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a8 Ineurance Truatee by the Board of Directora of the
Aasociation, which Trustee ia herein referred to as the
Insurance Trustee. The Insurance Trustee shall not be liable
for payment of premiume nor for the renewal or the sufficiency
of policies nor for the failure to collect any insurance -
proceeds. The duty of the Insura~ce Trustee shall be to
receive Buch proceeds as are paid and hold the eame in trust
for the.purpose elseWhere stated herein and Eor the benefit of
the unit owners and their mortgagees in the following share8,
but which shares need not be set forth on the records of the
Insurance Trustee:
a. Common Elements. Proceeds on account of
damage to common e ements - undivided share for each unit
owmer, such 8hare being the same as the undivided share in
the common elements appurtenant to his unit.
b. Mort a ees. In the event a mortgagee
endorsement has een ssued as to a unit~, the ahare of the
unit owner shall be held in truet for the mortgagee and -
the unit owner as their interests may gppear; provided,
however, that no mortgegee shall have any right to
determine or participate in the determination as to
whether or not any damaged property~ahall be reconstructed
or repaired, and no mortgagee shall have any rtght to
apply or have applied to the reduction of a mortgage debt
any insurance proceeds except distributions thereof made ~
to a un it o~ner end mortgagee pursuant to the provisions .
of this Declaration.
8.6 Distribution of Proceeds. Proceeds of insurance
policies receive y t e nsurance ustee shall be distributed
to or for the benefit of the beneficial owners in the following
manner:
a. ~Ex
en_se of the Trust. All expenses of the
Insurance Trustee sha e rst paid or provision made
therefor.
b. Reconstruction or Re air. If the damage for
i which the procee s are pa s to e repaired or
reconstructed, the remaining proceeds shall be paid to
defray the cost thereof as elseWhere provided. Any
proceeds remaining after defraying such costs shall be
distributed to the beneficial owner8, remittances to unit
owners and their mortgagees being payable jointly to them.
This is a covenant for the benefit of any mortgagee of a
unit and may be enforced by such mortgagee.
8.7 Association as A ent. The Association is hereby
irrevocably appo nte agent_ or each unit owner and for each
owner of a mortgage or other lien upon a unit ~nd for each
owner of any other interest in the condominium property to
adjust all claims arising under insurance policies purchased by
the Association, and to execute and deliver releases upon the
payment of claims.
8.8 Assessments. If the proceeds of insurance are
not sufficient to e ray the estimated costs of reconstruction
and repair by the Association, or if at any time during
reconstruc~ion and repair, or upon completion of reconstruction
and repair, the funds for the payment of the costs thereof are
insufficient, assessments shall be made against the unit owners
who own the damaged property, and against alI unit owners in
the case of damage to common elemente, in sufficient amounts to
provide funds to pay the estimated costs. Such assessments
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BO~KJOS PdGE ~J
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" JORDEN. MELROSE 6 SCHUETTE. P A, NIl/TH fIOOR. 1~01 BFiICKEII AVEHUE, MIAM1. FLORIDA 33131 • TELEPHONE (305) 373-7571