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this instrument and tur the benetit of the unit owners and
their murtyayr•rs in the foll?~winy shares, but which shar~•s nerd
nut be set forth on ttce records of thr lnsurance Truster:
. Common t•:lement s . Pr~~~reds on account of damage
t~~ ~~ununon r t ements : an un~iiv idr.r share tur each apartment
owner, such share beiny the same as tree undivided share in the
common elements appurtenant to his apartment.
b. Apartments. Proceeds on account of damage to
apartments small be held in the tollowing undivided shares:
(1) . When the bu i ld i
n~_i s to be rest~ured . For
the owners of damayed apartments in proportion to the
cost of repairing ttre damage suffered by each apart-
ment owner, which cost shall t,e determined by the
Association. -
(2) . When the bu i ld i n~_ i s not to _be restored .
An undivided share for each apartment owner, such share
being the same as the undivided share in the common
elements appurtenant to his apartment.
c. Mortgagees. In the event a mortgagee endorsement
t?as been issued as to an apartment, the share of the apartment
•wr?er shall be held in trust for the mortgagee and the apart-
ment owner as their interests may appear; provided, however,
that no mortyagee shall have any right to determine or
participate in the determination as to whether or not any
damayed property shall be reconstructed or repaired, and no
mortyagee shall have any right to apply or have applied to the
reduction of a mortgage debt any insurance proceeds except
distributions of such proceeds made to the apartment owner and
?nurtyayee pursuant to the provisions of this Declaration.
H.S. DISTRIBUTION OF PROCEEDS. Proceeds of insurance
policies received by the Insurance Trustee shall be distributed
to or for the benefit of the beneficial owners in the manner
hereafter provided in the section entitled "Reconstruction or
Repair after Casualty".
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8.6. ASSOCIATION AS AGENT. The Association is irrevocably
appointed agent for ear unit owner and for each owner of a
mortgage ur other lien upon a unit and far each owner of any
other interest in the Condominium property, to adjust all
claims arising under insurance policies purchased by the
Assu.:iation and to execute and deliver releases upon the pay-
ment of claims.
8.7. BE:NE:FIT OF MORTGAGEE. Certain provisions in this
serti~~n entitled "Insurance" are for the benefit of mortgagees
of Condominium parcels. All of tt?ese provisions are covenants
for the benefit of any mortyagee of a unit_and may be enforced
by that mortyagee.
9. RE:CUNSTRUCTION AND REPAIR AFTER CASUALTY.
9.1. Dti'!'f.RMINA`fION WHETHER TO RECONSTRUCT AND REPAIR.
Whether or not Condominium property damaged by casualty shall
be reconstructed and repaired shall be determined in the
following manner:
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