held by the Insurance Trustee after payment of all
costs of the repair and restoration, such balance shall be distrib-
uted to the beneficial owners of the fund in the manner elsewhere
stated herein:
(4) Plans and .S ecifications. Any repair and restoration
must be substantia yin accor ance with the plans and specifica-
tions for the original building, or as the building was last
constructed, or according to the plans approved by the Board of
Directors of the Association, which approval shall not be unreason-
ably withheld. If any material or substantial change is contem-
plated, the approval of all Institutional Mortgagees shall also
g be required.
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