HomeMy WebLinkAbout0748 :.!?Uil•~::i ~::::~?;Il .`:t.'li :Il 1?a}~tl'l•llt l l~`it:i t)~~ rt•l'1,115t rUCt 1On ar-2lt
l~l'I~;1 ! 1~ ::t!.11 i t?l' 1 rl!1.1 1 Il::ill :llll'~' l?!~?~l'l.•l'lt:i 1 1 l tll'Cl• 1 :i it
t?•l ? ;,ul•~• rl•t;:.~ i l) i n~•, i! f t l• ( ;,:,vulvllt t t ill• Duals 1-u r' wil i.l•il t tlr
i(ul.t~. ;)re l:ulleotuli, thlr Gat.3n~u si?aIi t)c tlititt'it,utl.=t! to
the benl:fil:i;ci o~•m~rs of thv f(u?ds, rlulir.tances to unit
uw~~cra .and tl(~ir morr_~~;iE;«s l,e?i?.~t; made ~)ayable jointly
t c) t huln: l)rc>vidrd , however , that t hu hart of ~1 lust rubtion
to a unit uwnor tha± is nut in l°xcess of assessments
?)ilid by LhaC (iWR~'r into the- fund:i ,hall nut be made
payat,le to arly nlort~;a~;ee.
d. Ile l i at~ce upon Cert i t ic_:ito_s_ . Nc)twitttstanding
thlr l)rl~vi siul.s u1' this Dl:clara[ i~ri , tie lnsurance Trustee shall
not be rectuir~<t to make a determir)ution as to the existence: of
~'ertain facts uOun which the distribution of funds is condit-
ioned. Instead, the Insurance Trustee clay rely upon the cert-
ificate of thl: Association made by its I~rc=sident and secretary
slat in};:
(1) . t~Jilc'ther the damat;l=ci prol~urt•y will bu r~=con-
~itruc:tel(. ;t~14 repaired or the Condominium terminated.
. l;t:ethE'r or .)ot pii~rnents upon assessments alai ist
unit (~w,xc~r5 5ha11 be deposited with the Insurance Trustee.
i! . "!'Mat s>._m5 to he ;,:(ic! are l:ue anli properly
!>;+vat~il•, ! t:~• n;.tl~:l: ut the l)aycu :lull the iilnC)unt to hf: pilid.
~t''.)l.' names of ([nil owners Co receive llistril)ution
±l:c:(ta :(ll~t the: arlluunts to t,~• l!iat riveted to thl.'n?; provideli,
:;~n~:uvl•i-, t il:at wtll:ti a nlOrt};a~;~u i s ructuir~'d try t t?i:s instru-
tt!~'!It ti> t)l• 11,l,ill'li ;3s payee c,f distrit,utiort tl~ a unit owner,
il~• '?)sur.,nl•~• '.'ruatee alsu ah;,l t nar,)e the mutt};a~~e~ as payer:
ut , .ii~trib?-it ion of in~urauc~ Uroceeds Co a unit o~nier.
l'rc,viso. I'ruvict~ t, iwwever, that under the follow-
irt~'. ~ i r~•t:,:::~t;(tic~~~ti flit al)t)rov;:i L~' ± he ixrchitect elsewhe:rt: re-
<i,~i:-~•,'. ::[,,rl: l,u first uhtilin~~ t>~: _~u Association upc)n liisburse-
::,~:::s in ,,;?vl:l~:nt u_- cc:5ta of ru~?•.^.struction and repair:
(1) - tJt?u1: ihu r<<~ort v t- llamai;e show:i that t hu llitruaged
~~rupurty i?Z(~lucies 5trucCurai piirts of a building.
. tJhun t hu rl.=port of danla~;u 5how5 that tllu ust fetal elf
~c,5t 5 c,?.~ rl•c.•c>nst rucr iun ii?:(i re;)air ttlitt is the r~5ponsibility
o!~ the As_iu(- i.)t ion e~xceeci $Iu , 000. UU .
( i) . ! ! i ~(luireli ')y thl- AS,OC:]_ilLiun or t,v a mort~;a},ce
that iy i~ulll•2 iciary of an insurance purity the= r)roe:e~:ds
of ~~rt. i ~ t~ :ire irlciuded i_n the funds to be diSLurselit.
9. 7. !it:iti~:i';"I' OF ~'OR'I'G:•~GI:I•;S. Certain previsions in this
:;cction emit lc.=u "Reoo11-structi-un ur Kepair after Casualty"
are for the t)unu± i L of tnortl.;a~;~'es of Condominium parcels. All
of Chest: provisions are covenants for the bhnefit of any mort-
~;i3k;ce of unit anti ma;? be er(forced ny the mort~,al;ee.
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e~ 343 PEE 74T
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