HomeMy WebLinkAbout2221~•
fund shall be disbursed in payment of such costs in the
manner required by the Board of Directors of the Association
and upon approval of an architect licensed to practice in
Florida and employed by the Association to supervise the work.
b~ Unit Owner. The portion of insurance proceeds
representing damage or which the responsibility of reconstruc-
tion and repair lies with a Unit Owner shall be paid by the
Association to the Unit Owner, or if there is a mortgagee
endorsement as to such Unit,then to the Unit Owner and the
mortgagee jointly, promptly upon completion of all required
repairs and reconstruction.
c) Surplus. The first moneys disbursed in payment of
costs and reconstruction and repair shall be deemed to be the
proceeds of insurance. If there is a balance in a construction
fund ~ifter paymen~ of all costs of tt~e r~sonst~uction and repair
for which the fund is established, such balance shall be dis- ,
tributed to the beneficial owners of the fund in the manner
elsewhere stated, except, that the part of a distribution to
a beneficial owner which is in excess of assessments oaid by
such owner into the construction fund shall be payable to any
mortgagee.
ci) Certificate. The Association m.ay require as a
condition prece ent to any disbursement a certificate of the
arct~ect named by the Association certifying that the work has
progressed to the point indicated in the contractor's application
for payment, that to the best of the arctitect's knowled~e,
information and belief, the quality of work is in accordance
with the contract documents, and that the contractor is entitled
to payment.
e) Institutional Mort a ee's Ri ht to Advance Premium.
Should the Assoc at on a to pay any nsurance prer_~ ums w en
due or should the Association fail to comply with other insurance
requirements of the Condominiun Documents, any institutional mort-
gagee shall have the right, at its option, after ten (10) days'
written notice to the Assocation, to obtain copies of the
insurance policies required hereby and to advance such sums as
are required to maintain or procure such insurance and, to the
extent of the money so advanced, said mortgagee shall be sub-
rogated to the assessment and lien rights of the Association
against the Unit Owners.
14.05 Restoration Not Re uired.In the event more than
ninety (90) percent n va ue o t e Condominium Propert~
(exclusive of iand value) is substantially damaged or destroyed
by fire or other casualty and the extnt of such danage is certified
in writing by the Assocation to each Unit Owner, then two-thirds
-1 S - 87JK J~ P1~;E ~~9