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eiements in exc~~ss of avai lahle c~~s~~alty insurance procefds shall
be 2evied and collected as ~n asses:~ment irc,m all of the owners of.
all apartment units in the same manner as would such assessment be
levied and collected hacl the loss or damage sustained been solely
to common elements and the casualty insurance proceeds being not
sufficient to cover the cost of repair~ Yeplacement or
reconstruction pf each apartment unit or apartment units
.sustaining loss or damage, then the cost to repair, replace or
reconstruct said apartment unit or apartment units shall be levied
and collected by assessment of the owner or owners of apartment
unit or of apartment units sustaining the loss or dama9e in the
same manner as is above provided for.the apportionment of such
asses~ment between the awner or owners of an apartment unit or
apartment units sustaining such loss or damage. In said latter
event assessment of the owner or owners of apartment unit or
apartment units shall be made without regard to the existence of
any exclnsive right to use an area constitutinq limited eommon
elerr.ents which may be an appurtenance to any apartment unit.
In the event of loss of or damage to property covered by
such casualty insurance, Association shall, within sixty (60) days
after any such occurrence obtain reliable and detailed estimates
of the cost to place the damaged property in condition as good as
that before such loss or damage, such estimates to contain and
include the cost of any professional fees and premiums for such
eond as the Board of Directors of Association may deem to be i~
ttie best interests of the membership of said Association.
kherever it shall appear that the insurance proceeds payable for
such loss or damage will not be sufficient to defray the cost of
the repair, replacement or reconstruction thereof, the additional
mone}~s required to completely pay for such repair, replacement or
reconstruction thereof, the additional moneys required to
completely pay for such repair, replacement or reconstru~tion of
said loss or damage, whether to be paid by all of the owners of
the apartment units or only by the owner or owners of any
apartment unit or apartment ~~nits sustaini.ng loss or damage, or
both, shall be deposited'w•ith said Insurance Trustee not later
than thirty (30) days from the date on which said Insurance
Trustee shall receive the moneys payable under the policy or
policies of casualty insurance.
In the event of t~ie loss of or damage to persona2
property belonging to the Association, the insurance proceeds,
when received by the Insurance Trustee, shall be paid to
Association. In the event of the loss of or damage to persona2
property constituting a portion of the common elements, and should
the Board of Directors of Association determine not to replace
such personal property as may be lost or damaged, then the
insurance proceeds received by the I~suran~e Trustee shall be paid
to all of the owners of all apartment units and their respective
mortgagee or mortgagees as their respective interests may appear,
in the manner and in the proportions hereinbefore provided for the
distribution of the excess insurance proceeds.
Notwithstanding ~nythinq herein contained, should any
claic~ or the proceeds of any settlement of an insurance claim be
less than ten thousan~ (510,000.00) dollars, then such sum need
not be deposited with the Insurance Trustee, but rather shall be
paid directly to the Association to be distributed in accordance
with the terms of this Article.
ARTICLF XVI
APPORTIONMF.NT OF TAX OR SPECIAL ACSESSMENT IF
LF.VIED AND ASSESSED AGAINST THE CONDOMINIUM AS
~A WN(1GE
In the event that an~~ taxing authority having
jurisdiction over the Condominium shall levy or assess any tax or
special assessment aqainst the Condominium, as a whole as opposed
to levying an.~ assessing surh tix or sNecia] assessment against
-, 5- an x 350 PdGE16?2