HomeMy WebLinkAbout1302 t
4
where provided. Any proceeds remaining after defraying such costs
will be distributed to the beneficial owners, remittances to apart-
ment owners and their mortgagees being payable jointly to them. This
is a covenant for the benefit of any mortgagee of an apartment and
may be enforced by such mortgagee. ,
(c) Faflure to reconstruct or re air. If it is
determined in the Wanner a sew ere prow a that the .damage. for
which proceeds are paid will not be reconstructed or repaired, the
remaining proceeds will be distributed to the beneficial owners,
remittance to apartment owners and their mortgagees being payable ,
jointly to them. This is a covenant for the benefit of any
mortgagee of an .apartment and may be enforced by such mortgagee.
(d) Certificate. In making distribution to apart-
ment owners and their mortgagees, the Insurance Trustee may rely
upon a certificate of the Association as to the names of the apart-
ment~owners and their respective shares of the distribution.
11.6. Association as a ent. The Association is irrevoc-
ably appointed agent or each apartment owner and for each owner of
any other interest in the condominium property to adjust all claims t
arising under insurance policies purchased by the Association and to
execute and deliver releases. upon the payment of claims.
12. RECONSTRUCTION OR REPAIR AFTER CASUALTY.
12.1 Determination to reconstruct or re air. If any part
of the condominium property shal be damaged by casua tx, whether or
not it .shall be reconstructed or repaired will~be determined in the
following manner:
(a) Common Elements. If the damaged improvement is a
common element, the damage property will be reconstructed or
repaired, unless it is determined in the manner elsewhere. provided
that the condominium will be terminated.
(b) Apartments.
1. Lesser damage. If the damaged improvements
is an apartment or apartments to which 50$ of the common elements
are appurtenant are found by the Board of Directors of tie-Associa-
tion to be tenantable, the damaged property will be reconstructed or
repaired unless within sixty (60) days after the casualty it is det-
ermined by agreement in the manner elsewhere provided that the condo-
~ minium will be terminated.
2. Ma'or damage. If the damaged improvement is
an apartment or apartments an i apartments to which more than 50$
of the common elements are appurtenant are found by the Board of f
.Directors of the Association not to be tenantable, then the damaged
property will not be reconstructed or repaired and the condominium
will be terminated without agreement as elsewhere provided, unless
within sixty (60) days after the casualty the owners of 75$ of the
common elements agree in writing to such reconstruction or repair.
(c) Certificate. The Insurance Trustee may rely upon
a certificate of the Association to determine whether or not the
~ damaged property 'is to be reconstructed or repaired.
t
12.2. Plans and specifications. Any reconstruction or
repair must be substantially in accordance with the plans and speci-
fications for the original building; or if not, then according to
E plans and specifications approved by the Board of Directors of the
Association; and if the damaged property is an apartment or apart-
` ments, by the owners of not less than 75$ of the common elements,
including the owners of all damaged apartments, which approval will-
-not be unreasonably withheld.
• - -12-
}
i
Bo<~338 P~E1300
A
~ - ~ _ _ _ ~ 'as
<k