HomeMy WebLinkAbout0747 from assessments against unit owners on account of the
casualty, shall be disbursed in the toliowing manner and order:
a. Bxpense of the Trust. All expenses of the
Insurance Trustee shall be first paid or provisions made for
payment .
b. Termination of the Condominium. If tt~e Condo-
minium is terms
ant
ed, either by ayreement after lesser damage
or by failure of the unit owners to approve reconstruction and
repair after major damage, the remaining funds shall be deemed
to be Condominium property and shall be owned by the unit
owners as tenants in common in the undivided shares in which
they own the common elements prior to the termination. The
balance of the funds shall be distributed to the beneficial
owners upon demand of the Association in the amounts certified
by the Association, remittances to unit owners and their
mortgagees being made payable jointly to them.
c. Reconstruction and Repair of Dama e. If the
damaged property is reconstructed and repaired, t e funds shall
be disbursed in the following manner:
(1). B Association - Dama es of $10,000.00 or
less. If the estimate costs o reconstruction and
repair that is the responsibility of the Association do
not exceed $10,000.00, the funds shall be disbursed in
payment of these costs upon the order of the Association;
provided, however, the funds shall be disbursed in the
manner hereafter provided for the reconstruction and
repair of damage of more than 510,000.00 if the damaged
property includes structural parts of a building, or if
requested by a mortgagee that is a beneficiary of an
insurance policy the proceeds of which are included in
the funds.
(2). By Association - Damage of More Than
$10,000.00. ~ If the estimated costs of reconstruction and
repair t at is the responsibility of the Association
exceed $10,000.00, the funds shall be disbursed in pay-
ment of these costs in the manner required by the board
of directors of the Association; provided, however, that
an architect qualified to practice in Florida and employed
by the Association to supervise the work shall approve all
disbursem its as being due and properly payable.
(3). By Unit Owners. If there is a balance of
insurance proceeds
after payment of costs of recon-
struction and repair that is the responsibility of the
Association, this balance shall be distributed to owners
of damaged units who have responsibility for recon-
struction and repair_of their units. The distribution
shall be in the shares that the estimated cost of recon-
struction and repair of this damage in each damaged unit
bears to the total of these costs in all damaged units=
provided,. however, that no unit owner shall be paid an
amount in excess of the estimated costs for his unit. If
there is a mortgage upon a unit, the distribution shall be
paid to the unit owner and the mortgagee jointly and they
may use the proceeds as they may determine.
(4). Surplus. I~`shall be presumed that the first
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