HomeMy WebLinkAbout0459(2) 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
Article XXIII.
(3) The Association is irrevocably appointed agent
for each Unit Owner and mortgagee and the ()wner of any other
lien or interest in the Condominium Property, to adjust all
claims arising under insurance policies nurchased by the
Association and to execute and deliver releases upon the
payment of claims.
(4) Any provisions set forth herein which are covenants
for the benefit of Condominium Unit mortgagees may be enforced
by those mortgagees.
ARTICLE XXIII
RECONSTRUCTION OR REPAIR AFTER CASUALTY
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i~. Mandator~- Repair. Unless there occurs substantial
damage or destruction to all or a substantial part of the
Condominium Property as hereinafter defined, and subject to
the provisions hereinafter provided, the Association and the
Unit Owners shall repair, replace and rebuild the damage
caused by casualty loss, which shall be borne by the Unit
Owners in proportion to the shares of the Common Elements as
set forth in Article VII of this'Declaration.
B. Determination of Dama~ e and Use of Proceeds.
Zmmediate~y after a casualty c~amage to anv part ot the
Condominium Property, the Board of Directors shall obtain
reliable and detailed estimates of the cost necessary to
repair and replace the damaged property to a condition as
good as the condition that existed prior to the casualtv
loss, provided that if a casualty causing damage is limited
to a single unit, then it shall be the reponsibility of that
Unit Owner to obtain estimates of the cost of replacement as
aforesaid. If the net proceeds of insurance are insufficient
to pay the estimated cost of reconstruction and repair~ the
Board of Directors shall promptly, upon determination~of
deficiency, levy a snecial assessment against all Unit
Owners for'that portion of the deficiency related to Common
Elements and Limited Common Elements in accordance with the
percentages set forth in Article VII of this Declaration and
against the individual Unit Owners for that oortion of the
deficiency related to individual damaged units; provided,
however, that if in the opinion of the Board of Directors it
is impossible to accurately and adequately determine Lhe
portion of the deficiency relating to individual damaged
units, the Board of Directors shall levy the special assessment
for the total deficiency against each of the Unit Owners in
proportion to the shares of the Common Elements owned bv
each as set forth in Article VII~of this Declaration except
as prov~ded in Se~tion.D below.
.Unless there occurs substantiai damage to or destruction
of all or a substantial portion of the Condominium Pro~erty
and the Unit Owners fail to elect to rebuild and repair as
provided in Section C below, the Insurance Trustee shall
disburse the net proceeds and the funds collected by the
Board of Directors from the assessment hereinabove set forth
to repair and replace any damage or destruction of property,
and shall pay any balance remaining to the Unit Clwners and
their mortgagees as their interests may appear. The proceeds
of insurance and the funds collected by the Board of Directors
from the assessments as hereinabove provided shall be held
by the Insurance Trustee in trust for the uses and purposes
herein provided.
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