HomeMy WebLinkAbout2222(2/3) of the voting inembers may signify their desire to ter-
minate the Condominium by filing within ninety (90) days after
the casualty in the public records of Notice of Election to
Terminate accompanied by the certification of extent of damage
by the Association, and the Condominium shall thereupon
terminate. Thereafter, the Unit Owners will become tenants in
common of the Condominiiun Property and the insurance proceeds,
the share of each Unit Owner being the same as the respective
share in the common elements appurtenant to his Unit. Any
mortgage or other lien which encumbers a Condominium P~rcel
shall continue as a lien of equal dignity against the undivided
interest of the Unit Owner in the Condominium Property and proceeds
of insurance. If, after filing the Notice of Election to
Terminate as provided for in this paragraph, any Unit Owner
requests a partition of the Property, all of the Condominium
Property shall be sold by the Assocation and each L'nit Owner,
or each Unit Owner and his respective mortgagee, will be entitled
to recover irom the fund composed of insurance proceeds and
sale proceeds a share of such sums that shall be the same as
the undivided share of such Unit Owner in the common elements.
In the event the fund does not contain sufficient stms to fully
compensate every Unit Owner, the sum payable to each Unit Owner
will be proportionately reduced. In the event the remaining
Condominium Property is not sold, each Unit Owner will be
compensated for his loss by receiving:
(1) The net proceeds of any insurance paid to
the Assocation on account of the casualty to his individual
Condominium Parcel, the amount of which payment will be
determined by the insurance carrier; and
(2) An undivided interest in the Iand and undestroyed
com~on elements. Each Unit Owner's interest shall be the same
as his share of the common elements. Before distribution to
the Unit Owners of insurance or sale proceeds, all liens against
a Condominium Parcel will be paid to the extent the proceeds
allocated to said Parcel are sufficient to do so.
14.106 Other Insurance; The Association shall maintain
such insurance as it require under federal or state law~ as
well as such other insurance (including directors' and officer's
liability insurance) as the Association shall determine from
time to time to be necessary or desirable. The cost of such
insurance shall be a common expense.
14.07 Unit Owner's Insurance. Each individual Unit
Owner may purchase, at is own ~xpense, liability insurance
to cover accidents occuring within his Unit and insurance on
his own personal property. No Unit Owner shall purchase any
casualty insurance covering his Unit without approval of the
Association.
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